On Thursday, October 25, Nigerian billionaire Femi Otedola marked his inauguration as the chancellor of a private university in Lagos with a generous contribution of nearly a million dollars.

He pledged one million naira to each of the 750 students at Augustine University, emphasizing his commitment to supporting institutions he is affiliated with.

The cumulative amount of 750 million naira exceeds US$950,000.

Femi Otedola, an entrepreneur and philanthropist who serves as the Executive Chairman of Geregu Power PLC, underscored that this donation would not only benefit the students but also provide relief to parents during these challenging 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).

Pictures from his inauguration ceremony, where he first saw his gown and carried out his new duties, were posted with the post.