Nigerian billionaire and philanthropist, Femi Otedola, has announced a donation of N3.7 billion towards the construction of a new building for the Engineering Faculty at Augustine University, Ilara Epe.
The announcement was made during the university’s 6th convocation ceremony, where Otedola, who serves as the institution’s Chancellor, emphasized his commitment to supporting education and the development of a world-class engineering program at the university.
In his address, Otedola expressed pride in the university’s growth and outlined his vision of establishing Augustine University as a center of excellence in engineering studies.
He stated that the contract for the Phase 2 building is nearly complete, and construction is expected to be finalized within the next 12 months.
“I am pleased to announce the donation of the Phase 2 building for the Engineering Faculty at a cost of N3.7 billion,” Otedola said. “By God’s grace, I hope to be with you this time next year to inaugurate the completed building.”
This donation follows Otedola’s completion of Phase 1 of the Engineering Faculty, further cementing his commitment to the institution’s development.
He pledged N140 million for the furnishing of the completed Engineering faculty building and another N110 million for the installation of street lights around the campus and a new standby generating set.
This expansion aims to accommodate the university’s growing student population and provide cutting-edge facilities for engineering education.
Otedola also highlighted the importance of fostering intellectual and moral excellence among students, aligning with the university’s mission of producing graduates who are not only skilled but also grounded in integrity and service to society.
The donation marks another significant milestone in Otedola’s long-standing support for educational initiatives across Nigeria.
The newly appointed Chancellor announced the scholarship initiative for both new and returning students enrolled in the 2023/2024 academic session, with the total donation amounting to N750 million.
Otedola emphasized that the scholarship would cover approximately 500 returning students and an estimated 250 first-year students, ensuring financial support for the entire student body.
This generous gesture further underscores Otedola’s commitment to education and his vision of making Augustine University a premier institution for academic and personal growth.
Femi Otedola is one of Nigeria’s richest individuals, recognized by Forbes with a net worth of $1.4 billion as at the time of publication.
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Deborah Dan-Awoh is a seasoned lifestyle analyst with a knack for storytelling. The focus of her work covers people, money and culture as it relates with business and economy. When she’s not keeping tabs on the latest trends in lifestyle and finance- Deborah enjoys networking with industry experts to gain insight into major markets as it affects the populace
