Otedola recounts N200 million donation to late father’s scholarship scheme in 2005 throwback

Billionaire businessman and philanthropist Femi Otedola has reflected on a major philanthropic contribution he made over two decades ago, remembering his N200 million donation to the Sir Michael Otedola Scholarship Scheme during an award ceremony chaired by then Lagos State Governor Bola Ahmed Tinubu.

In a Throwback Thursday post shared on Instagram on Thursday, Otedola revisited the 2005 event, noting that the scholarship award ceremony was presided over by Tinubu, who now serves as Nigeria’s President.

The businessman said the donation was made in support of the Sir Michael Otedola Scholarship Scheme, an educational initiative established by his late father, former Lagos State governor Michael Otedola, in 1987.

What Otedola is saying

According to Otedola, the contribution was part of his family’s long-standing commitment to expanding access to education and supporting the development of young Nigerians through scholarships.

• “Throwback Thursday. Twenty-one years ago today (in 2005), then Governor of Lagos State, Asiwaju Bola Ahmed Tinubu, chaired the Sir Michael Otedola Scholarship Scheme Award Ceremony. Today, His Excellency now serves as President of the Federal Republic of Nigeria,” he wrote.

He added that during the ceremony, he donated N200 million to the scholarship programme, describing it as a continuation of the family’s investment in education.

The philanthropist also highlighted the importance of giving back to society, stating that genuine wealth is reflected in the positive impact made on the lives of others.

• “True wealth is not measured by what we keep, but by the lives we change,” he wrote.

The Sir Michael Otedola Scholarship Scheme was established in 1987 to provide financial assistance to academically outstanding but financially disadvantaged students, helping to improve access to quality education.

What you should know

Nairametrics previously reported that philanthropy has become a defining feature of Nigeria’s billionaire class, with many of the country’s wealthiest individuals increasingly funding education, healthcare, security initiatives and other public causes.

• In 2017, Otedola committed N2 billion to the Augustine University’s Faculty of Engineering, disbursing funds in tranches to complete the buildings. And by October 2025, he donated N4 billion for its completion.
• The first phase cost about N670 million, and subsequent blocks were completed over time, including one named after his mother, Lady Doja Otedola.
• In 2021, Otedola was invited by Save the Children to join its prestigious group of Vice Presidents in recognition of his philanthropic efforts to improve the lives of children in Nigeria.

The role is reserved for high-level supporters who advance the organisation’s work through advocacy, volunteering, philanthropy and strategic partnerships. Save the Children operates in 117 countries, supporting children and families through humanitarian and development programmes.