Femi Otedola has pledged another ₦2.85bn to complete Augustine University’s ₦4.35bn engineering project, targeting June 2027 delivery
Femi Otedola Pledges ₦2.85bn for Augustine University Engineering Faculty
Nigerian billionaire businessman, Femi Otedola, has pledged an additional ₦2.85 billion to complete the second phase of the Faculty of Engineering project at Augustine University, Ilara-Epe, Lagos State, bringing his total financial commitment to the project to ₦4.35 billion.
Otedola, who serves as chancellor of the Catholic-owned institution, announced the fresh commitment during the university’s eighth convocation ceremony held on Thursday, reaffirming his determination to deliver the engineering facility by June 30, 2027.
The latest pledge represents the outstanding balance of the project, which has experienced a significant increase in construction costs. Otedola disclosed that ₦1.5 billion had already been released to the contractor, leaving another ₦2.85 billion to complete the building.
The new facility will accommodate the university’s Department of Electrical and Electronics Engineering and forms part of Otedola’s broader investment in expanding engineering education and infrastructure at the institution.
He was represented at the convocation by Adebowale Oyedeji, Group Managing Director of First HoldCo Plc, the financial services group chaired by the billionaire businessman.
Otedola’s commitment to Augustine University’s engineering development dates back to March 2018, when he first pledged to finance an engineering building. His contribution subsequently expanded into a proposed four-building engineering complex, initially backed by a ₦2 billion commitment.
The first block of the complex was completed and handed over in early 2023. It was named after his mother, Dame Doja Otedola, in recognition of her place in his life and the family’s connection to the institution.
At the time, Otedola also laid the foundation stone for the second building, signalling the next phase of the ambitious infrastructure project.
Beyond the construction itself, the billionaire provided an additional ₦140 million to furnish the first engineering block, alongside ₦110 million for campus street lighting and a standby generator.
His financial commitment continued to grow as construction costs increased. At the university’s sixth convocation in October 2024, Otedola pledged ₦3.7 billion towards the second engineering building.
By the following year, rising material costs had pushed the project’s estimated value close to ₦4 billion, prompting another intervention. At the university’s 10th anniversary convocation, he presented a ₦500 million cheque to the contractor to support the continuation of construction.
Reflecting on the progress made, Otedola expressed satisfaction that the first phase of the engineering complex had become operational.
“I notice that the first phase, named after my mother, Dame Doja Otedola, has been put to good use,” he said.
His intervention at Augustine University has also extended beyond infrastructure development to direct financial support for students.
In October 2023, when he was installed as the institution’s second chancellor, Otedola announced that he would pay the tuition fees of all 750 students enrolled for the 2023/2024 academic session.
The intervention amounted to ₦750 million, with each student receiving ₦1 million in tuition support, providing substantial relief to students and their families.
The billionaire has repeatedly emphasised his ambition to position Augustine University as a leading institution for engineering education in Nigeria.
“It is my dream that Augustine University in growing, is known as the centre of excellence for engineering studies,” Otedola said in 2024.
Founded in 2015, Augustine University is owned by the Catholic Archdiocese of Lagos and is located in Ilara-Epe, Lagos State.
Speaking at Thursday’s convocation, the Archbishop of Lagos, Most Rev. Alfred Adewale Martins, said the institution had recently been ranked the best Catholic university in Nigeria.
The university graduated 194 students at the ceremony, including 24 who earned first-class degrees, marking another milestone in its academic development.
Otedola’s relationship with the institution also has a family dimension. His late father, Sir Michael Otedola, who served as governor of Lagos State, played a role in helping the university secure the land on which it was established.
The billionaire has previously described Augustine University as a realisation of his father’s dream, a connection that has continued to shape his involvement in the institution’s growth.
Over the years, Otedola has emerged as one of Nigeria’s prominent private-sector contributors to philanthropy, education and social development. His charitable interventions have included a ₦5 billion donation to Save the Children in 2019, support for the Lagos State Security Trust Fund and scholarship programmes benefiting students in different Nigerian universities.
His latest commitment further reinforces his involvement in Augustine University’s long-term development, particularly its ambition to expand technical and professional education through investment in specialised facilities.
Otedola is also chairman of First HoldCo Plc, the parent company of First Bank of Nigeria, and has significant business interests in Nigeria’s financial services and energy sectors.
He previously chaired Geregu Power Plc and has remained a major figure in the country’s corporate investment landscape.
The additional ₦2.85 billion pledge brings the planned cost of the second engineering building to ₦4.35 billion, with the June 30, 2027 completion deadline now representing the next major milestone in Otedola’s longstanding commitment to the university.
