In an extraordinary display of philanthropy, Femi Otedola, the Nigerian billionaire investor, major shareholder, Chairman of Geregu Power, and director of FBN Holdings Plc, has extended a generous hand by offering a remarkable N1 million scholarship to each of the 750 students at Augustine University.
Taking on his role as the newly inaugurated Chancellor of Augustine University, Femi Otedola, in an acceptance speech filled with compassion and commitment, announced this scholarship program for students enrolled in the institution during the 2023/2024 academic session, which includes both fresh and returning students. This extraordinary gesture translates into a total scholarship donation of N750 million (Seven Hundred and Fifty Million Naira).
Otedola’s announcement reverberated with a profound impact as he addressed the student body and outlined his vision and dedication to this educational institution and its student community.

**Elaborating on the Scholarship and Donations**
Mr. Otedola underscored that this scholarship would be available to both returning students and first-year students embarking on their educational journey. With approximately 500 students returning to the institution and an estimated 250 fresh faces joining the academic ranks, this scholarship offering covers a grand total of approximately 750 students.
His words during the announcement resonate with a deep commitment to enhancing the educational landscape: “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 (Seven Hundred and Fifty Million Naira). I hope this donation assists the plight of the parents of our students in this difficult time.” This act of generosity is a heartfelt response to the economic challenges facing many families in Nigeria.
**Going Above and Beyond**
In addition to the scholarships bestowed upon the students, Femi Otedola extended his benevolence further by pledging N140 million for the furnishing of the recently completed Engineering faculty building. He didn’t stop there; he also committed an additional N110 million for the installation of street lights around the campus and a new standby generating set.
The magnitude of his contributions is truly awe-inspiring. His declaration adds up to a staggering N1 billion in total, excluding his earlier commitment of N2 billion for the construction of the Faculty of Engineering.
“I also donate N140 million towards the furnishing of the completed Engineering faculty building and a further N110 million towards the installation of street lights around the campus and a new standby generating set. This makes a total donation of one billion naira to our university. This is in addition to my earlier pledge of N2 billion for the construction of the Engineering Faculty complex.” Otedola’s generous donations reveal not only his commitment but also his belief in the future of this educational institution.
While his speech was replete with philanthropic announcements, Otedola also challenged the student body, especially the fresh graduates, to strive for excellence in their future endeavors. His call to them to become “employers of labor” underscores the significance of entrepreneurship in a nation where job creation often takes a back seat to job seeking.
Femi Otedola expressed unwavering confidence in the university’s Governing Council and Management to administer the funds efficiently. He emphasized that the objective of the donation goes beyond providing financial relief; it is to encourage academic excellence and contribute to national development.
**Significance and Wider Impact**
This monumental donation stands as a historic event in the context of higher education in Nigeria, setting a precedent for private philanthropy in the academic sector. Given the economic hardships that many Nigerian families face, especially when it comes to affording quality education, this scholarship is poised to have a profound and positive impact on the lives of these students.
In a deeply touching moment, Femi Otedola revealed that his contributions were not merely financial; they were also emotionally motivated, aligning with the dreams of his late father, who had aspired to see the university’s development. This announcement is likely to garner widespread attention and acclaim, shining a light on Femi Otedola’s philanthropic commitment as a transformative act for Augustine University and Nigerian higher education in general.
Moreover, it serves as a challenge to other affluent individuals to consider the broad and lasting impact that such philanthropic acts can have on the nation’s future. It underscores the crucial role that private individuals can play in bolstering the educational landscape and empowering the next generation of leaders, entrepreneurs, and professionals.
Femi Otedola’s exceptional generosity is a beacon of hope and inspiration, not only for Augustine University but for the entire nation. It demonstrates the incredible potential of philanthropy to shape the future of education in Nigeria, providing opportunities and resources for deserving students to excel and contribute to the growth and development of the country. His actions encourage us all to consider how we can make a positive difference in the lives of others and contribute to the advancement of our society.
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