Renowned Nigerian billionaire and philanthropist Femi Otedola has donated a remarkable N750 million to Augustine University, offering each of its 750 students a scholarship worth N1 million. As the newly appointed Chancellor of Augustine University, Otedola revealed this generous scholarship during his acceptance speech, extending his commitment to the educational institution and its student body. The scholarship will benefit both returning and first-year students, with approximately 500 returning students and an estimated 250 new first-year students. This remarkable act of philanthropy aims to ease the financial burden on students' families during challenging economic times in Nigeria.
In addition to the student scholarships, Femi Otedola has pledged N140 million for furnishing the newly constructed Engineering faculty building and another N110 million for street lighting around the campus and the installation of a standby generator. This totals a staggering N1 billion, in addition to his earlier commitment of N2 billion for the construction of the Faculty of Engineering.
Otedola emphasized the importance of academic excellence and entrepreneurship among the students and challenged them to be "employers of labor," highlighting the significance of job creation in Nigeria. The historic scholarship donation sets a precedent for private philanthropy in Nigerian higher education and is expected to have a profound impact, providing deserving students with the opportunity for quality education and encouraging other affluent individuals to make transformative philanthropic contributions to the nation's future. Otedola's generous act also aligns with the aspirations of his late father, who dreamt of the university's development
