The 5th convocation of Augustine University, Epe, Lagos State on Thursday, October 26 was meant to be the usual ceremony. But the choice of a new Chancellor made the event unusual.
Mr. Femi Otedola, Nigeria’s prolific philanthropist, was inaugurated as the varsity’s Chancellor. As soon as the Chairman of Geregu Power Plc. was inaugurated, Otedola instantaneously touched the lives of 750 undergraduates and that of the institution.
The Director of FirstBank of Nigeria (FBN) announced N750 million scholarship donation to the 750 students. He hinged his action on two pillars: One, to commemorate his appointment as Chancellor. Two, to cushion the effect of current economic hardship in the country.
The announcement was greeted with electrifying jubilation. For the students, the gesture was a big relief.
But for Otedola, it is a creed: Transformation. For him, whatever he is associated with, he ensures he transform them.
The N750 million scholarship covers all the 500 returning students of the institution and the 250 new intakes for the 2023/2024. Each student will use the N1 million as support in the payment of their fees for the session.
Not done yet, the business mogul announced a donation of N140 million towards the furnishing of the completed Engineering Faculty, he donated to the varsity, as well as a donation of N110 million for the installation of street lights on the campus and generating sets.
His words: “As stated in my citation, I strongly believe in transforming establishments that I am associated with. Therefore, to commemorate my appointment as the Chancellor of the university today and in recognition of the harsh economic situation in our country, I hereby announce a scholarship donation to each student of our university the amount of N1 million each 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. I hope this donation assists in ameliorating the plight of parents of our students in this difficult time. I am depending on the Governing Council and the Management of the university for the efficient management of these funds.”
Otedola had earlier made a commitment to build a N2 billion Lady Doja Otedola Faculty of Engineering. So far, the first phase of the project, put at over N670 million, was completed and inaugurated for use in February 2023.
The business mogul gave an assurance that work on the concluding phase of the project would start this December and be completed by December 2024.
The gesture has been lauded. Several Nigerians on X praised Otedola for his philanthropic endeavours.
Ifeanyi onuoha @ImIfeanyionuoha wrote: “Femi Otedola’s extraordinary generosity has ignited a flame of hope in the hearts of Augustine University students. This act of benevolence reminds us of the power of giving and the ripple effect it can create. Thank you for your vision and unwavering support in nurturing the leaders of tomorrow.”
Anthony Eri @AnthonyC_Eri wrote: “Otedola’s donation is a significant contribution to the development of Augustine University. It will help to improve the welfare of the students and make the university more attractive to potential students and faculty.”
Isaac Olatunde @Official_Isaaco wrote: “Wow!!!! I haven’t seen anyone in Nigeria in recent times who has done something similar. @cuppymusic and @TemiOtedola, you both must be proud of the father you have, as we are proud of him too. Congratulations sir.”
This is not the first deeds of the billionaire. He has lifted and touched many lives. His philanthropic endeavours have been applauded.
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