otorgar
grant
auto-
self
+
grant
grant
+
-ar
verb suffix
Otorgar means to grant. Think of it as auto-0 (self0) + grant1 + -ar2 (verb suffix2), like 'self-granting' something.
verb
  1. grant
    To grant, award, or bestow
    El comité decidió otorgar el premio al mejor estudiante. // The committee decided to grant the award to the best student.