A diligent search for a man who is the epitome of selfless service to humanity and who has demonstrated a genuine predisposition for the progress and development of his country will end with only a few candidates.
Finding one without political affiliations or not driven by primordial pecuniary motives will further shrink the pool. And when you throw in other qualities, such as genuine love for charity and being a good Catholic, you might be left with just a handful. One name that will be present in the final shortlist is Femi Otedola, Chairman, Geregu Power Limited, and Chancellor, Augustine University, Ilara-Epe, Lagos.
The Catholic Herald Newspaper, in commemoration of its centenary, has instituted the ‘The Catholic Herald Man’ award for that rare Nigerian whose peerless actions are priceless contributions to the growth of the Church and national development. After careful evaluation, the search ended at the doorstep of Femi Otedola.
Femi Otedola, CON, needs no introduction to the world. He is an entrepreneur, a philanthropist and the Chairman of Geregu Power Nigeria Plc and First Bank Nigeria Holdings Plc. He is one of the fixtures on the Forbes billionaire list and appeared on this prestigious rich list in 2009, 2014, and, most recently, in the January 2024 ranking. Otedola is a role model and an inspiration to Nigeria’s community of entrepreneurs at home and abroad.
As a business tycoon, he has often been described as a personification of fair, ethical and transparent business. His business concerns include shipping, real estate, oil and gas, the capital market and power generation.
Over the years, he has become a positive force, a catalyst for capital market growth and a stabiliser for the economy; wherever he invests, the market grows. For example, First Bank Nigeria Holdings’ share rose by 9.9 per cent, and its profits increased by 127 per cent by December 2023, within four months of his becoming director of the financial institution.
Similarly, when he became Chairman of African Petroleum in 2007, the company’s market capitalisation increased from N36 billion to N217 billion. The trend was also observed in his acquisition of the shares of Dangote Cement, which made the company the most capitalised on the Nigerian stock exchange.
A history of his entrepreneurship adds up to a profile of a man who is consistently oiling the wheel of the Nigerian economy, from his initial formal entry into the oil and gas sector with Zenon to his acquisition of African Petroleum, which transformed into Forte Oil, and his latter investment in the power sector through Geregu Power generation company.
Aside from these companies, which are business behemoths in their own right and time, his ownership of CentreForce Ltd., an investment company, Swift Insurance and SeaForce Shipping Company Limited, among others, made him one of the country’s foremost employers of labour and owners of businesses that create large employment opportunities for Nigeria and help sustain thousands of livelihoods in the country.
As a businessperson, Otedola has been exemplary as someone with integrity, as shown by his tango with lawmakers over a $500 000 bribery saga.
He recently expressed his support for a windfall tax on Nigerian banks, stressing that such a measure will foster a fairer and more equitable economic environment.
Despite being the Chairman of one of the biggest banks, Otedola had no reservations about calling out bank bosses for bleeding the economy with personal benefits and bonuses when he observed that: “A concerning trend has emerged where some bank chief executives prioritise personal gain over their duty to shareholders and customers. The core values of banking—trust, integrity, and service—must be upheld.”
He maintained that his stance aligns with the ongoing efforts to reform the Nigerian banking sector, make it stable and entrench integrity.
“Windfall taxes are levies on companies or individuals who receive substantial, unexpected profits due to circumstances beyond their usual control or investment. Taxing these extraordinary gains ensures a fairer distribution of wealth, allowing those who benefit disproportionately to contribute more significantly to the broader societal good,” he defended.
