Billionaire businessman Femi Otedola named chancellor of a University

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Nigerian billionaire businessman and philanthropist Femi Otedola has been named chancellor of Augustine University, a private Catholic university in Lagos, Nigeria’s financial and economic center.

Otedola’s appointment comes nearly three years after he donated a N2-billion ($4.7 million) building to the university’s engineering faculty as part of a larger effort to promote education and encourage development in Nigeria.

“My father was very passionate about a university being built in Epe because he was very passionate about education,” Otedola said when he made the donation three years ago. “Rather than spend my money on building more houses or buying a jet for myself, I decided to spend the money to support this laudable cause by the Lagos Catholic archdiocese through Augustine University.” 

Otedola is the chairman and CEO of Geregu Power Plc, one of Nigeria’s largest power-generating enterprises. He is known for his investments in the energy sector, as well as, more recently, the financial services industry through his 5.72-percent stake in First Bank of Nigeria Holdings Plc.

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