The Nation Newspaper

Tag: Otedola

  • Otedola celebrates mum at 92

    Otedola celebrates mum at 92

    Billionaire and philanthropist Femi Otedola is celebrating his mother, Lady Doja as she clocks 92. 

    He dotted out the things she has done for him and as such shaped him into becoming who he is today.

    He posted a picture on his instagram page, appreciating her love and support.

    Read Also: Dangote, Adenugua, Otedola, Rabiu on Forbes’ rich list

    Femi added that her love, wisdom, and strength moulded him into becoming. 

    Captioning the post, he wrote: Happy 92nd birthday, Mom! Your love, wisdom, and strength have shaped me into who I am today…F.Ote”.

  • Why we are paying Geregu Power’s shareholders N20b, by Otedola

    Why we are paying Geregu Power’s shareholders N20b, by Otedola

    Chairman, Geregu Power Plc, Mr Femi Otedola, yesterday said the decision to pay out N20 billion as cash dividends to shareholders was an indication of the company’s financial strength and future prospects.

    Otedola spoke at the company’s 12th annual general meeting in Lagos where shareholders approved board’s recommendation to distribute N20 billion as cash dividends for the 2023 business year.

    According to him, the dividend declaration was not just a distribution of profits; but also a signal of the confidence in the company‘s future and its commitment to sharing its success with those who have invested in it.

    He noted that  2023 was a year of solid financial performance for the company, underpinned by strong commercial momentum and strategic operational efficiencies.

    Read Also: Tinubu, grand master of progressive politics, says Speaker Abbas

    “Our financial results reflect not only our resilience in the face of a challenging economic environment but also our commitment to continues growth and value creation.

    “We experienced remarkable growth in our financial metrics, a testament to our robust business model and the effectiveness of our strategic initiatives. Our revenue saw a significant increase of 58 per cent, reaching N82.9 billion.

    “This growth was driven by a combination of factors, including increased foreign exchange rates in the tariff components, energy rate and capacity charges and operational efficiencies,” Otedola said.

    Amidst commendations by shareholders, Otedola said that the company remains cautiously optimistic despite the challenges faced in the  previous year, assuring of sustained growth in the years ahead.

  • FBN Holdings appoints Otedola chairman

    FBN Holdings appoints Otedola chairman

    The board of FBN Holdings Plc has appointed Lagos businessman, Mr. Femi Otedola as the group chairman.

    Directors of FBN Holdings, who met yesterday, appointed Otedola, as the successor to outgoing chairman, Alhaji Ahmad Abdullahi.

    In a regulatory filing yesterday at the Nigerian Exchange (NGX), FBN Holdings stated that Otedola, who was first appointed unto the board as a non-executive director in August 2023, was a visionary entrepreneur with a track record of pioneering businesses, growing and transforming corporations.

    Read Also; Fed Govt to save N500m annually from FAAN relocation, says Keyamo

    Otedola had acquired major stake in FBN Holdings in 2021, sparking a long-drawn fight for the control of Nigeria’s oldest financial services group.

    Otedola edged out oppositions and was appointed by the board as a non-executive director, almost the same time that a special purpose vehicle registered in the name of children of a former chairman of the group, Mr. Oba Otudeko, announced the acquisition of the single largest individual shareholding of 13.3 per cent in the group.

    After many attempts to frustrate the holding of the group’s annual general meeting (AGM), the group in August 2023 at its AGM affirmed the appointment of Otedola as a non-executive director, a move several analysts had seen as preparatory to becoming the chairman of the board.

    Several shareholders’ groups had openly endorsed the appointment of Otedola.

  • Otedola’s N1b boost for Lagos security

    Otedola’s N1b boost for Lagos security

    Lagos State Security Trust Fund (LSSTF) got a N1 billion boost yesterday.

    Billionaire businessman Femi Otedola made the presentation to Governor Babajide Sanwo-Olu. He was represented by his daughter, Olawunmi.

    Otedola described LSSTF has effective in the discharge of its duties, remaining relevant to the state’s security architecture.

    “This is why I have committed to another donation of N1 billion to the fund to ensure continuity of its critical work,” the business mogul said.

    Otedola thanked the LSSTF personnel for their dedication, and the Fund for enabling them. He also urged the government to keep up the good work, saying “I believe in what you are doing”.

    The philanthropist said: “Lagos is one of the states where people move around freely without worry, even in the dead of night. We especially thank God there was no security breach during the Yuletide.

