Billionaire businessman and philanthropist, Femi Otedola, has announced a new ₦4 billion donation to Augustine University, Ilara-Epe, for the construction of a modern Electrical and Electronics Engineering block.

Mr Otedola, who serves as the Chancellor of the Catholic-owned university, made the announcement on Thursday during the institution’s 7th Convocation Ceremony and 10th anniversary celebration.

The new donation, he said, would fund the delayed second phase of the university’s Faculty of Engineering, which had faced significant cost increases due to inflation. The new structure will complement the existing Dame Doja Otedola Faculty of Engineering, named in honour of his mother.

“I hereby announce my donation to the University of the Electronics Engineering Block at the cost of ₦4 billion,” Otedola said in his address.

“I have brought with me a cheque of ₦500 million, which I hereby present to the contractor. Based on the time schedule of the contract, it is hoped that construction will be completed by the time of our University’s 2026 convocation.”

The philanthropist revealed that he and the contractor signed the construction contract earlier in the day, adding that the cheque presentation marked the formal commencement of the project.

This latest act of generosity follows a series of major donations by Mr Otedola to the university.

In 2024, he gave ₦3.7 billion to fund the Faculty of Engineering complex and other infrastructure.

Earlier, he had also awarded ₦1 million each to 750 students of Augustine University — a donation aimed at supporting their education and easing financial burdens on their families.

Together, these contributions make Mr Otedola one of the most significant private donors to any university in Nigeria.

During his convocation address, the Chancellor commended the university’s steady progress over the past decade and reaffirm