Otedola: The Billionaire that Keeps Giving
In the realm of philanthropy, few names shine as brightly as Femi Otedola’s, casting a benevolent glow across the landscape of Nigeria. In this report, Festus Akanbi delves into the impactful gestures of Otedola, a serial investor and a visionary philanthropist whose unwavering commitment has become a cornerstone in the nation’s pursuit of social betterment
In an age, when reality has constantly exposed the government’s lack of capacity to fully meet the needs of the people, it is becoming the norm for the affluent in society to step forward to bridge the gap between the government’s capacity and the needs of the people.
There is no doubt that Nigeria is blessed with quite some men of means who have always rallied around to do the needful in terms of philanthropic intervention to fill the vacuum created by the government’s limited resources to deal with emerging challenges from time to time.
One of such highly placed Nigerians is the billionaire investor and Chairman of Geregu Power Plc, Mr. Femi Otedola, who last week gained another round of media attention through his N1 billion donation to improve the security situation in Lagos.
It has been proven beyond doubt that Otedola’s philanthropic endeavours in Nigeria stand as a beacon of compassion and societal responsibility.
With unwavering dedication, he has leveraged his wealth to make a profound impact on the lives of countless Nigerians.
Otedola’s philanthropy extends across various sectors, from healthcare and education to poverty alleviation. His financial contributions have facilitated the construction of schools, and hospitals, and the provision of scholarships, fostering a tangible and lasting positive change.
Otedola’s commitment to social betterment transcends mere charity; it reflects a deep-rooted belief in the transformative power of targeted benevolence, inspiring others to join in the noble pursuit of uplifting communities and fostering sustainable development.
Giving an insight into what encourages him to give, Otedola once said, “God has been so kind, the only way I can show my gratitude to Him is to use my resources to support those who are underprivileged. This I intend to do for the rest of my life. In a world full of conflicts, diseases, calamities and inequality, we all need to show the milk of human kindness, to reach out and comfort the sick and give a helping hand to the weak.”
Support for Public Safety
In a landmark move for public safety in Lagos, Otedola, represented by his daughter Tolani Otedola, donated a hefty sum of N1 billion to the Lagos State Security Trust Fund (LSSTF) last week. The donation was not the first as according to information gathered from the fund.
Otedola has always been supporting the security initiatives with regular financial support, a development which is said to have earned him the distinction of being the top individual contributor to the Fund.
On behalf of her father, Tolani expressed delight that over the years, the Fund had continued to live up to its mandate and had remained relevant in the security architecture of the state.
In his acceptance remarks, Governor Sanwo-Olu noted that the donation was “very important” and would serve as a testimonial for others to also come in, stressing that security was everybody’s business.
“We feel encouraged to continue to do what we have been doing, setting the right business and economic environment for residents as a government. Last December, coming into the new year, was, perhaps the most active movement of the Diaspora population in terms of tourist engagement and socio-economic activities.”
Funding Academic Excellence
With a culture of giving, Otedola in October 2023, announced a donation of N1million each to 750 students of Augustine University, Ilara-Epe, Lagos State. He announced the gesture at his investiture as the university’s second Chancellor and the fifth convocation of the university.
The N750 million scholarship donation according to him was in commemoration of his appointment as the Chancellor of the university and “in recognition of the harsh economic situation” in Nigeria.
Otedola succeeded John Aniagwu, who had been Chancellor from the inception of the university in 2015.
He specified that the scholarship was to each of the 500 returning students of the university and the 200 new students for the 2023/2024 academic session.
“I hope this donation assists the plight of the parents of our students in this difficult time,” he said.
He emphasised that the aim of the donation was not just to provide financial relief but to encourage academic excellence and national development.
In addition to the student scholarships, Otedola also announced further contributions to Augustine University.
He pledged N140 million for the furnishing of the recently completed Engineering faculty building and another N110 million for the installation of street lights around the campus and a new standby generating set.
This brings his total donation to N1billion, aside from his earlier committed N2billion for the construction of the Faculty of Engineering four years ago.
“I made the pledge as I have always been committed to the development and economic empowerment of our youth through quality education,” he said.
“I did not dream then that I would be appointed Chancellor of the University. Now that I am Chancellor I intend to work with the university staff to ensure that the university and especially the Engineering Faculty become the centre of excellence in Nigeria.”
Funding Government’s Intervention Programmes
Otedola, like his other high-net-worth friends, is no stranger to philanthropy. However, what sets him apart is the sheer scale of his magnanimity. In November 2019, Otedola donated N5 billion (approximately $14 million at the time) through his daughter, DJ Cuppy’s Foundation, the largest individual charitable donation in Nigeria’s history. This generous contribution was intended to support various intervention programmes aimed at assisting needy children in the Boko Haram-ravaged North-east region of Nigeria. The charity focused on improving the welfare of Nigeria’s vulnerable and marginalised children, emphasising early childhood education and healthcare, among numerous other initiatives.
A major investor in many of the high-performing conglomerates in Nigeria, Otedola is still listed as the largest shareholder of FBN Holdings. The company, in its latest report, listed Otedola as the largest shareholder with a stake above five per cent.
Directly, he holds 40,033,982 units of FBN Holdings shares, which is 0.11 per cent and indirectly, it holds 1,989,342,376 units which is 5.54 per cent of the lender’s shareholding as of September 2023.
Otedola is a man of extraordinary wealth, but even more extraordinary is his self-effacing nature. Despite commanding a stupendous fortune, he prefers to be addressed simply as “Mister,” shunning the grand titles that society often bestows upon the wealthy elite. His actions demonstrate a fundamental truth: giving is not merely an act of charity; it is a testament to the transformative power of philanthropy.
However, the influence of giving reaches far beyond those who directly benefit from it, as it significantly enriches the lives of the givers themselves.
Indeed, he is a luminary in the realm of benevolence and he graces the landscape of Nigeria with a generosity that rivals the lush blooms of a vibrant garden.
His philanthropic gestures have cast ripples of transformative impact across Nigeria like stones of compassion dropped into the pond of societal well-being. His benevolence has erected educational institutions, providing not just structures of bricks but pillars of hope for countless aspiring minds. The echoes of his generosity reverberate in the corridors of healthcare, where hospitals stand as sanctuaries of healing, uplifting communities with improved medical facilities.
Otedola’s commitment to poverty alleviation resonates in initiatives that empower the disenfranchised, sowing seeds of economic resilience. His philanthropy, akin to a gentle yet powerful wind, has touched the lives of many, fostering a legacy that goes beyond financial contributions, embodying the spirit of positive change in the hearts of the Nigerian people.
In recognition of his philanthropic efforts to better the lives of children in Nigeria, Otedola was invited to be the Vice President of the Save the Children, a United Kingdom-based charity organisation.
As vice president of the group, he has been able to mobilise critical friends to advance the work of the organisation through advocacy, volunteerism, introductions, and philanthropy.
Since 2019, he has supported Save the Children’s programmes on the prevention and treatment of malnutrition and on advocating for access to quality education for Nigerian children, impacting over 6,000 children in the states of Adamawa, Borno, and Katsina states.
For him, there is just to limit to what he can do to save lives, give people succour and put similes on their faces.
