Nigerian business magnate and philanthropist, Femi Otedola, was inaugurated on Thursday as the chancellor of Augustine University in Ilara-Epe, Lagos State.
The business entrepreneur posted images from the ceremony to his Instagram page, disclosing that he gave N1 million to each of the school’s 750 students.
Otedola wrote, “Today, I was officially 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, 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.”