Nigerian billionaire businessman and philanthropist Femi Otedola has pledged an additional ₦2.85 billion, approximately $2.1 million, towards completing the second phase of the Faculty of Engineering at Augustine University, Ilara-Epe, Lagos State, as reported by The Sun and Billionaires Africa. The commitment was announced at the institution’s eighth convocation ceremony on October 29, 2026, reaffirming his determination to deliver the project despite rising construction costs. Otedola, who serves as the university’s Chancellor, disclosed that the building is now estimated to cost ₦4.35 billion, of which ₦1.5 billion has already been paid to the contractor. He committed to providing the outstanding balance in the coming months, with completion scheduled for June 30, 2027.
The second engineering block will house the Department of Electrical and Electronics Engineering and forms part of Otedola’s wider commitment to establishing a comprehensive engineering faculty at the university. His support for the project dates back to 2018, when he first pledged to fund an engineering building before expanding the commitment into a multi-building complex. The first phase, named after his mother, Dame Doja Otedola, was completed and handed over to the university in 2023. He subsequently committed ₦3.7 billion towards the second phase in 2024, followed by a ₦500 million contribution in 2025 as construction costs increased. His latest pledge addresses the remaining funding required to bring the building to completion.
Beyond infrastructure, Otedola has supported the university through student scholarships and campus development initiatives. In 2023, he covered the tuition fees of all 750 students enrolled for the 2023/2024 academic session, contributing ₦750 million, while also providing funding for the furnishing of the first engineering block, campus street lighting and a standby generator. Augustine University graduated 194 students at this year’s convocation, including 24 who earned First Class Honours. Through his continued investment, Otedola is seeking to strengthen the institution’s capacity for engineering education and support the development of skilled graduates who can contribute to Nigeria’s industrial and technological future.
