Billionaire Femi Otedola donates ₦1bn to Lagos State to fight insecurity

Nigerian businessman and philanthropist Olufemi Peter Otedola, popularly known as Femi Otedola, has donated the sum of ₦1 billion to the Lagos State Security Trust Fund (LSSTF).

The billionaire investor, represented by her daughter, Ms Tolani Otedola, visited the Lagos State Governor, Babajide Sanwo-Olu, on Wednesday, January 10, 2023, to present the ₦1 billion cheque.

The development was disclosed by Jubril Gawat, the Senior Special Assistant on New Media to the Governor, in a post on his official X (formerly Twitter) page on Wednesday.

Posting pictures of the presentation, he wrote: "Governor of Lagos State, Mr @jidesanwoolu today received the cheque of 1 Billion Naira Donation by a patriotic citizen and an ambassador of Lagos State, Mr Femi Otedola @realFemiOtedola to the Lagos State State Security Trust Fund (@followlsstf).

"The presentation was made by his daughter, Ms Tolani Otedola @shestolani today at the Lagos House, Marina. Mr Femi Otedola has been a consistent donor to the Fund."

Established in 2007, the LSSTF is saddled with the task of sourcing resources in cash and kind from corporate organisations and well-meaning individuals to support security agencies with crime-fighting equipment.

This is hardly the first time Otedola has donated money for a charitable course, particularly to the LSSTF.

In 2007, he was among a group of donors who gave ₦200 million to the fund in a drive to reduce crime in Lagos State.

In October 2023, the Executive Chairman of Geregu Power PLC dolled out ₦1 million each to 750 students of Augustine University, among other similar donations to higher institutions of learning.