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On Thursday, Femi Otedola, the Nigerian billionaire who is also Chairman of Geregu Power, was inducted as Augustine University’s Chancellor.
An inauguration ceremony was held at the auditorium of the school situated in Ilara, a town in Epe local government area of Lagos State in the Southwestern region of Nigeria.
Otedola expressed his appreciation to the divine power upon obtaining his new accomplishment.
Each student of the university received the generous donation of one million naira from the Nigerian billionaire.
The grand total of the scholarship contribution is N750 million (Seven Hundred and Fifty Million Naira).
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Mr. Otedola declared that the scholarship program would be accessible to both fresh and existing first year students.
The university, with an estimated 500 returning students and 250 new first-year students, makes the scholarship applicable to a total of about 750 students.
The billionaire declared the donation, saying: “In light of the current difficulties, I am pleased to announce a scholarship of One Million Naira for each new first year and returning student of our University for the 2023/ 2024 school year. This comes to a total of N750 Million (Seven Hundred and Fifty Million Naira) for the 500 returning students and 250 new first year students. I hope this helps alleviate the financial burden of our students’ families.”