In an unprecedented move, Nigerian billionaire investor and major shareholder of Geregu Power, Femi Otedola, has extended his philanthropic arm by donating a generous sum of N1 million to each of the 750 students of Augustine University.
The newly inaugurated Chancellor of Augustine University announced the scholarship donation to each student enrolled in the institution for the 2023/2024 academic session, including new and returning students.
The total sum of the scholarship donation amounts to N750 million (Seven Hundred and Fifty Million Naira).
The announcement was made during Otedola’s acceptance speech at the university, where he outlined his vision and commitment to the educational institution and its student body.
Otedola specified that the scholarship would benefit both returning and new first-year students.
The university has approximately 500 returning students and an estimated 250 new first-year students, making the scholarship donation applicable to around 750 students in total.
This substantial financial aid aims to alleviate the burden on families affected by Nigeria’s challenging economic climate.
In addition to the student scholarships, Otedola also announced further contributions to Augustine University.
He pledged N140 million for the furnishing of the recently completed Engineering faculty building and another N110 million for the installation of street lights around the campus and a new standby generating set.
This brings his total donation to a staggering N1 billion, aside from his earlier committed N2 billion for the construction of the Faculty of Engineering.
While his speech was abundant in philanthropic announcements, Otedola also challenged the student body, particularly the new graduates, to excel in their future endeavors.
He emphasized that the aim of the donation was not just to provide financial relief but to encourage academic excellence and national development.
The donation is considered historic in the context of higher education in Nigeria, setting a precedent for private philanthropy in the academic sector.
It also sets a precedent and challenges other affluent individuals to consider the broad and lasting impact that such philanthropic acts can have on the nation’s future.
