Nigerian billionaire and Chairman of the electricity producer Geregu Power, Femi Otedola on Thursday was inaugurated as the Chancellor of Augustine University.
The inauguration took place at an auditorium in the school which is located in Ilara, a town in Epe local government area of Lagos State.
Speaking on his new achievement, Otedola expressed gratitude to God.
The Nigerian billionaire also donated N1m to each to all the students of the university.
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 new first-year students.
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.”
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