Authorities of Catholic Church, Lagos Archdiocese, has disclosed that it would spend about N16bn to complete its newly established Augustine University, Ilara-Epe, in Lagos and make it a world-class standard.
The university will be inaugurated on Friday for the first set of students with Vice-President, Prof. Yemi Osinbajo, and former Chief of General Staff, Theophillus Danjuma, billed as the keynote speaker and chairman on the occasion, respectively.
Catholic Archbishop of the Metropolitan See of Lagos, who is also the Proprietor of the University, Archbishop Adewale Martins, disclosed this at the weekend.
He spoke at the Ilara-Epe campus of the university while addressing journalists on the inauguration ceremony, which will also have Governor Akinwummi Ambode of Lagos State and many other eminent Nigerians in attendance.
Archbishop Martins noted that the university had a three-phase development plan with the first phase already completed.
This includes such facilities as the Colleges of Education and Humanities, Social and Management Sciences, administrative block, males and female hostels, multi-purpose hall/restaurant, science laboratories and health centre, which cost N7bn.
The subsequent phases according to him will cost N5bn and N4bn respectively.
While disclosing that the university would be for sound learning and character moulding, the cleric added that the funding came largely from supportive parishes in the archdiocese and donations from friends and development partners of the university.
He said the university would have charged up to N2m as school fees per session because of its state-of-the art facilities on ground but was generous in its wisdom to reduce it to N730,000 per session, covering tuition, accommodation, feeding, laboratories and medical.
The amount payable, however, depends on course of study
The aim, he stressed, is to give room for students from average homes.
Adewale, who noted that indigents but brilliant students with consistent good grades would also have scholarship opportunity in the university added that the institution would kick off with 200 students.