The outgoing Vice-Chancellor of Lagos State University (LASU), Ojo, Distinguished Professor Ibiyemi Olatunji-Bello, revealed on Wednesday that the institution generated approximately ₦13 billion IGR over a four-year period between September 2021 and September 2025.
The Vice-Chancellor shared this during her address at the grand finale of the university’s combined 29th and 30th convocation ceremonies, held at the main campus in Ojo.
A total of 20,604 graduands from the two sets received their certificates at the event, including no fewer than 900 professional Master’s degrees, 238 PhDs, and 119 professional doctorates.
The Lagos State Governor and Visitor to the University, Mr Babajide Sanwo-Olu, announced a ₦20 million donation each to the two best graduating students of the sets. They are Ayilara Lawal Olawale (Project Management, with a CGPA of 4.96) and Adebanjo Oluolamide (Aerospace Engineering, with a CGPA of 4.97) of the 2024/2025 and 2025/2026 academic sessions, respectively.
Similarly, three eminent Nigerians—industrialist Aliko Dangote, Mr Akin Kekere-Ekun, and Mrs Harriet-Ann Bola Adesola—were honoured with honorary doctoral degrees (Honoris Causa) for their contributions to entrepreneurship, finance, and industrial development.
Speaking further, Prof. Olatunji-Bello, who is rounding off her five-year single term, disclosed that the university’s Internally Generated Revenue (IGR) stood at approximately ₦3 billion when she assumed office.
“We knew from the outset that a university perpetually dependent on government subvention alone could never truly control its own destiny,” she stated. “That is why we made IGR one of my six central goals, and I am proud to report that between September 2021 and September 2025, we grew our IGR from ₦3 billion to ₦13 billion—a fourfold increase.
“We achieved this by being creative, leveraging our internal capacity and competitive advantage, and fully automating our financial processes to close every leakage that had previously drained resources from this institution.”
The Vice-Chancellor became emotional and wept mid-speech as she reflected on her appointment five years ago and highlighted other major milestones achieved under her watch. She noted that LASU secured National Universities Commission (NUC) approval for 17 new academic programmes and emerged as Nigeria’s most-subscribed university for the second consecutive year, drawing over 84,000 first-choice applicants in the 2026 Unified Tertiary Matriculation Examination (UTME).
Other milestones recorded during her tenure include:
Retaining the position as the Best University in West Africa in the UI GreenMetric World University Rankings for four consecutive years.
Commissioning the Babajide Sanwo-Olu Library Complex, West Africa’s largest and most digitalised university library.
Securing approval for a ₦3 billion TETFund Centre of Excellence in Artificial Intelligence, Robotics, and Cyber Sciences.
Commencing construction on a 1,500-bed student hostel valued at ₦4 billion under a public-private partnership.
Securing Federal Government approval for a 15-megawatt Independent Power Project (IPP) to resolve campus electricity challenges.
Winning two consecutive ₦50 million venture capital grants by LASU students in a competitive national pool of 30,000 applicants.
“Even just two days ago, on Monday, we inaugurated the 350-seater Computer-Based Test Centre and turned the sod for the construction of a new Faculty of Engineering building at our Epe Campus,” the VC added.
Prof. Olatunji-Bello expressed gratitude to Governor Sanwo-Olu, his deputy, Dr Obafemi Hamzat, as well as the Governing Council, Senate, staff, and students for their support. While congratulating the 20,604 graduating students across various levels and fields, she urged them to use their knowledge and character to positively impact global society. She affirmed that the graduands had been thoroughly trained and expressed confidence that they would excel in their chosen fields.
Other dignitaries in attendance included Deputy Governor of Lagos State, Dr Obafemi Hamzat; the Ooni of Ife, Oba Enitan Adeyeye Ogunwusi; the Chancellor of LASU, Oba Olufolarin Ogunsanwo; and Ms Fatimat Dangote, who represented her father.
Speaking at the event, Aliko Dangote, represented by his daughter, Ms Fatimat Dangote, promised to build a ₦600 million girls’ hostel for the university and also offer jobs at the Dangote Refinery to some of the deserving, exemplary graduands.