Mr. Femi Otedola announced on Thursday that he had donated N1 million to Augustine University,Ilara-Epe (AUI) in Lagos State to cover the tuition fees of all 500 returning students and 250 new intakes. The business mogul also donated N140 million to finance the completion of the university’s engineering faculty and N110 million to install street lights on its campus.
Speaking at the investiture ceremony, Mr. Otedola said, “I have always been passionate about transforming the institutions I work with, and to mark my appointment as Chancellor of the University of Lagos, and in light of the difficult economic climate in this country, I am proud to announce that I have donated N1 million for each student attending Augustine University for the academic session of 2023-2024.
“I have been informed that the total scholarship donation amounting to N750 million will be distributed among the 500 returning students as well as the 250 new first year students. I hope that this donation will help to alleviate the hardship of our students’ parents during this difficult period. I am relying on the Board of Trustees and the administration of the university to effectively manage these funds.
These commitments are in addition to the promise of N2 billion for the establishment of the university, which was made several years ago. The first phase of this project, which is estimated to be worth over N 670 million, was inaugurated in February this year. Otedola said that the final phase of this project will begin this December and will be completed by the end of 2024.
He expressed his gratitude to God for granting him the chance to be a part of the university’s dream”.
“I am overcome with emotion as I speak today, for this university was also a dream of my late father’s. I recall the Fund Raising committee visiting my father several times while he was alive, and also reaching out to me in 2008 to help build the university. However, they did not know that I was bankrupt in Nigeria at the time, losing over N100 billion due to the economic recession caused by our importation of diesel. I thank God for changing my circumstances and for all he has done for me since. I am confident that God has given me the power to help build this university and to serve the many students of this university.
“The Otedola family has been one of the pillars of Augustine University,” said Chief Gilbert Grant, who also thanked the graduating students for the virtues they have been taught during their academic programmes..
Otedola’s support from the start of the university’s life has not gone unnoticed, according to AUI’s Vice-chancellor, Professor Christopher Otedunde.
Otedunde said that after approval by the NUC, the university will launch postgraduate programmes for some courses from the next academic session.
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