Femi Otedola‘s Tireless Philanthropic Gesture Comes to Play Once Again

It was an astounding scene at the 5th Convocation ceremony of the Augustine University, Ilara-Epe, Lagos, when Nigerian billionaire and business mogul, Mr Femi Otedola, demonstrated his tireless philanthropic acts once more by announcing a N750million scholarship- one million each for the 500 returning students and each of the 250 new first-year students of the university towards the 2023/2024 session school fees. He donated an additional N140 million towards the furnishing of the completed Engineering faculty building and a further N110 million towards the installation of street lights.  Mary Nnah reports that the gesture was not just to mark his recent appointment as the Chancellor of the University, but also in recognition of the harsh economic situation in the country

Mr Femi Otedola, CON, Chairman of Geregu Power Plc and a Non-executive Director of FBN Holdings Plc,  is a philanthropist with deep involvement in educational causes at all levels.

This he does through the Sir Michael Otedola Scholarship Awards Foundation, where he has continued to demonstrate his passion for his indigenous Epe community and Nigeria in general by committing huge financial resources to the sponsorship of promising but financially disadvantaged students.

Four years ago, when he embarked on building the Engineering Faculty of Augustine  University, he pledged that he has always been committed to the development and economic empowerment of youth through quality education. Never did he dream that he would be appointed Chancellor of the university a few years later.

In the pursuit of his passion for poverty alleviation through his commitment to education, Otedola a few years ago committed to the construction of a four-building complex of the Engineering Faculty of Augustine University at the then projected cost of N2billion.

The first building of the Engineering Faculty was completed at N670 million and blessed in February this year. The design of Engineering Building Number Two within the complex has been completed and the contract for its construction will soon be awarded with a completion date of December 2024.

Speaking soon after his inauguration as the Chancellor at the 5th convocation ceremony of the Augustine University, Ilara-Epe, Lagos State and the inauguration of the Second Chancellor held on October 26th  at the school premises, Otedola pledged to work with the university staff to ensure that the university and especially the Engineering Faculty becomes the centre of excellence in Nigeria.

While announcing a scholarship donation in the amount of N1 million each as a gift to each returning student and each of the new first-year student of the university towards the 2023/2024 session school fees of each student, Otedola promised to make the faculty a centre that international students will also want to attend.

Otedola who expressed his strong belief in transforming establishments that he is associated with, explained that the scholarship donation was to commemorate my appointment as the Chancellor of the University and in recognition of the harsh economic situation in our country.

“I am told that there are 500 returning students and about 250 new first-year students making a total scholarship donation of N750 million. I hope this donation assists 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.

“I also donate N140 million towards the furnishing of the completed Engineering faculty building and a further N110 million towards the installation of street lights around the campus and a new standby generating set. This makes a total donation of One Billion Naira to our university. This is in addition to my earlier pledge of N2 billion for the construction of the Engineering Faculty complex”, he noted.

He expressed the hope this gesture will encourage the students to make everyone proud by studying hard to be first-class students who will eventually contribute positively to the growth of our nation.

To the new graduands, he said, “Welcome to the new world of reality. Expectations are extremely high from your families and the society at large and you must not let them down.”

“In the journey of academic excellence, Augustine University has played a vital role in shaping your minds, honing your skills, and nurturing your aspirations. Among its many strengths, Augustine University has distinguished itself through its vibrant entrepreneurship programme and rich internship opportunities. 

“These experiences have equipped you, our graduands, with the tools and mindset needed to thrive in the ever-evolving world beyond these academic walls. No doubt that you have acquired that spirit of innovation and entrepreneurial skills that will serve as the cornerstone of your future endeavours”, he added.

He encouraged them to embrace and never forget the knowledge they have gathered, adding “Use it as a foundation to build your path to success, and do not be content with seeking jobs alone – be the employers of labour this world needs. In a world that sometimes seems to prioritise job-seeking over job-creation, I challenge you to defy the norm like I did. Learn from the history of my life. Apply the principles of entrepreneurship, innovation, and diligence to create your opportunities, to build your colonies of success.”

