Nigerian Billionaire Femi Otedola Takes Over As Vice Chancellor Of Augustine University, Gives N750 Million To Students

Femi Otedola

Femi Otedola, one of Nigeria’s richest men and a leading philanthropist, has assumed the role of Vice Chancellor of Augustine University, a private Cathotlic institution in Lagos State. The inauguration ceremony took place on Thursday, October 26th, 2023, and was graced by prominent figures from the religious, political, and business sectors.

Otedola, who has a net worth of $1.8 billion according to Forbes, is the former chairman of Forte Oil PLC, a major petroleum marketing company, and the founder of Zenon Petroleum and Gas Ltd, a leading supplier of diesel and kerosene in Nigeria. He is also the father of popular Nigerian singer and DJ, Florence Otedola, better known as DJ Cuppy.

Otedola said he was honored and humbled by the opportunity to serve as the Vice Chancellor of Augustine University, and vowed to uphold the high standards of Catholic education in Nigeria. He said he would work with the faculty, staff, and students to achieve academic excellence, moral integrity, and social responsibility. He also praised the vision and mission of the university, which aims to prepare students for leadership and enterprise in a competitive and dynamic world .

As a gesture of his goodwill and generosity, Otedola announced that he would donate N750 million ($1.9 million) to all the students of the university as a financial aid to cope with the economic challenges facing Nigeria. He said each of the 750 students currently enrolled in the university would receive N1 million ($2,500) each from his personal funds. He urged the students to use the money wisely and to pursue their dreams with passion and dedication .

The students and staff of Augustine University were overjoyed by Otedola’s donation and thanked him for his kindness and vision. They also pledged to work hard and make him proud as the new Vice Chancellor .

Augustine University is located in Ilara, a town in Epe local government area of Lagos State. It was established by the Catholic Archdiocese of Lagos in 2015 with the approval of the National Universities Commission (NUC). It offers various undergraduate and postgraduate programmes in arts, sciences, social sciences, management, and education .