Femi Otedola’s memoir details billionaire’s N11.57 billion donations

The newly-released memoir of billionaire businessman and philanthropist, Femi Otedola, has shed light on the businessman’s commitment to charity.

In the 286-page book, Making It Big, the chairman of Geregu Power Plc and FirstHoldCo Plc reflects on how academic struggles pushed him into business, where he built his fortune, and how his parents instilled in him the culture of giving.

Mr Otedola credits his parents with nurturing his philanthropic spirit. “My mum passed on the spirit of charity to me. My father, too, was kindness and generosity personified. His magnanimity is remembered far and wide,” he wrote.

He recalled how his late father, Michael Otedola, established a scholarship scheme for indigent students—an initiative he later supported. “My father, too, had been the recipient of a scholarship, which allowed him to study in the UK. He touched many lives, long before he became the second civilian governor of Lagos State, and he continued to do so afterwards. My elder brother followed our parents’ lead and would give you the shirt off his back. He’ll hand you the keys to his car and walk home,” Mr Otedola said.

He said generosity has long guided his choices, describing it as both a duty and a spiritual act. According to him, “Those who are better off have a responsibility to make life less burdensome for the disadvantaged. When one has been the recipient of enormous good luck-especially if he has amassed resources he couldn’t conceivably exhaust in several lifetimes, it rests on him to give a helping hand to the troubled. Humankind is a brotherhood, and good ethics dictate that we help each other.”

The billionaire said global examples of philanthropy, including CNN founder Ted Turner’s $1 billion donation to the UN in 1997, inspired him to give on a larger scale.

“Such humanitarian donations have always helped the causes that give mankind a better chance of living in a fairer and more just world. From war, famine, hunger and floods to diseases that require urgent attention, money provided by donors big and small ameliorates suffering and the consequences of conflict. The sick, hungry, displaced, wounded and dying can be helped immensely by donations to various official bodies and nongovernmental organisations.”

He also cited Aliko Dangote, Bill Gates, Warren Buffett, Bode Akindele, Mobolaji Anthony, and Wahab Folawiyo among his role models in charitable giving.

Mr Otedola said philanthropy gives him inner joy. “The beneficiaries are genuinely grateful and joyous, and their euphoria is infectious,” he noted.

Why I gave N5 billion to Save the Children

He recalled that two events shaped his decision to donate N5 billion to Save the Children in 2019: a meeting with Princess Anne, the charity’s patron, at the invitation of his daughter, DJ Cuppy, and the latter’s visit to an internally displaced persons’ camp in Maiduguri.

Moved by DJ Cuppy’s report to the northeastern state, Mr Otedola said he decided to double his intended donation from N2.5 billion to N5 billion.

“Nothing compares to the spiritual pleasure of giving,” he wrote, adding that helping others creates “a virtuous circle” of prayers and goodwill.

The book contains a list of some of his donations over the years, estimated at N11.57 billion, to causes ranging from education and healthcare to religion and humanitarian needs.

List of some donations

• N200 million ($1.4 million) to Sir Michael Otedola Scholarship Awards for indigenous students (2004–2008).
• N300 million ($2.5 million) for the construction of the National Ecumenical Centre, Abuja (2005).
• N25 million ($178,571) for the construction of Abuja Central Mosque (2006).
• Over N75 million ($535,714) to Ilorin Central Mosque (2007).
• N100 million ($574,713) to Michael Otedola College of Primary Education (now Sir Michael Otedola University of Education) (2009).
• N50 million ($26,408) to Christ the King Catholic Church (2010).
• N100 million ($543,478) to the University of Port Harcourt (2011).
• Over N30 million ($57,471) for the construction of Our Lady of Perpetual Help, Victoria Island (2017).
• N100 million ($255,141) to Lagos State Security Trust Fund (2017–2019).
• Over N30 million ($55,470) for the renovation of Holy Cross Cathedral, Lagos.
• N5 billion ($14 million) to Save the Children Fund (2019).
• N391 million ($1 million) for the establishment of the African Centre, New York (2019).
• Over N65.6 million ($130,000) for medical treatment of actor Victor Olaotan (2019).
• N19.5 million ($50,000) for medical treatment of former Super Eagles captain Christian Chukwu (2019).
• N20 million ($39,682) for medical treatment of ex-footballer Peter Fregene (2020).
• Over N10 million ($17,695) for medical treatment of broadcaster Sadiq Daba.
• Over N17 million ($29,930) for the medical treatment of Prof. Daramola (2021).
• Over N15 million ($26,408) for the medical treatment of Kayode Ajala (2021).
• N7.5 million ($8,695) for the medical treatment of Charles Bassey (2021).
• Over £5,500 for medical treatment of musician Majek Fashek in London (2021).
• N2 billion ($2.1 million) for the construction of the Faculty of Engineering, Augustine University, Ilara-Epe (2023).
• N1 billion ($1 million) to the Renewed Hope Initiative (2023).
• N1 billion ($1.2 million) in scholarships to all students of Augustine University, Ilara-Epe, Lagos, for the 2023/2024 academic year — N1 million each to 750 students; N140 million for the furnishing of Augustine University’s Faculty of Engineering building (2023) and N110 million for streetlights and a standby generator at Augustine University campus (2023).
• N22 million ($19,130) annually for scholarships to students from nursery to university level.
• N1 billion ($1.2 million) to the Lagos State Security Trust Fund (third donation).

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About the book

In the memoir, Mr Otedola wrote about his educational background, revealing that he dropped out and did not go to university because he continually struggled to get good grades in primary and secondary schools.

He wrote how, during a breakfast meeting in 2005, former Nigerian President Olusegun Obasanjo persuaded him to fund the completion of the National Ecumenical Centre in Abuja with a donation of N300 million.

He also revealed an encounter he had with the late businessman, philanthropist, and politician, Moshood Kashimawo Olawale (MKO) Abiola, and how the encounter with Mr Abiola shaped his perception about the interplay of money and power in the lives of politicians, business moguls, and other notable figures in society.

The memoir also recounts how he built businesses in oil and gas, shipping, power, real estate, and finance, while also navigating crippling setbacks that at times threatened his fortune and reputation.