Toba Owojaiye reportingÂ
Femi Otedola, a renowned Nigerian billionaire and Chairman of Geregu Power, has taken on a significant role as Chancellor of Augustine University, located in the serene town of Ilara within Lagos State, Nigeria.
This momentous occasion marked a historic moment in the university’s history. During the inauguration ceremony, Mr. Otedola expressed his gratitude for the opportunity to contribute to education and society.
The highlight of this extraordinary day was Mr. Otedola’s remarkable act of generosity – he gifted one million Naira (N1 million) to each of the 750 students at Augustine University. This exceptional gesture amounted to a substantial scholarship fund totaling an astonishing Seven Hundred and Fifty Million Naira (N750 million).
It’s important to note that this scholarship fund benefitted both returning students and new first-year entrants at the university. Augustine University had approximately 500 returning students and around 250 newcomers, making this remarkable scholarship accessible to a total of about 750 students.
In his announcement, Mr. Otedola stated, “I hereby announce a scholarship donation of One Million Naira each to every returning student and each new first-year student of our University, towards the 2023/2024 session school fees of each student.
I am told that there are 500 returning students and about 250 new first-year students, making a total scholarship donation of N750 million (Seven Hundred and Fifty Million Naira). I hope this donation assists the plight of the parents of our students in this difficult time.”
Femi Otedola’s generous act stands as an inspiring example of philanthropy and a commitment to the advancement of education. It has touched the lives of hundreds of students at Augustine University, highlighting the positive impact that influential figures can have on society.