    Read Also; Strengthening the National Safe Schools Initiative

    “While saying thank you to the gallant men and women who make this possible, we should also recognise the role of the LSSTF in enabling them to do so. When well- meaning Lagosians contribute to this type of effort, Lagos will be safer and we will all be more prosperous.

    “I, therefore, encourage all residents, especially the corporate Lagos, to reflect on the significance of donating to the Fund and make a decision to contribute regardless of size because every donation has the power to create ripples of change.

    “The government should also continue its culture of transparency and judicious use of resources because we believe in it.”

    Governor Sanwo-Olu, who thanked Otedola for the gesture, said: “We are very intentional that we will not spare anything to keep Lagos safe, encourage the personnel and continue to make Lagos the economic nerve centre of our country.

    “That is why I promised to support the fund with 300 vehicles, and we are working to realise that. It is also important to hold this simple but very strategic event as a testimonial for others to also join in, more especially because security is everybody’s business.

    “What your dad (Otedola) is doing is the right and proper thing to do. And not only are we creating an atmosphere where we can live peacefully, we are also creating economic benefits for our communities to ensure improved opportunities and bring about better societal engagements.

    “On behalf of the fund, board chair and executive secretary and others, we thank Mr. Otedola and urge other Nigerians to emulate him and even exceed his donation. This N1 billion he has donated, is not the limit; there are no limits; other people can do more.”

    Those at the presentation are: Deputy Governor Obafemi Hamzat, LSSTF Chairman Kehinde Durosinmi-Etti; LSSTF Executive Secretary/Chief Executive Officer (CEO) Dr. Abdurrazak Balogun, the Fund’s Board of Directors and some government officials.

  • Otedola gifts N750m to 750 Augustine University students

    Otedola gifts N750m to 750 Augustine University students

    Billionaire businessman and philanthropist, Chairman of Geregu Power Plc, and Director, FBN Holdings Plc, Mr Femi Otedola, turned his generosity to the education sector, yesterday, and took human development a step further, as he donated N750 million to 750 returning and fresh students of Augustine University, Ilara-Epe, Lagos State. The money covered the students’ school fees for the 2023/2024 academic session.

    Otedola announced the donation yesterday in an address shortly after his installation as the second Chancellor of the university during the school’s 5th Convocation Ceremony.

    Otedola also donated N140 million for the furnishing of the university’s Engineering Faculty building and another N110 million for the installation of street lights on the campus and purchase of a new standby power generator.

    He explained that each of the 750 returning and fresh students of the university would receive N1 million from the N750 million, explaining that the gesture is to alleviate the plight of the students and their parents under the current harsh economic situation in the country. He explained that each of the 750 returning and fresh students of the university would receive N1 million from the N750 million, explaining that the gesture is to alleviate the plight of the students and their parents under the current harsh economic situation in the country.

    Otedola has been a major financial supporter of the university. He donated the Engineering Faculty Complex to the school, an edifice comprising four blocks, constructed at an estimated cost of N2 billion.

    The first phase of the building was completed at a total of N670 million, and the facility was inaugurated in February 2023, and has been in use since then.

    Announcing the donations amid thunderous cheers and applause from the benefiting students and the entire audience at the occasion, Otedola expressed strong belief in transforming establishments he was affiliated with.

    He stated that the N750 million donation to the 750 students was to commemorate his appointment as the second Chancellor of the university and also to help cushion the effect of the difficult situation in the country on the beneficiaries.

    Otedola said, “As stated in my citation, I strongly believe in transforming establishments that I am associated with. Therefore, to commemorate my appointment as the Chancellor of the university today and in recognition of the harsh economic situation in our country, I hereby announce a scholarship donation to each returning student of the university and each new first-year student of our university, the amount of one million naira each towards the 2023/2024 session school fees of each student.

    “I am told that there are 500 returning students and about 250 new first-year students, making a total scholarship donation of N750 million

    “I hope this donation alleviates the plight of the parents of our students in this difficult time. I am depending on the Governing Council and the management of the university for the efficient management of these funds.”

    The renowned entrepreneur said to be entrusted with the role of chancellor of such a distinguiashed institution was both a privilege and a profound responsibility.

    Read Also: Mutiu Are hails Tinubu’s Supreme Court victory

    He said the latest donations to the school were in addition to his earlier pledge of N2 billion for the construction of the Engineering Faculty Complex.

