Billionaire investor and philanthropist Femi Otedola is donating one million Naira each to 750 students at Augustine University, where he serves as the newly inaugurated Chancellor.

The scholarship, totaling a generous 750 million Naira, was extended to all students, both new and returning, for the 2023/2024 academic session.

Odedola made this known during his acceptance speech as the Chancelor of Augustine university on Thursday.

“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 750 million Naira (Seven Hundred and Fifty Million Naira). I hope this donation assists the plight of the parents of our students in this difficult time.” he said

In addition to the student scholarships, Otedola announced further contributions to Augustine University.

He pledged 140 million Naira for the furnishing of the recently completed Engineering faculty building and an additional 110 million Naira for the installation of street lights around the campus and a new standby generating set.

While making these generous contributions, Otedola also challenged the student body, particularly the new graduates, to excel in their future endeavors and become “employers of labor.”

He emphasized 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.