It is yet to be known whether the awards will eventually get handed out, but just in case they are awarded, I doubt what would happen to the recipients.
I have imagined the following scenario:
In 2012, Ibrahim Ali Award recipient Encik Abu visits a multinational corporation for an interview after his graduation.
"Hi! May I know how you performed at UiTM?"
"Yes. I was awarded the university's Ibrahim Ali Award that came with a trophy and RM5,000 cash prize which I received from the hands of Encik Ibrahim Ali himself."
"Sounds good. But can I know what the award is all about?"
"The award is given to a highly principled student who would defend the rights of his own ethnic group, just like Ibrahim Ali."
"Wonderful. This Encik Ibrahim Ali must be a great man then."
"Most definitely. I would say he is unprecedented and his achievements are hard to duplicate."
"Excellent! Can you tell me how great this man is?"
"He used to oppose the BN government, but is now more supportive of the BN regime than even the most loyal BN members.
"He used to love Anwar Ibrahim, but has grown to hate Anwar more than anyone else.
"He used to run under Umno, Semangat 46 and PAS in elections, but later betrayed all these parties, elected or otherwise.
"He said the Malays were entitled to at least 60% of the country's wealth given the fact that the Malays made up 60% of the national population.
"He said the Christians were trying to take over Malaysia.
"He said his tolerance for the Chinese had been stretched to a limit.
"He also said women were to take the blame for their husbands' infidelity.
"He said he would send 15,000 people to the street to counter Bersih but only 30 turned up in the end, he himself absent on his wife's advice.
"During an interview with CNN, neither the anchor nor the audience could understand his English. A CNN record indeed!"
"Give me a break! Ibrahim Ali is such a stupendous person. I have yet to see anyone like him having recruited people all across the world."
"Ibrahim Ali is to Malaysia what Apple's Steve Jobs is to America."
"Sure, I can imagine that."
"So, looks like I will be in your distinguished company's payroll soon."
"Well, I believe you, a recipient of Ibrahim Ali Award, have the style of Ibrahim Ali. Unfortunately, we are a multinational corporation doing global business, not a warring organisation nor a circus.
"I would nevertheless suggest that you apply to al-Qaeda, the Taleban or Cirque du Soleil. Good luck, young man!"