    Otedola announced that the design of engineering number two within the complex had been completed, adding that the contract for its construction would soon be awarded, with a completion date of December 2024.

    He expressed hope that his kind gesture would encourage the students of Augustine University to study hard to be first class graduates who would contribute positively to the growth of Nigeria.

    The famous business mogul further said, “I feel emotional as I make this speech today as this university was also my late father’s dream. I remember the Fund Raising Committee visiting my father several times, when he was alive, and also approaching me in 2008 for help in building the university.

    “What they did not know and, indeed, no one knew at the time was that I was bankrupt in Nigeria. I thank God Almighty for changing my fortune and for all that He has provided for me since then.

    “I firmly believe that Almighty God has empowered me to help in the development of this university and to help the multitude of students here. I thank God for using me as an instrument to assist the Catholic Church and, in particular, our Archbishop in all the good works of the Archdiocese of Lagos in promoting quality education in Nigeria.”

    Otedola said, “I am filled with a profound sense of gratitude and humility and it is with immense honour that I accept this appointment.”

    Noting that his predecessor, Rev. Monsignor John Aniagwu, had passed on a huge task to him, the entrepreneur assured that he was acutely aware of the weight of the responsibility and the expectations that come with it. He assured of his commitment to upholding and advancing the values and visions that Augustine University represent.

    Otedola recalled that he had refused the appointment of chancellor from several universities in the past due to his extremely busy schedule, stating that he could, however, not refuse such an appointment from his Archbishop.

    He added, “Having accepted, I intend to work for the advancement of the growth of our university to ensure that it is listed in the ranking charts among the top universities in Nigeria and among the top Catholic universities in the world.”

    In his remarks, the Vice Chancellor of Augustine University, Professor Christopher Ojetunde, welcomed the new Chancellor, thanking Otedola and his family for their generous financial support towards the establishment and development of the university.

    Ojetunde said the Faculty of Engineering Complex, built by Otedola, was a significant boost to the school.

    He added that the successes being recorded by the university were made possible through the generous contributions of people like Otedola, and prayed that God would continue to bless him.

    Earlier, while reading Otedola’s citation, Orator of the university, Dr. James Onyeashie, said the businessman was considered and appointed as the new Chancellor of Augustine University in recognition of his immense contribution to the growth of the Nigerian economy and the school.

    Onyeashie described Otedola as a philanthropist with an unflinching commitment to the development of education in Nigeria.

    He described how Otedola started a N2 billion Faculty of Engineering Complex, with the first phase completed at the cost of N670 million. He said the complex, which was inaugurated in February this year, was currently in use.

  • Otedola gives students N750m support

    Otedola gives students N750m support

    • Foundation aids pupils

    Millionaire, Femi Otedola, has announced a N750 million scholarship to returning and new students at Augustine University Ilara-Epe, Lagos State.

     The business mogul donated N1 million each to 500 returning students and 250 first year students.

     He spoke yesterday at his investiture as Chancellor and the institution’s Fifth Convocation in Epe.

     Otedola said the gesture came following the harsh economic situation.

    He said he hopes the gesture will encourage the students to work hard and be first class materials who will contribute to growth of the nation.

     “To commemorate my appointment as Chancellor today and in recognition of the harsh economic situation, I announce a scholarship to each returning student, and each first year studentin  the amount of N1 million for the 2023/2024 session school fees,” he said.

     Otedola also donated N140 million towards  furnishing of the Engineering Faculty building and N110 million for installation of street lights and generating set.

    Read Also: Otedola hails Tinubu for resolving UAE visa ban, flights’ suspension

    He reiterated his commitment to development and empowerment of youths through quality education.

       Students in public schools in Ibadan yesterday benefited from the maiden Odunola Akande Foundation Young Scholars Academic Excellence Award.

     The beneficiaries are Olalere Emmanuel from Olubi Memorial Grammar School, Oladele Adeola from Yejide Girls Grammar School, Mustapha Akinkunmi from Ibadan City Academy, Oke Ayomide from Eleta Senior School and Adediran Pelumi.

    They were giving N100,000 each to assist them in their academic career to contribute towards progress and development of the country after their education.

    Foundation Chairperson, Olufowora Oladipo, said it was created to immortalise the work of Alhaja Wulemotu Akande and her interest in education despite not studying beyond primary school.

