Billionaire businessman and philanthropist, Chairman of Geregu Power Plc, and Director, FBN Holdings Plc, Mr Femi Otedola on Thursday donated N750 million to 750 returning and fresh students of Augustine University, Ilara-Epe, Lagos State.
The sum was for the student’s school fees for the 2023/2024 academic session.
Otedola announced the donation in an address shortly after his installation as the second Chancellor of the university during the school’s 5th Convocation Ceremony.
He also donated N140 million for the furnishing of the university’s Engineering Faculty building and another N110 million for the installation of street lights on the campus and the purchase of a new standby power generator.
He explained that each of the 750 returning and fresh students of the university would receive N1 million from the N750 million, explaining that the gesture is to alleviate the plight of the students and their parents under the current harsh economic situation in the country.
Otedola had donated the Engineering Faculty Complex to the school, an edifice comprising four blocks, constructed at an estimated cost of N2 billion.
The first phase of the building was completed at a total of N670 million, and the facility was inaugurated in February 2023 and has been in use since then. Announcing the donations amid thunderous cheers and applause from the benefiting students and the entire audience at the occasion, Otedola expressed strong belief in transforming establishments he was affiliated with.
He stated that the N750 million donation to the 750 students was to commemorate his appointment as the second Chancellor of the university and also to help cushion the effect of the difficult situation in the country on the beneficiaries.
Otedola said, “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 returning student of the university and each new first-year student of our university, the amount of one million naira 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 alleviates the plight of the 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”.
The renowned entrepreneur said to be entrusted with the role of chancellor of such a distinguished institution was both a privilege and a profound responsibility.
He said the latest donations to the school were in addition to his earlier pledge of N2 billion for the construction of the Engineering Faculty Complex.
Otedola announced that the design of engineering number two within the complex had been completed, adding that the contract for its construction would soon be awarded, with a completion date of December 2024.
He expressed hope that his kind gesture would encourage the students of Augustine University to study hard to be first class graduates who would contribute positively to the growth of Nigeria.
The famous business mogul further said, “I feel emotional as I make this speech today as this university was also my late father’s dream. I remember the Fund Raising Committee visiting my father several times, when he was alive, and also approaching me in 2008 for help in building the university.
“What they did not know and, indeed, no one knew at the time was that I was bankrupt in Nigeria. I thank God Almighty for changing my fortune and for all that He has provided for me since then.
“I firmly believe that Almighty God has empowered me to help in the development of this university and to help the multitude of students here. I thank God for using me as an instrument to assist the Catholic Church and, in particular, our Archbishop in all the good works of the Archdiocese of Lagos in promoting quality education in Nigeria”.
Otedola said, “I am filled with a profound sense of gratitude and humility and it is with immense honour that I accept this appointment”.
Noting that his predecessor, Rev. Monsignor John Aniagwu, had passed on a huge task to him, the entrepreneur assured that he was acutely aware of the weight of the responsibility and the expectations that come with it. He assured of his commitment to upholding and advancing the values and visions that Augustine University represent.
Otedola recalled that he had refused the appointment of chancellor from several universities in the past due to his extremely busy schedule, stating that he could, however, not refuse such an appointment from his Archbishop. He added, “Having accepted, I intend to work for the advancement of the growth of our university to ensure that it is listed in the ranking charts among the top universities in Nigeria and among the top Catholic universities in the world”.
In his remarks, the Vice Chancellor of Augustine University, Professor Christopher Ojetunde, welcomed the new Chancellor, thanking Otedola and his family for their generous financial support towards the establishment and development of the university. Ojetunde said the Faculty of Engineering Complex, built by Otedola, was a significant boost to the school.
He added that the successes being recorded by the university were made possible through the generous contributions of people like Otedola, and prayed that God would continue to bless him.
Earlier, while reading Otedola’s citation, Orator of the university, Dr. James Onyeashie, said the businessman was considered and appointed as the new Chancellor of Augustine University in recognition of his immense contribution to the growth of the Nigerian economy and the school.
Onyeashie described Otedola as a philanthropist with an unflinching commitment to the development of education in Nigeria. He described how Otedola started a N2 billion Faculty of Engineering Complex, with the first phase completed at the cost of N670 million. He said the complex, which was inaugurated in February this year, was currently in use.
