Billionaire businessman and Chairman of First Bank Plc, Femi Otedola, has pledged ₦4 billion for the construction of the Electrical and Electronics Engineering Block at Augustine University, Ilara-Epe, Lagos State.
Otedola, who also serves as the university’s Chancellor, made the announcement during the institution’s seventh convocation ceremony held on Sunday. He said the new building would be completed before the next convocation in 2026.
In a moving gesture, the billionaire also awarded a ₦10 million cash gift to Emmanuel Opeoluwa, a physically challenged graduate from the Department of Philosophy who uses a wheelchair, in recognition of his courage and determination.
The oil mogul has remained one of the school’s strongest financial supporters. He previously funded the construction of the ₦2 billion Faculty of Engineering Complex, an edifice comprising four blocks, whose first phase was completed at a cost of ₦670 million and commissioned in February 2023.
At the university’s fifth convocation in 2023, Otedola also donated ₦750 million to cover the tuition of 750 returning and new students for the 2023/2024 academic session.
Speaking during the event, he said:
“The contractor and I signed the agreement for the construction of the Electronics Engineering Block this morning. I hereby announce my donation of ₦4 billion to the university for the project.”
The philanthropist reaffirmed his commitment to supporting education and youth empowerment, emphasizing that his contributions were aimed at building the next generation of innovators and leaders.
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