By Our Correspondent
Chairman of Geregu Power Plc, Mr Femi Otedola, has donated N1 billion to management and students of Augustine University, Ilara-Epe, Lagos State.
TheNewsZenith reports that the donation in three categories cover scholarship for 750 students, furnitures and provision of electricity on campus.
Otedola announced the donation during the institution’s fifth convocation, which also installed him as its second Chancellor.
He said N750m is for scholarship to covered their school fees of 750 returning and fresh students for 2023/2024 session.
Also, N140m is for the furnishing of the new Engineering Faculty building. And another N110 million to buy new generator and install street lights on the campus.
He explained that the gesture is to alleviate the plight of the students and their parents under the current harsh economic situation in the country.
Otedola has been a major financial supporter of the university. He donated the Engineering Faculty Complex to the school, which cost N2 billion.
The contractor completed the first phase of the building with N670m. Management inaugurated the facility in February 2023 and put it to use since then.
Otedola expressed strong belief in transforming establishments in connection with him.
“As stated in my citation, I strongly believe in transforming establishments that I have deallings with.
“Therefore, to commemorate my appointment as the Chancellor of the university today, I hereby announce a scholarship donation to each returning student and each new first-year student of our university.
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“This is in recognition of the harsh economic situation in our country.
“The amount of N1 million each is 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. That makes a total scholarship donation of N750m.
“I hope this donation alleviates the plight of the parents of our students in this difficult time.
“I am depending on the Governing Council and the management of the university for the efficient management of these funds,” the philanthropist said.
He expressed hope that his kind gesture would encourage the students of Augustine University to study hard to be first-class graduates who would contribute positively to the growth of Nigeria.
In his remarks, the Vice Chancellor of Augustine University, Prof. Christopher Ojetunde, thanked Otedola and his family for their generous financial support towards the establishment and development of the university.
Ojetunde said the Faculty of Engineering Complex, built by Otedola, was a significant boost to the school.
He added that the university successes were made possible through the generous contributions of people like Otedola. The VC prayed that God would continue to bless him.