He announced the donation penultimate Saturday, during the conferment of honorary Doctor of Science degree in Business Administration on him by the university. The ceremony was the highlight of the first convocation of Crescent University, held at the school auditorium in Abeokuta.

He said the X-Ray machine would help to boost quality healthcare management in the university and its environs.

He also promised to mobilize friends of the university and other lovers of education for an endowment to develop an Information and Technology Centre to uplift the standard of education of students of Crescent University.

Olowude was honoured with the doctoral degree alongside other eminent personalities, including the Executive Governor of Ogun State, Otunba Gbenga Daniel; notable industrialist, Chief (Sir) Kessington Adebutu and former Federal Commissioner of Works and Housing, Alhaji Femi Okunnu.

The ceremony had in attendance royal fathers including the Sultan of Sokoto, Alhaji Sa'ad Abubakar; the Alake of Egbaland, Oba Adedotun Gbadebo and the Awujale of Ijebuland, Oba Sikiru Adetona, who is the Chancellor of the University.

Dignitaries present at the event included former Director-General of the Nigerian Stock Exchange, Apostle Hayford Alile; immediate past Vice-Chancellor of the University of Lagos, Professor Oye Ibidapo-Obe and Media Consultant and former Commissioner of Information, Ogun State, Aremo Taiwo Allimi.

Olowude said he was deeply humbled by Crescent University's recognition and appreciation of his modest contributions to youth development and higher education in general and the progress of the institution as a centre of academic and moral excellence.

Earlier, Chairman of the Board of Trustees, Crescent University, Prince Bola Ajibola, SAN, said that Olowude was honoured with the doctorate degree for his personal and corporate contributions to youth development and higher education in general, as well as his contributions to the growth of the Nigerian economy.

Olowude, 58, graduated from the University of Lagos in 1973 with a Bachelor of Science degree in Quantitative Economics. He also bagged a Master of Science degree in Applied Economics from the University of Santa Clara, California, USA in 1976.

He returned to his alma mater, the University of Lagos for a Doctorate Programme in Applied Economics. He passed the Ph.D Sitting Examination in 1978 even as he read for the qualifying examinations of the Chartered Insurance Institute (ACII) London. He successfully completed the ACII examinations in 1981 to become a chartered insurance practitioner.