Femi awarded a sum of 1 million each to all the students of the university to support them in view of the harsh economic situation of the country stating that it is also part of his commitment to supporting every establishment he is part of.

“Today, I was inaugurated as the Chancellor of Augustine University. I strongly believe in transforming establishments that I am associated with. Therefore, to commemorate my appointment and in recognition of the harsh economic situation in our country,” Otedola said.

”I gave a gift of One Million to each of the Seven Hundred and Fifty Students. I hope this donation of Seven Hundred and Fifty Million Naira assists the plight of the parents of our students in this difficult time… F.Ote$,” he added.

The university has approximately 500 returning students and an estimated 250 new first-year students, making the scholarship donation applicable to around 750 students in total.

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Speaking on Otedola’s appointment, the institution’s spokesperson, Nicholas Obayi, said the appointment was well deserved owing to Otedola’s philanthropic endeavors to the university and Nigeria at large.

Otedola is also the founder of Zenon Petroleum and Gas Ltd, and the owner of a number of other businesses across shipping, real estate, and finance.