Last Sunday, billionaire oil magnate, Femi Otedola, dazzled at the Augustine University’s Fundraising and Founders’ Day event held at the Muson Centre, Onikan, Lagos.
The chairman of Forte Oil, who was the chief launcher on the occasion, reportedly wowed with his speech.
Otedola, who was represented by a director in Forte Oil, was said to have been given a standing ovation and deafening applause for what many described as a most inspiring speech. Besides, the shrewd businessman was said to have pledged to donate a well-equipped Faculty of Engineering building to the institution, which will be worth over N500m.
We gathered that many mouths were agape while other billionaires present at the event trembled over Otedola’s wondrous gift. The announcement, without a doubt, has further confirmed Otedola’s love for quality education. He believes in the South African late President, Nelson Mandela’s saying that education is the most powerful weapon that can be used to change the world.
It will be recalled that his father, the late Michael Otedola, who was a former governor of Lagos State, had reportedly handed over the first parcel of land meant for the development of the institution to Archbishop Olubunmi Okogie some years ago.
“So, it was Otedola’s utmost joy to continue where his late father stopped,†a source said.
A deep pocket, he loves giving back to the society without blinking an eye. Indeed, philanthropy comes naturally to him. This he does effortlessly. However, he loathes people singing his praise over such acts of humaneness. He is not your kind of billionaire that calls for publicity over donations. Over the years, Otedola has been responsible for the education of countless indigent students in Lagos State through the Michael Otedola University Scholarship Scheme, which was established in 1985. In 2004, his company Forte Oil, donated N200m to the scheme.
Also, since 1985, over 1, 200 students have benefited from the scheme.
He also donated N100m to the Otedola College of Primary Education in Noforija, Epe.
In 2008, he donated N80m to the Faculty of Agriculture, University of Port Harcourt, Rivers State.
