Billionaire businessman and Chairman of First Bank Plc., Mr. Femi Otedola, has announced a ₦4 billion donation to Augustine University, Ilara-Epe, for the completion of its Electrical/Electronics Engineering block.
Otedola, who is also the Chancellor of the university, made the announcement during the institution’s 7th convocation ceremony held over the weekend. He said the project, which had experienced delays due to inflationary pressures, would now be delivered ahead of the university’s 2026 convocation.
To commence work immediately, the philanthropist presented a ₦500 million cheque to the project contractor moments after signing the construction contract.
“I hereby announce my donation to the university of the Electronics Engineering block at the cost of ₦4 billion,” Otedola stated, expressing delight at the utilisation of the first phase of the Faculty of Engineering—named after his mother, Dame Doja Otedola—which he had earlier donated at an estimated cost of ₦2 billion.
In an emotional moment at the event, Otedola also gifted ₦10 million to a physically-challenged graduating student, Emmanuel Opeoluwa of the Department of Philosophy, in recognition of his resilience and academic excellence.
Further supporting the university community, he donated 1,000 copies of his bestselling book, Making It Big, to students, faculty, and management, urging graduates to face the future with courage and purpose.
Addressing the graduating class, Otedola applauded their hard work and encouraged them to uphold values of integrity, excellence, and service.
“Be global in outlook but local in impact; be courageous in conviction but humble in service,” he advised.
The convocation ceremony featured the award of First Degrees, Diplomas, and other academic honours, marking a major milestone for the institution and its graduating students.
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