Nigerian billionaire and Chairman of the electricity generating company, Geregu Power, Femi Otedola has gifted the 750 students of Augustine University one million each as he was inaugurated as Chancellor of the University.
The inauguration took place on Thursday, at an auditorium in the school which is located in Ilara, a town in Epe local government area of Lagos State Southwestern Nigeria.
Speaking on his inauguration as the varsity’s chancellor, Otedola expressed gratitude to God.
The total sum of the scholarship donation amounts to N750 million (Seven Hundred and Fifty Million Naira).
Otedola specified that the scholarship would benefit both returning and first-year students known popularly as Jambites.
It was gathered that 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.
Announcing the donation, the billionaire said: “I hereby announce a scholarship donation to each returning student of the University and each new first-year 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 (Seven Hundred and Fifty Million Naira). I hope this donation assists the plight of the parents of our students in this difficult time.”
See photos from the event below:
