Philanthropy has become a defining feature of Nigeria’s billionaire class.
From endowing universities to funding health interventions and security initiatives, wealthy Nigerians are increasingly putting their resources to work for public causes.
Yet each has their own approach. For Femi Otedola, one of Nigeria’s most prominent businessmen and investors, the method is clear: he prefers to give directly rather than build a foundation.
In his memoir, Otedola explains that while he explored the idea of setting up a formal foundation, he abandoned it after weighing the operational costs.
“I considered the logistics of setting up an office, recruiting a CEO and staff, and planning for growth to achieve our objectives. It became apparent that it would take too long and siphon away resources that could more directly help those in need,” he wrote.
Instead, Otedola has focused on targeted interventions, often in response to pressing needs. His donations have cut across education, religion, healthcare, humanitarian aid, and security.
This approach he opines reflects his personal philosophy of “cheerful giving” — a belief that philanthropy is most impactful when it is direct, swift, and responsive.
The Augustine University vow: philanthropy shaped by adversity
One of the more revealing episodes in his book centers on Augustine University in Ilara-Epe.
In 2009, as his businesses were weighed down by a crippling N220 billion debts, a delegation approached him to support the institution’s establishment. At the time, he admitted he could not help, even confessing to the scale of his financial troubles.
But privately, he made a vow: if given a chance to recover, he would one day fund the university.
Years later, after regaining his financial footing, he fulfilled that promise. In 2017, Otedola committed N2 billion to the university’s Faculty of Engineering, disbursing funds in tranches to complete the buildings.
The first phase cost about N670 million and subsequent blocks were completed over time, including one named after his mother, Lady Doja Otedola.
This story illustrates not just his philanthropy but his philosophy — giving, for him, is tied to responsibility and gratitude, especially after surviving a period of deep financial uncertainty.
Breaking down Otedola’s major donations
Education and Scholarships
Education has been a central focus of his giving. His father, Sir Michael Otedola, a former governor of Lagos State, had established scholarships for indigent students, and Femi expanded on this legacy.
- N200m (2004–2008) – Sir Michael Otedola Scholarship Awards for indigenous students.
- N100m (2009) – Michael Otedola College of Primary Education (now Sir Michael Otedola University of Education).
- N100m (2011) – University of Port Harcourt.
- N2bn (2017–2023) – Construction of Faculty of Engineering at Augustine University.
- N1bn (2023–2024) – Scholarship donations to all 750 students at Augustine University (N1m each), alongside N140m for furnishing and N110m for street lighting and power.
- N22m annually – Ongoing scholarships covering students from nursery to university.
Religious Causes
Religious institutions have also benefitted significantly from his philanthropy, underscoring his belief in supporting both Christian and Muslim communities.
- N300m (2005) – National Ecumenical Centre, Abuja.
- N25m (2006) – Abuja Central Mosque.
- N75m+ (2007) – Ilorin Central Mosque.
- N50m (2010) – Christ the King Catholic Church.
- N30m+ (2017) – Our Lady of Perpetual Help, Victoria Island.
- N30m+ (2018) – Renovation of Holy Cross Cathedral, Lagos Island.
Healthcare and Medical Assistance
Otedola is perhaps most widely known for paying the medical bills of notable Nigerians, many of whom were public figures facing life-threatening conditions.
- N65.6m+ (2019) – Actor Victor Olaotan.
- N19.5m (2019) – Football legend Christian Chukwu.
- N20m (2020) – Former goalkeeper Peter Fregene.
- N10m+ (2020) – Actor Sadiq Daba.
- N17m+ (2021) – Prof. Daramola.
- N15m+ (2021) – Kayode Ajala.
- N7.5m (2021) – Charles Bassey.
- £5,500 (2021) – Reggae star Majek Fashek, treated in London.
Security and Public Safety
- N100m (2017–2019) – Lagos State Security Trust Fund.
- N1bn – Subsequent donation to the same fund, marking his third contribution.
Humanitarian and Global Causes
- N5bn (2019) – Save the Children Fund, his single largest recorded donation.
- N391m (2019) – Establishment of African Centre, New York.
- N1bn (2023) – Renewed Hope Initiative.
The scale of his donations totaling more than N11.5 billion by documented accounts — places him among Africa’s leading private philanthropists.
But beyond the figures, it is his philosophy of cheerful giving, shaped by family values and personal adversity, that defines his legacy.
The essence of God’s blessings upon your life is for you to be a blessing to your generation. He’s doing well, God will continue to bless him.