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In an unprecedented transfer, Nigerian billionaire investor and main shareholder and Chairman of Geregu Energy, and director of FBN Holdings Plc, Femi Otedola, has prolonged his philanthropic arm by donating a beneficiant sum of N1 million to every of the 750 college students of Augustine College.
The newly inaugurated Chancellor of Augustine College introduced the scholarship donation to every pupil enrolled within the establishment for the 2023/2024 educational session, together with new and returning college students.
The whole sum of the scholarship donation quantities to N750 million (Seven Hundred and Fifty Million Naira).
The announcement was made throughout Otedola’s acceptance speech on the college, the place he outlined his imaginative and prescient and dedication to the academic establishment and its pupil physique.
Particulars of the Scholarship & donations
Otedola specified that the scholarship would profit each returning and new first-year college students.
The college has roughly 500 returning college students and an estimated 250 new first-year college students, making the scholarship donation relevant to round 750 college students in whole.
- “I hereby announce a scholarship donation to Every returning pupil of the College and Every new first yr pupil of our College the quantity of One Million Naira Every in the direction of the 2023 / 2024 session college charges of Every pupil. I’m informed that there are 500 returning college students and about 250 new first yr college students making a complete Scholarship donation of N 750 Million (Seven Hundred and Fifty Million Naira). I hope this donation assists the plight of the dad and mom of our college students on this tough time.” Otedola
This substantial monetary assist goals to alleviate the burden on households affected by Nigeria’s difficult financial local weather.
Extra Donations
Along with the coed scholarships, Otedola additionally introduced additional contributions to Augustine College.
He pledged N140 million for the furnishing of the not too long ago accomplished Engineering college constructing and one other N110 million for the set up of avenue lights across the campus and a brand new standby producing set.
This brings his whole donation to a staggering N1 billion, except for his earlier dedicated N2 billion for the development of the School of Engineering.
- “I additionally donate N140 million in the direction of the furnishing of the finished Engineering college constructing and an extra N110 million in the direction of the set up of Road lights across the campus and a brand new standby producing set. THIS MAKES A TOTAL DONATION OF ONE BILLION NAIRA TO OUR UNIVERSITY. That is along with my earlier pledge of N2 billion for the development of the Engineering School complicated.” Otedola
Whereas his speech was considerable in philanthropic bulletins, Otedola additionally challenged the coed physique, significantly the brand new graduates, to excel of their future endeavors.
- He urged them to be “employers of labor,” emphasizing the significance of entrepreneurship in a nation that always prioritizes job-seeking over job-creating.
- Mr. Otedola expressed confidence within the college’s Governing Council and Administration to manage the funds effectively.
He emphasised that the goal of the donation was not simply to offer monetary reduction however to encourage educational excellence and nationwide growth.
Significance and Impression
The donation is taken into account historic within the context of upper schooling in Nigeria, setting a precedent for personal philanthropy within the educational sector.
- Given the financial difficulties many Nigerian households face, particularly with regards to affording high quality schooling, the scholarship is predicted to have a broad and constructive influence.
- In a heartfelt second, Otedola revealed that his contributions had been additionally emotionally motivated, aligning with the desires of his late father, who had aspired to see the event of the college.
- The announcement is prone to obtain widespread consideration and acclaim, recognizing Femi Otedola’s philanthropic dedication as a transformative act for Augustine College and Nigerian greater schooling at giant.
It additionally units a precedent and challenges different prosperous people to contemplate the broad and lasting influence that such philanthropic acts can have on the nation’s future.
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