Femi Otedola, the Nigerian billionaire and Chairman of Geregu Power, was officially installed as the Chancellor of Augustine University on Thursday. The inauguration ceremony took place in an auditorium at the university, situated in Ilara, a town within the Epe local government area of Lagos State in Southwestern Nigeria.
Upon attaining this new role, Otedola conveyed his gratitude to God. Additionally, the Nigerian billionaire generously donated N1 million to each of the 750 students currently enrolled at the university, amounting to a total scholarship donation of N750 million (Seven Hundred and Fifty Million Naira).
Otedola made it clear that the scholarship would be extended to both returning students and new first-year students. The university accommodates roughly 500 returning students and an estimated 250 new first-year students, making the scholarship applicable to approximately 750 students in total.
In announcing the donation, Otedola stated, “I hereby declare my scholarship donation of One Million Naira Each to every returning student and new first-year student of our university, aimed at covering the school fees for the 2023/2024 academic session. I have been informed that there are 500 returning students and about 250 new first-year students, resulting in a total scholarship donation of N750 million (Seven Hundred and Fifty Million Naira). I hope that this contribution alleviates the financial burden on the parents of our students during these challenging times.”
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