Energy tycoon, Femi Otedola Donates N1bn For Augustine University’s Students Fees, School Renovations
Following his investiture as the Chancellor of Augustine University, Ilara-Epe, Lagos State, billionaire businessman Femi Otedola, on Thursday announced a total of N 1 billion to support students’ fees and school renovations.
Part of the N1 billion was a N 1 million scholarship for each student of the university to support in the payment of their fees for the 2023/2024 academic session.
The award will cover all the 500 returning students of the institution and the 250 new intakes for the session.
Also, the business mogul announced a donation of N140 million towards the furnishing of the completed Engineering Faculty he donated to the university, as well as a donation of N110 million for the installation of street lights on the campus.
“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 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 assists in ameliorating the plight of parents of our students in this difficult times. I am depending on the Governing Council and the management of the university for the efficient management of these funds,” he said.
He added that the above commitments were apart from the N2 billion Lady Doja Otedola Faculty of Engineering he promised the university a few years ago.
The first phase of the project, put at over N670 million, was completed and inaugurated for use in February this year.
Otedola gave the assurance that work on the concluding phase of the project would start this December and be completed by December 2024.
Recalling efforts by the Lagos Diocese of the Catholic Church to start the university some years ago, Otedola expressed thanks to God for giving him the opportunity to be part of the dream.
“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 late 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 that time was that I was then bankrupt in Nigeria.
“During the period of economic recession at that time, I lost over N100 billion as our business of importing diesel hit the rocks. 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 of this university,” he said.
Otedola stated that he had turned down such appointments in the past but could not do so when approached by the leadership of the Catholic Church in Lagos.
The Pro-Chancellor, Chief Gilbert Grant, described the Otedola Family as one of the backbones of the university.
He charged the graduating students to be good ambassadors of the institution and to put to use all the virtues inculcated in them while studying at the university.
The Vice Chancellor, Augustine University, Prof. Christopher Odetunde, in his address lauded Otedola for the support he had given to the university since inception.
Odetunde disclosed that following the approval by the National Universities Commission, NUC, AUI would start postgraduate programmes in some courses as from next session.
The Visitor to the university, Most Revd. Dr Alfred Adewale Martins, said the university was set up to build youths who are spiritually, morally and educationally prepared to proffer solutions to societal challenges.
The convocation lecture titled ” The law, the youth, morality and contemporary Nigerians society,” was delivered by Chief Mike Ozekhome, SAN, represented by his son, Mike Ozekhome (Junior).