Femi Otedola, the Nigerian billionaire businessman and philanthropist, chairman of Geregu Power Plc, and director of FBN Holdings Plc, has donated the sum of N1 billion ($1.13 million) to the Lagos State Security Trust Fund (LSSTF) in a groundbreaking move to address the pressing security concerns in Lagos State.
The significant contribution follows a series of philanthropic endeavors and is earmarked to bolster security initiatives within the state. This move comes at a crucial time, considering the contemporary challenges faced by Lagos and its residents.
At a ceremony held at the Lagos House, Marina, Lagos, Otedola, who was represented by one of his daughters, Olawunmi Christy Otedola, 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.
The funds are earmarked for strategic allocation to various security initiatives, including the provision of modern equipment, training for law enforcement personnel, and the implementation of technology-driven solutions to combat emerging security threats.
LSSTF expresses gratitude for Otedola’s generosity, acknowledges private sector’s role in security
Expressing gratitude for Otedola’s philanthropy, the LSSTF, under the leadership of Lagos State Governor Babajide Sanwo-Olu emphasized the vital role such partnerships play in addressing the evolving security landscape. In a letter signed by Abdurrazaq Balogun, the executive secretary/CEO of LSSTF, warm regards and gratitude were extended for the generous donation.
“While we thank you in anticipation of your generous donation, kindly accept the assurances of the highest regard of the governor, Babajide Sanwo-Olu, the chairman, and members of the Board of Trustees of the fund,” Balogun stated.
Otedola’s corporate support sets benchmark for societal betterment
Otedola, renowned for his significant contributions to various philanthropic causes, has once again set a benchmark for corporate support towards societal betterment. This substantial donation not only reflects a commitment to security but also exemplifies the influential role the private sector can play in addressing critical issues facing the community.
In addition to his philanthropic efforts, Otedola has achieved a milestone in the business world, becoming the second individual in Nigeria to own stakes in two companies worth over N1 trillion ($1,244,555,000).
His diverse investment portfolio, valued at more than $1.2 billion, showcases his multifaceted approach to investing, encompassing both power and financial services through majority stakes in Geregu Power Plc and significant investments in FBN Holdings. It also solidifies his position as the third-richest investor on the Nigerian Exchange, trailing Abdul Samad Rabiu and Africa’s richest man, Aliko Dangote.
Balancing wealth and welfare: Otedola’s $1-million scholarship ignites hope at Augustine University
While continuing to build success across diverse business ventures, Otedola’s commitment to philanthropy remains unwavering. In October 2023, he solidified his position as one of Africa’s most generous billionaires with a N750-million ($1 million) donation to Augustine University in Ilara-Epe, Lagos State.
This scholarship fund will cover the tuition fees of 750 students for the entire 2023-2024 academic session, significantly easing the financial burden for hundreds of students and their families. Earlier this year, he funded the construction of Augustine University’s Engineering Faculty complex, a project estimated at N2 billion ($2.53 million), contributing to enhanced engineering education at the university.