Augustine University said that businessman Femi Otedola has delivered N250 million of N750 million he promised during the school’s fifth convocation ceremony in October 2023 where he was also inaugurated as the university’s chancellor.
The varsity’s vice-chancellor Prof Christopher Odetunde revealed this in a letter to parents dated February 21, 2024 and obtained by QEDNG on Tuesday.
Odetunde said the scholarship was meant for students’ 2023/2024 tuition and for nothing else except for those who wrote to the university for deferment till 2024/2025 session.
“Contrary to some assertions, the university did not receive N750 million in aggregate neither did management mismanaged what has been received so far,” the letter said.
Otedola gifts 750 Augustine University students N1m each
Explaining how the N250 million was disbursed, Odetunde said N15 million was used for 15 students unable to return to campus based on financial reasons, N81 million was spent for 81 400-level students while N154 million was used for 154 300-level students.
Odetunde added that the number of those deferring the scholarship for 2024/2025 session keeps increasing by the day, noting that the group to be considered when the next tranche is received are the 200 and 100 level students.
The letter noted that Otedola’s scholarship is intact and has been “judiciously disbursed”.
Otedola gifted N1 million each to 750 students of the private Catholic-owned university located at Ilara-Epe, Lagos State.
