Alumnus donates N417 million to Nigerian university

An alumnus of the College of Medicine, University of Ibadan (CoMUI), Philip Ozuah, has donated $1,000,000, amounting to N417 million based on the official exchange rate of N417 to a dollar as posted by the Central Bank of Nigeria (CBN) on 3 August.

The amount could, however, be as high as N645 million if exchanged at the parallel market, otherwise known as black market, which reportedly traded at N645 to a dollar.

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The donor announced the sum on 1 August during a virtual sod-turning ceremony for a student hostel project.

Mr Ozuah, who was also the keynote speaker and fundraiser-in-chief at the ceremony, said the donation was to support the construction of the college’s new student hostel and other infrastructural repairs.

The hostel project was initiated by the management of the college in partnership with the Ibadan College of Medicine Alumni Association Worldwide (ICOMAA-WW).