Nigerian billionaire, Femi Otedola, made a remarkable donation on Thursday, October 25, during a ceremony held in Augustine University in Lagos where he was inaugurated as the chancellor of Augustine University.
He unveiled his generous plan to offer a scholarship of One Million Naira each to every student enrolled at the institution for the upcoming 2023/2024 academic session, encompassing both new and returning students. This extraordinary act of benevolence amounted to a staggering N750 million, a testament to Otedola’s commitment to education and his desire to make a significant impact.
During his acceptance speech at the university, Femi Otedola declared that the scholarship would be available to all students, both returning and first-year students, thereby benefiting approximately 500 returning students and an estimated 250 new first-year students, totaling around 750 recipients. This scholarship comes as a lifeline, especially in the face of the challenging economic climate in Nigeria, aiming to alleviate the financial burdens faced by many families.
In addition to these substantial student scholarships, Otedola didn’t stop there. He pledged N140 million for furnishing the newly completed Engineering faculty building and another N110 million for the installation of street lights around the campus, along with a new standby generating set. Incredibly, his total contribution to Augustine University reached a monumental N1 billion, in addition to his earlier commitment of N2 billion for the construction of the Faculty of Engineering.
While Otedola’s speech was filled with philanthropic gestures, he also challenged the student body, particularly the new graduates, to aspire to become “employers of labor,” emphasizing the importance of entrepreneurship in a nation where job creation is crucial.
Femi Otedola expressed his confidence in the university’s Governing Council and Management to efficiently administer these funds. He highlighted that the purpose of this donation extends beyond mere financial relief; it seeks to foster academic excellence and contribute to national development.
This historic donation in the context of Nigerian higher education sets a precedent for private philanthropy within the academic sector. Given the economic challenges that many Nigerian families face, especially in accessing quality education, Otedola’s scholarship is expected to have a far-reaching and positive impact.
Femi Otedola revealed that his contributions were also emotionally motivated, aligning with the aspirations of his late father, who had dreamed of seeing the university’s development.