A statement issued on Monday revealed that this funding marks the second phase of Otedola's efforts to establish a Faculty of Engineering at the institution.
Last year, he initiated the first phase of this ambitious project, which included a substantial investment and a contribution of one million naira towards each student's tuition fees to bolster educational support.
During the university's sixth convocation ceremony, Otedola expressed his hope that the new engineering building would be completed within a year.
In his address to the graduates, he emphasized the broader importance of education, urging them to view it not just as a means of personal success, but as a chance to contribute to the community.
“Remember that character is as important as knowledge.
“Your degree is not just a symbol of your academic achievements; it is a testament to your commitment to learning and living a life of integrity. You are entering a world that needs your skills, your ideas, and your leadership. But more than that, it needs your character.”
In addition, the Catholic Bishop of the Lagos Archdiocese, Most Rev. Dr. Alfred Adewale Martins, emphasized the university’s objective of fostering well-rounded individuals during his address to the graduates.
“Education at Augustine University is not merely about intellectual development; it is about forming individuals who are morally grounded and spiritually enriched,” he remarked.
Vice-Chancellor Prof. Christopher Odetunde expressed his appreciation to Otedola and other benefactors for their generous contributions to the university, particularly highlighting Chief Stephen Bakare’s donation towards the Faculty of Law Complex.
He also recognized the ongoing development of new hostels by members of the Church of Assumption, Falomo, and Our Lady of Perpetual Help.
The convocation speaker, Dr. Peter Bamkole, addressed the theme “Rethinking Economic Rebirth in Nigeria through Youth Entrepreneurship,” emphasizing the necessity of equipping the youth with skills that enhance their employability.
This notable donation, along with the insights shared during the convocation, underscores Augustine University’s dedication to creating a comprehensive educational framework that not only prepares students for professional success but also cultivates ethical leadership within the community.