Nigerian billionaire, Femi Otedola made a donation of close to a million dollars on Thursday, October 25; at a ceremony in Lagos where he was inaugurated as chancellor of a private university.

He announced the donation of a million naira each to the 750 students of Augustine University stating that it was part of his resolve to strenthening establishments he is associated with.

The total amount of 750 million naira comes up to over US$950,000.

The entrepreneur cum philanthropist who is the Executive Chairman of Geregu Power PLC stressed that the donation will also go towards cushioning parents in these hard times.

"Today, I was inaugurated as the Chancellor of Augustine University. I strongly believe in transforming establishments that I am associated with. 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…" he posted on Twitter (now X).

The post was accompanied by photos of his inauguration ceremony as he spotted his gown and went about his responsibilities for the first time in his new role.

See his tweet below:

Today, I was inaugurated as the Chancellor of Augustine University. I strongly believe in transforming establishments that I am associated with. 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… pic.twitter.com/uaz5eVhMci

— Femi Ote$ (@realFemiOtedola) October 26, 2023