Femi Otedola: The Catholic Herald Centenary Man

A diligent search for a man who is the epitome of selfless service to humanity and who has demonstrated a genuine predisposition for the progress and development of his country will end with only a few candidates. Finding one without political affiliations or not driven by primordial pecuniary motives will further shrink the pool. And when you throw in other qualities, such as genuine love for charity and being a good Catholic, you might be left with just a handful. One name that will not be missing from the final shortlist is Femi Otedola, Chairman, Geregu Power Limited, and Chancellor, Augustine University, Ilara-Epe, Lagos.

The Catholic Herald Newspaper, in commemoration of its centenary, has instituted the ‘The Catholic Herald Man’ award for that rare Nigerian whose peerless actions are priceless contributions to the growth of the Church and national development. After careful evaluation, the search ended at the doorstep of Femi Otedola.

Femi Otedola, CON, needs no introduction to the world. He is an entrepreneur, a philanthropist and the Chairman of Geregu Power Nigeria Plc and First Bank Nigeria Holdings Plc. He is one of the fixtures of the Forbes billionaire list and has appeared on this prestigious rich list in 2009, 2014 and, most recently, in the January 2024 ranking. Otedola is a role model and an inspiration to Nigeria’s community of entrepreneurs at home and abroad.

As a business tycoon, he has been described many times as a personification of fair, ethical and transparent business. His business concerns include, shipping, real estate, oil and gas, the capital market and power generation.

Over the years, he has become a positive force, a catalyst for capital market growth and a stabiliser for the economy; wherever he invests, the market grows. For example, the First Bank Nigeria Holdings share rose by 9.9 per cent and its profits increased by 127 per cent by December 2023 within four months of his becoming director of the financial institution. Similarly, when he became Chairman of African Petroleum in 2007, the company’s market capitalisation increased from N36 billion to N217 billion. The trend was also observed in his acquisition of the shares of Dangote Cement, which made the company the most capitalised on the Nigerian stock exchange.

A history of his entrepreneurship adds up to a profile of a man who is consistently oiling the wheel of the Nigerian economy, from his initial formal entry into the oil and gas sector with Zenon to his acquisition of African Petroleum, which transformed into Forte Oil, and his latter investment in the power sector through Geregu Power generation company. Aside from these companies, which are business behemoths in their own right and time, his ownership of CentreForce Ltd., an investment company, Swift Insurance and SeaForce Shipping Company Limited, among others, made him one of the country’s foremost employers of labour and owners of businesses that create large employment opportunities for Nigeria and help sustain thousands of livelihoods in the country.

As a businessperson, Otedola has been exemplary as someone with integrity, as shown by his tango with lawmakers over a $500, 000 bribery saga.

He recently expressed his support for a windfall tax on Nigerian banks, stressing that such a measure will foster a fairer and more equitable economic environment.

Despite being the Chairman of one of the biggest banks, Otedola had no reservations about calling out bank bosses for bleeding the economy with personal benefits and bonuses when he observed that: “A concerning trend has emerged where some bank chief executives prioritise personal gain over their duty to shareholders and customers. The core values of banking—trust, integrity, and service—must be upheld.”

He maintained that his stance aligns with the ongoing efforts to reform the Nigerian banking sector, make it stable and entrench integrity.

“Windfall taxes are levies on companies or individuals who receive substantial, unexpected profits due to circumstances beyond their usual control or investment. Taxing these extraordinary gains ensures a fairer distribution of wealth, allowing those who benefit disproportionately to contribute more significantly to the broader societal good,” he defended.

He was also one of the voices of reason in the tussle involving industrialist Aliko Dangote and petroleum regulatory bodies over his new refinery.

His message was one of caution and a call to the Nigerian authorities: “In Nigeria, we have our own titans, and it is imperative that we recognise and support them. Aliko Dangote has broken every boundary in worldwide business and industry. His contributions are not just a testament to his brilliance, but a beacon of what is possible when vision meets opportunity. Supporting local champions like Dangote is crucial for our national development and economic independence. Let us continue to foster and support these visionaries who drive our nation’s progress.”

Otedola is renowned for his humanitarian efforts. He gives silently, generously and consistently to causes, uplifting society’s most vulnerable and securing their future.

His philanthropic gestures and commitment to the development of education in Nigeria, in particular, speak volumes of his large heart and the milk of human kindness in him. The most notable example is his financial support towards the establishment and development of Augustine University, Ilara-Epe, Lagos.

In 2019, he donated the Engineering Faculty complex to the University, an edifice comprising four blocks, constructed at an estimated cost of N2 billion. On October 26, 2023, uupon his inauguration as the Chancellor of the institution at its 5th Convocation Ceremony, he donated a million naira to each of the 750 returning and fresh undergraduates to alleviate the plight of the students and their parents under the harsh economic situation of the country. On the same day, he also donated N140 million for the furnishing of the University’s Engineering Faculty building and N110 million for the installation of street lights on the campus and the purchase of a new standby generator.

Instructively, the altruism of Otedola, son of former Lagos State Governor, Sir Michael Otedola, is not limited to the Catholic Church. His acts of charity are endless: N200 million donation to the Michael Otedola University Scholarship Scheme to give the less-privileged students in Lagos State access to higher education and donation of N300 million towards the completion of the National Ecumenical Centre in Abuja in 2005; contribution to the N200 million donation to the Lagos State Security Trust Fund to tackle crime in Lagos State and N100 million donation to the Michael Otedola College of Primary Education in Noforija, Epe, in 2007; donation of N80 million to the Faculty of Agriculture, University of Port Harcourt, in 2018, and $25,000 largesse to the Super Eagles for their exploits in the 2019 African Cup of Nations in Algeria; contribution of N1 billion fund for scholarships for indigent students in Lagos State; donation of $14 million to Save the Children Organisation; and payment of the medical bills of notable icons in Sports and Arts—just to mention but a few. His silent philanthropy echoes loudly across many corridors in Nigeria.

If Otedola is unassuming and self-effacing in person, he is more humble in his worldview, as conveyed in his assertion that personal wealth should serve the common good.

According to him: “God has been so kind (that) 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.”

Otedola is the pride of the Catholic Church. In many ways, he exemplifies Catholic values, via his contributions to community, Church and country.

Lady Neta Nwosu (LSM) is an integrated marketing communications expert and Editor, The Catholic Herald weekly newspaper.