In another remarkable gesture of philanthropy, billionaire businessman and Chairman of First Bank Plc, Mr. Femi Otedola, has announced a ₦4 billion donation to fund the construction of an Electrical and Electronics Engineering block at Augustine University, Ilara-Epe, Lagos.
Otedola, who also serves as the Chancellor of the institution, made the announcement during the university’s 7th Convocation Ceremony held over the weekend in Lagos.
He also presented a ₦10 million cash gift to Emmanuel Opeoluwa, a physically challenged philosophy graduate who completed his studies in a wheelchair.
According to Otedola, the new Engineering block is expected to be completed before the next convocation ceremony in 2026.
The businessman, known for his consistent support for educational development, had earlier donated the university’s Faculty of Engineering complex, a four-block structure named after his mother, Dame Doja Otedola, built at a cost of ₦2 billion.
Speaking at the event, Otedola said he was pleased to see that the first phase of the Engineering Faculty had been well utilized. However, he acknowledged that the construction of the Electrical and Electronics Engineering block had been delayed and costs had risen sharply due to inflation.
“I wish to reaffirm my commitment to the university’s leadership and community. The construction and furnishing costs have now risen to nearly ₦4 billion,” he said. “Today, I am presenting a cheque of ₦500 million to the contractor as part of this commitment.”
He added that he had signed the construction contract earlier that morning and pledged that the building would be ready in time for the 2026 convocation.
Beyond financial support, Otedola also announced the donation of 1,000 copies of his internationally acclaimed book, “Making It Big,” to students, faculty members, and management staff.
Addressing the graduating students, he encouraged them to embrace the challenges ahead with resilience and purpose.
“Your journey begins anew with greater responsibilities to your communities, your nation, and the world,” he said. “Be global in outlook but local in impact; courageous in conviction but humble in service. Let the values of integrity, excellence, and compassion guide you always.”
Otedola praised the graduates for their hard work and perseverance, reminding them that the values they gained at Augustine University would serve as a foundation for success in their personal and professional lives.