He reminded them that their path may not always be smooth, but it is their determination and resilience, that will propel them forward while they should embrace challenges as opportunities for growth.

Speaking further, Otedola said, “I feel emotional as I make this speech today as this university was also my late father’s dream. I remember the Fund Raising Committee visiting my father several times when he was alive and also approaching me in 2008 for help in building the university. 

“What they did not know and indeed no one knew at the time was that I was then bankrupt in Nigeria. I thank God Almighty for changing my fortune and for all that he has provided for me since then. I firmly believe that Almighty God has empowered me to help in the development of this university and to help the multitude of students of this University. 

“I thank God for using me as an instrument to assist the Catholic Church and in particular our Archbishop in all the good works of the Archdiocese of Lagos in promoting quality education in Nigeria”, Otedola noted further.

Otedola’s footprints in the Nigerian private sector began with his foray into the Downstream Sector of the Nigerian Petroleum Industry when he started Zenon Petroleum and Gas Limited. He also invested in Petroleum Products storage tanks, shipping, insurance brokerage and petroleum retail outlets building a formidable presence in the Downstream Petroleum Industry value chain.

He then purchased the majority shareholding in African Petroleum and became its Board Chairman in May 2007.

He transformed African Petroleum into Forte Oil Plc. He grew it into a formidable company and then divested from Forte Oil and transited into the Power sector through the acquisition of controlling Shares of the 435MW Geregu Power Plc.

As  Otedola stepped on the stage, he was joined by the  Vice Chancellor, of Augustine University, Prof. Christopher Odetunde, who robed him with an academy gown as the 2nd Chancellor of Augustine University.  

While welcoming the newly inaugurated Chancellor, the Vice Chancellor, Augustine University, Prof. Christopher Odetunde,  said, “This is a special day for celebrating our students who have established themselves in various fields of their endeavours.”

Speaking further, Odetunde said, “In March 2015, Augustine University, Ilara-Epe, took off with the vision to provide a transformative education that goes beyond the confines of the classrooms.

Visitor to the University and Proprietor, Most Rev. (Dr.) Alfred Adewale Martins described the occasion as momentous as he expressed profound gratitude to all the benefactors of Augustine University, stressing that without their support and commitment, the institution would not have been where it is today.

“Indeed we know that our journey is still far ahead, and therefore, we continue to appreciate your collaboration with Augustine University. I cannot mention them all but you have seen and heard one of them today, the Chancellor of our university, Femi Otedola, we appreciate his continued commitment to our university.

Speaking also at the event, Pro-Chancellor and Chairman of the Governing Council, Augustine University,  Chief Gilbert Grant, noted, that the primary reason for congregation here today is to award degrees to our deserving students.  who have completed the various courses in their receptive faculty.

He admonished graduating students of the Class of 2023  to listen attentively to the convocation lecture titled, “The Law, The Youth, Morality and Contemporary Nigeria Society”, delivered by Constitutional Lawyer, Human Rights Activist,  and Senior Advocate of Nigeria, Prof. Mike Ozekhome, the Pro-Chancellor.

Grant appealed to the graduating students to go into the world with confidence while also being humble and prayerful. 

“In your four years stay at this university, you have made a lot of friends amongst yourselves. I also want to ask you to please keep the line of friendship going. Thanks to the advances in social media, it is not going to be a problem, so wherever you find yourselves in the world, maintain contact with those friendships you have made here and continue to make us proud”, he added.

He advised graduating students that as they make progress in life, they should form the habit  of giving back not only to the university but also to worthy courses which AUI  offers as primary work, adding, “Not necessarily money but your time and talents are just as valued.”

He appreciated especially benefactors, like Femi Otedola, who have continued to make significant contributions to make the university what it is becoming.

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I am told that there are 500 returning students and about 250 new first-year students making a total scholarship donation of N750 million. I hope this donation assists 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