Otedola generously donates ₦1m Each To Every Student In A Nigerian Private University

[27/10, 9:17 AM] The Spectacles: Otedola gifts ₦1 million each to all students of Nigerian private university

Nigerian businessman and philanthropist, Femi Otedola, has donated ₦1 million each to 750 students of Augustine University, Ilara-Epe, Lagos State.

Mr Otedola made the announcement during his investiture as the university’s second Chancellor.

The ₦750 million scholarship donation according to Mr Otedola is in commemoration of his appointment as the Chancellor of the university and “in recognition of the harsh economic situation” in Nigeria.

Mr Otedola, who also director of FBN Holdings PLC and Chair of Geregu Power PLC,
announced the donation Thursday during his acceptance speech at the 5th convocation ceremony of the university, where he outlined his vision and commitment to the educational institution and its student body.

Mr Otedola succeeded John Aniagwu, who had been Chancellor from the inception of the university in 2015.

Scholarship details

Mr Otedola specified that the scholarship is to each returning student of the university and new student of the university for the 2023/2024 academic session.

He said there are 500 returning students and about 250 new first-year students making a total scholarship donation of ₦750 million.

“I hope this donation assists the plight of the parents of our students in this difficult time,” he said.

Mr Otedola expressed confidence in the university’s Governing Council and Management to administer the funds efficiently.

He emphasised that the aim of the donation was not just to provide financial relief but to encourage academic excellence and national development.

This philanthropic act by the billionaire is aimed at alleviating the economic burden on families, as Nigeria’s inflation hit 26.72 per cent in September and the food inflation rate in the same month rose to 30.64 per cent.

More donations

In addition to the student scholarships, Mr Otedola also announced further contributions to Augustine University.

He pledged ₦140 million for the furnishing of the recently completed Engineering faculty building and another ₦110 million for the installation of street lights around the campus and a new standby generating set.

This brings his total donation to ₦1 billion, aside from his earlier committed ₦2 billion for the construction of the Faculty of Engineering four years ago.

“I made the pledge as I have always been committed to the development and economic empowerment of our youth through quality education,” he said.

“I did not dream then that I would be appointed Chancellor of the University. Now that I am Chancellor I intend to work with the university staff to ensure that the university and especially the Engineering Faculty become the centre of excellence in Nigeria.”

Message to graduates
Mr Otedola also challenged the student body, particularly the new graduates, to excel in their future endeavours

He urged them to be “employers of labour,” and to apply the principles of entrepreneurship, innovation, and diligence to create opportunities, to build what he described as colonies of success.

“Remember that the knowledge you have acquired here is not merely for personal gain but is a resource you can use to make a meaningful impact on the lives of others,” he said.

“In conclusion, my dear graduands, remember that your path may not always be smooth, but it is your determination, your resilience, that will propel you forward.

“Embrace challenges as opportunities for growth. That is what I did and I succeeded.”
[27/10, 9:25 AM] The Spectacles: Femi Otedola, a Nigerian businessman and philanthropist, has generously donated ₦1 million to each of the 750 students at Augustine University, Ilara-Epe, Lagos State. This remarkable gesture was made during his investiture as the university’s second Chancellor.

This ₦750 million scholarship donation was inspired by Mr. Otedola’s Chancellor appointment and his acknowledgment of the challenging economic situation in Nigeria. In his acceptance speech at the university’s 5th convocation ceremony, he outlined his vision and commitment to the institution and its students. Mr. Otedola, who also serves as a director of FBN Holdings PLC and Chair of Geregu Power PLC, succeeded John Aniagwu, the inaugural Chancellor from 2015.

Scholarship Details:

Mr. Otedola has earmarked this scholarship for both returning and new students during the 2023/2024 academic session. This includes 500 returning students and approximately 250 first-year students, totaling a scholarship donation of ₦750 million.

He expressed the hope that this contribution would alleviate the financial strain on students’ families during these challenging times. Mr. Otedola has faith in the university’s Governing Council and Management to manage these funds efficiently. The primary aim of this donation is to foster academic excellence and national development.

In light of Nigeria’s inflation reaching 26.72 percent in September, with food inflation rising to 30.64 percent, this philanthropic act is a significant relief for families facing economic hardships.

Additional Contributions:

In addition to the student scholarships, Mr. Otedola has pledged ₦140 million for the furnishing of the recently completed Engineering faculty building and another ₦110 million for the installation of street lights around the campus and a new standby generating set. This increases his total donation to ₦1 billion, not including the ₦2 billion he had previously committed to constructing the Faculty of Engineering four years ago.

In Mr. Otedola’s own words, “I made the pledge as I have always been committed to the development and economic empowerment of our youth through quality education.” As Chancellor of the University, he intends to collaborate with the staff to establish the Engineering Faculty as a center of excellence in Nigeria.

Message to Graduates:

Mr. Otedola also issued a challenge to the student body, particularly the new graduates, urging them to become “employers of labor.” He encouraged them to apply the principles of entrepreneurship, innovation, and diligence to create opportunities and build what he described as “colonies of success.” He reminded them that the knowledge they have acquired should be used to make a meaningful impact on the lives of others.

In conclusion, Mr. Otedola inspired the graduates to embrace challenges as opportunities for growth, sharing his own experiences of determination and resilience that led to his success.