Otedola donates N1m scholarship each to 750 students of Lagos varsity

Billionaire businessman and Chairman of Geregu Power, Femi Otedola, on Thursday gave N1m scholarship to each of the students of the Augustine University, Epe, Lagos.

This was after he was officially inaugurated as the Chancellor of the university in Lagos.

Otedola was said to have given the sums to the 750 students in recognition of the current economic hardships that many are facing.

His gesture amounted to a total of N75m.

The university has 500 returning students and 250 new students,

Otedola said, “I hereby announced a scholarship donation to each returning student of this university and each first year student of our university the amount of one million Naira each towards the 3023/2024 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 N750m, I hope this donation assists the plight of the parents of our students in this difficult time.”

The university’s spokesperson, Nicholas Obayi, commended the gesture, acknowledging Otedola’s dedication to philanthropic causes.

Recall that Otedola donated a faculty complex to the university in 2019.