Speaking at the institution 3rd convocation ceremony said his refusal was not out of pride but the conviction that his law practice was enough to make him comfortable and also contribute to national development.
Babalola said he agreed to serve as the Pro-Chancellor and Chairman of Council of University of Lagos, Akoka, Yaba, because of the pressure from former President Olusegun Obasanjo.
He said he accepted the offer to serve as the Chairman of the Council on the condition that he would ot be paid any salaries or allowances throughout his tenure.
Babalola expressed regrets that many Nigerians were unwilling to contribute to national development , urging them to shun greed and be contented.
He said rot and financial recklessness he met at the university of Lagos made him into establishing a university.
Former chairman of Independent National Electoral Commission(INEC), Prof. Attahiru Jega commended Babalola’s vision for partnering with government to take education to the next level.
Governor of Ekiti, Ayodele Fayose also commended Babalola for considering Ekiti state as host for the university,urging other wealthy indigenes of the state to emulate him.
There are total of 736 students graduated from the six faculties of the institution.
Seven Hundred and Thirty Six Thousand graduated from six faculties of the institution.