Nigerian billionaire and philanthropist Femi Otedola has made a historic donation of N1 billion to Augustine University, where he serves as the Chancellor. The donation includes N750 million worth of scholarships for 750 students and N250 million worth of infrastructural development for the university.
Otedola announced the donation during his acceptance speech at the university, where he shared his vision and commitment to the educational institution and its community.
Scholarship Details:
Otedola said that each returning and new first-year student of Augustine University would receive a scholarship of N1 million each towards their 2023/2024 session school fees. This means that about 750 students, comprising 500 returning students and 250 new first-year students, would benefit from the scholarship.
“I hereby announce a scholarship donation of N1 million each to every returning and new first-year student of our university towards the 2023/2024 session school fees. 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 the plight of the parents of our students in this difficult time.” Otedola said.
The scholarship aims to ease the financial burden on families affected by Nigeria’s challenging economic situation.
Infrastructural Development:
In addition to the student scholarships, Otedola also announced further donations to Augustine University for infrastructural development. 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.
“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 N1 billion to our university. This is in addition to my earlier pledge of N2 billion for the construction of the Engineering Faculty complex.” Otedola said.
Motivation and Challenge:
While his speech was full of generous announcements, Otedola also challenged the students and lecturers, especially the new graduates, to excel in their future endeavors. He urged them to be “employers of labor,” emphasizing the importance of entrepreneurship in a nation that often prioritizes job-seeking over job-creating.
Otedola expressed confidence in the university’s Governing Council and Management to administer the funds efficiently. He emphasized that the aim of the donation was not just to provide financial relief but to encourage academic excellence and national development.
He also revealed that his donations were inspired by his late father, who had dreamed of seeing the development of the university.
Significance and Impact:
The donation is considered unprecedented in the history of higher education in Nigeria, setting a new standard for private philanthropy in the academic sector.
Given the economic hardships many Nigerian families face, especially when it comes to accessing quality education, the donation is expected to have a wide and positive impact on the lives of many students and lecturers.
The donation is also likely to boost the reputation and performance of Augustine University, which is one of Nigeria’s leading private universities.
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