Olu Falae
Samuel Falae | |
|---|---|
| Born | September 21, 1938 Ilu-Abo, Akure, Nigeria |
| Occupation(s) | Banker, administrator, politician |
| Known for | Secretary to the military administration under Ibrahim Babangida (1986–1990), Finance Minister of Nigeria (1990), presidential aspirant in Third and Fourth Republics |
Chief Samuel Oluyemisi Falae (born 21 September 1938) is a Nigerian figure known for his roles in banking, administration, and politics. He held the position of secretary to the military administration under Ibrahim Babangida from January 1986 until December 1990 and briefly served as Finance Minister in 1990. Falae was also a presidential aspirant during both Nigeria's Third and Fourth Republics.
Early life and education
Born on September 21, 1938, in Ilu-Abo, Akure, Falae was the son of Chief Joshua Alekete Falae and Abigail Aina Falae. His family moved to Ago-Abo (Ilu Abo) to engage in cocoa farming, where his father assumed the role of village chief. Following his mother’s death during childbirth in 1946, he was brought up by his father alongside his paternal grandmother, Chief Osanyintuke Falae (née Adedipe), who hailed from the royal line of Deji Osupa of Akure.
Falae attended an Anglican primary school in Akure, where he met Rachael Olatubosun Fashoranti, who would later become his wife. In 1953, he gained admission to Igbobi College and completed his Higher School Certificate at Government College, Ibadan in 1958. Before pursuing higher education, he taught at Oyemekun Grammar School. Subsequently, he earned a degree in economics from the University of Ibadan and later acquired a graduate qualification from Yale University. Throughout his university tenure, he actively participated in student leadership and editorial responsibilities.
Civil service and government career
Following his graduation with a bachelor’s degree in economics, Falae entered the civil service as assistant secretary at the National Manpower Board, eventually rising to principal assistant secretary. By 1971, he transitioned to the Central Planning office and advanced to director by 1975, contributing notably to Nigeria’s third national development plan. In 1977, he was appointed permanent secretary overseeing the Economic department within the Cabinet office.
In 1981, Falae assumed the role of managing director at Nigerian Merchant Bank (formerly United Dominion Trust), during which time the bank expanded its authorized and lending capital.
He returned to government service in 1986 as Secretary to the Government amid economic difficulties that necessitated reform. The military administration launched the Structural Adjustment Programme (SAP) aimed at diversifying exports beyond crude oil dependency, achieving fiscal discipline, and fostering growth without inflation. Key initiatives included devaluing the naira, reducing subsidies, and liberalizing trade. Despite widespread criticism of SAP, Falae staunchly supported it, earning him the nickname "Mr. SAP."
In 1990, he briefly held the office of Federal Minister of Finance under General Ibrahim Babangida before being dismissed later that year. He then became involved in efforts toward democratic transition.
Political career
Falae entered the political arena during the Third Republic. With many established politicians banned by Babangida’s regime, he became a favored candidate among followers of Awolowo and progressive members within the Social Democratic Party. Although he lost the party nomination to Shehu Musa Yar'Adua before elections were annulled, he went on to support MKO Abiola’s presidential campaign.
During the mid-1990s military rule following the annulment of the June 12, 1993 election, Falae emerged as a prominent figure within the National Democratic Coalition, advocating for democratic governance. He was imprisoned under General Sani Abacha’s regime but released in 1998 after Abacha’s demise.
In the 1999 presidential election, Falae ran on a joint ticket representing both the Alliance for Democracy and All People's Party, ultimately losing to Olusegun Obasanjo of the People's Democratic Party. While he secured significant support across southwestern Nigeria, his appeal elsewhere remained limited. Since then, he has led a semi-retired life as a large-scale farmer based in Ago Abo, Akure. In recognition of his contributions, he was awarded the national honor of Commander of the Federal Republic in 2008.
By 2008, Falae held the position of pro tem Chairman for the Democratic Peoples Alliance, which aligns with the All Progressives Grand Alliance.
On September 21, 2015—his 77th birthday—Falae was abducted from his farm by kidnappers who demanded a ransom of 100 million Naira (approximately $500,000). He was freed on September 24 following payment of the ransom and safely returned home in Akure. The perpetrators were apprehended and sentenced to life imprisonment in 2017.
Chieftaincy titles
As a direct heir of Oba Osupa I of Akure, Chief Falae possesses the Nigerian traditional titles of Baale Oluabo from Ilu Abo and Gbobaniyi of Akure.