  • Otedola hails Tinubu for resolving UAE visa ban, flights’ suspension

    Otedola hails Tinubu for resolving UAE visa ban, flights’ suspension

    Billionaire businessman Femi Otedola yesterday hailed President Bola Tinubu for resolving the travel row between Nigeria and the United Arab Emirates (UAE).

    The UAE slammed a visa ban on Nigerians and  withdrew   Etihad and Emirates airlines from flying in and out of the country in October last year.

    On Monday, Tinubu brokered a truce during his stopover in Abu Dhabi and  had talks with UAE President Mohamed bin Zayed Al Nahyan.

    The meeting of the two leaders resulted in the lifting of the visa ban on Nigerians and the announcement of immediate resumption of flights between both countries.

    In a statement yesterday, Otedola, who is Chairman of  Geregu Power Plc, lauded Tinubu for resolving the long standoff in relations between both countries which went sour under the past administration.

    The billionaire businessman also expressed optimism that Nigeria would regain its pride of place among the comity of nations.

    Otedola, a Director, FBN Holdings Plc, said: “We must all commend Mr. President for his shrewd diplomacy to finally resolve this matter inherited from the last administration.

    “Only a leader who understands the importance of business would appreciate the enormous opportunities to be derived from restoring business relations between both countries.”

    He also hailed the President for his bold policies aimed at repositioning the economy since he took  over the saddle on May 29.

    Read Also: Otedola extols Sanwo-Olu on Lagos Blue Rail take-off

    Otedola said: “It must be pointed out that his bold policies since assuming office, are the hallmark of a true leader who is not afraid or shy to take actions as long as such actions are in the national interest.

    “Without a doubt, the current hardship will ease once these policies begin to bear fruits. I firmly believe the right measures are being taken and we are headed in the right direction.”

    The businessman promised to invest more in the local economy following the restoration of confidence in the management of the national economy.

    He added: “Asiwaju Tinubu is working, Nigeria will work. I advise my fellow countrymen and women to be patient.

    “With Tinubu’s policies, Nigeria will fully recover in a few years. We are witnessing the storm before the calm. Now, the storm is blowing away. I am certain, very soon, we’ll begin to experience the inevitable calm and the progress that will naturally follow in a very short while.”

    He identified potential transformation of the stock exchange as one of the understated benefits of the policies so far introduced by the Tinubu administration.

    Otedola said: “Middle Eastern investors remain one of the most liquid across the globe and it has been a shame that outside of a few investments in Dangote Cement and Ecobank Transnational Incorporated, Nigeria has not been able to attract capital from those regions.”

    He pointed out that ordinary Nigerians who previously wanted to travel to the UAE for business and leisure would benefit from the resolution of the crisis.

    Tourists from Nigeria, he noted, now have wider choices to make, stressing the need to appreciate Tinubu for the quality of leadership and courage he has demonstrated since May 29.

    He said: “Indeed, Asiwaju has demonstrated leadership and the difference in his style of leadership is like night and day.

    “Tinubu is leading from the front and his economic diplomacy, which we pray he sustains, is going to drastically change the image of the country, unlock foreign investments into the country and improve Nigeria’s perception internationally.

    “We must all join hands to support this administration and we must all start seeing things beyond our differences.

    “Nigeria badly needs foreign exchange and this move by the President will help improve forex inflows into the country. It is worthy of commendation.”

    The agreement reached by Tinubu and his UAE counterpart was announced in a statement by presidential spokesman Ajuri  Ngelale.

    He explained that as negotiated between Tinubu and the UAE leader, there would be an immediate restoration of flights  through the two airlines and between the two countries.

    But, the agreement did not involve any immediate payment by the Nigerian government.

    According to him, in recognition of Tinubu’s economic development diplomacy drive, a framework was established to facilitate the inflow of several billions of United States dollars in new investments into the local  economy.

    He listed defence, agriculture and  other sectors as the areas to benefit in such investments.

    Ngelale said his boss successfully negotiated a joint, new foreign exchange (forex) liquidity programme between the two governments, details of which would be announced in the coming weeks.

    Last December, Emirates Airlines suspended flights into Nigeria over inability to repatriate blocked funds, estimated at $85 million.

    The Emirates Airlines had on December 13, 2021, suspended its operations to Nigeria in reaction to the Federal Government’s withdrawal of its flight frequencies, to Nigeria.

    The UAE was the first to reduce Air Peace’s request for three times-weekly flights to one and claimed it did not have enough slots for the airline.