Olu Falae

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Oba Osupa I (great-great grandfather)University of Ibadan
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Oba Osupa I (great-great grandfather)

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}}{{#if:|{{#ifeq:{{#ifeq:|no|yes}}|yes||}} }}{{#if:|{{#ifeq:{{#ifeq:|no|yes}}|yes||}} }}{{#if:|{{#if:||{{#ifeq:{{#ifeq:|no|yes}}|yes||}}}} }}{{#invoke:Check for unknown parameters|check|unknown=Template:Main other|preview=Page using Template:Infobox officeholder with unknown parameter "_VALUE_"|ignoreblank=y| regexp1 = 1blankname[%d]* | regexp2 = 1namedata[%d]* | regexp3 = 2blankname[%d]* | regexp4 = 2namedata[%d]* | regexp5 = 3blankname[%d]* | regexp6 = 3namedata[%d]* | regexp7 = 4blankname[%d]* | regexp8 = 4namedata[%d]* | regexp9 = 5blankname[%d]* | regexp10 = 5namedata[%d]* | allegiance | alma_mater | regexp11 = alongside[%d]* | alt | regexp12 = ambassador_from[%d]* | regexp13 = appointed[%d]* | regexp14 = appointer[%d]* | regexp15 = assembly[%d]* | awards | battles | battles_label | birth_date | birth_name | birth_place | birthname | regexp16 = blank[%d]* | bodyclass | branch | branch_label | cabinet | candidate | caption | categories | regexp17 = chancellor[%d]* | children | citizenship | regexp18 = co%-leader[%d]* | commands | committees | regexp19 = constituency[%d]* | regexp20 = constituency_AM[%d]* | regexp21 = constituency_MP[%d]* | regexp22 = convocation[%d]* | regexp23 = country[%d]* | regexp24 = data[%d]* | date | death_cause | death_date | death_manner | death_place | demo | regexp25 = deputy[%d]* | regexp26 = district[%d]* | education | election_date | embed | father | regexp28 = firstminister[%d]* | footnotes | regexp29 = governor[%d]* | regexp30 = governor_general[%d]* | regexp31 = governor%-general[%d]* | height | honorific_prefix | honorific-prefix | honorific_suffix | honorific-suffix | image | image name | image_name_alt | image_size | imagesize | image_upright | incumbent | regexp32 = jr/sr[%d]* | regexp33 = jr/sr and state[%d]* | known_for | regexp34 = leader[%d]* | regexp35 = legislature[%d]* | regexp36 = lieutenant[%d]* | regexp37 = lieutenant_governor[%d]* | mainwidth | regexp38 = majority[%d]* | regexp39 = majority_floor_leader[%d]* | regexp40 = majority_leader[%d]* | regexp41 = majorityleader[%d]* | mawards | regexp42 = military_blank[%d]* | regexp43 = military_data[%d]* | regexp44 = minister[%d]* | regexp45 = minister_from[%d]* | regexp46 = minority_floor_leader[%d]* | regexp47 = minority_leader[%d]* | regexp48 = minorityleader[%d]* | regexp49 = module[%d]* | regexp50 = monarch[%d]* | mother | name | nationality | native_name | native_name_lang | nickname | nocat | regexp51 = nominator[%d]* | nominee | occupation | regexp52 = office[%d]* | opponent | regexp53 = order[%d]* | otherparty | parents | regexp54 = parliament[%d]* | regexp55 = parliamentarygroup[%d]* | partner | party | party_election | portfolio | regexp56 = preceded[%d]* | regexp57 = preceding[%d]* | regexp58 = predecessor[%d]* | regexp59 = premier[%d]* | regexp60 = president[%d]* | regexp61 = primeminister[%d]* | regexp62 = prior_term[%d]* | profession | pronunciation | rank | rank_label | relations | relatives | residence | resting_place | resting_place_coordinates | restingplace | restingplacecoordinates | regexp63 = riding[%d]* | runningmate | salary | serviceyears | serviceyears_label | signature | signature_alt | signature_size | smallimage | smallimage_alt | source | speaker | speaker_office | spouse | spouses | regexp64 = state[%d]* | regexp65 = state_assembly[%d]* | regexp66 = state_delegate[%d]* | regexp67 = state_house[%d]* | regexp68 = state_legislature[%d]* | regexp69 = state_senate[%d]* | regexp70 = status[%d]* | regexp71 = suboffice[%d]* | regexp72 = subterm[%d]* | regexp73 = succeeded[%d]* | regexp74 = succeeding[%d]* | regexp75 = successor[%d]* | regexp76 = taoiseach[%d]* | regexp77 = term[%d]* | regexp78 = term_end[%d]* | regexp79 = term_label[%d]* | regexp80 = term_start[%d]* | regexp81 = termend[%d]* | regexp82 = termlabel[%d]* | regexp83 = termstart[%d]* | regexp84 = title[%d]* | unit | unit_label | regexp85 = vicegovernor[%d]* | regexp86 = vicepremier[%d]* | regexp87 = vicepresident[%d]* | regexp88 = viceprimeminister[%d]* | regexp89 = assuming[%d]* | website | width | year }} Chief Samuel Oluyemisi FalaeTemplate:IPAc-en Template:Post-nominals (born 21 September 1938),<ref>Template:Cite news Template:Dead link</ref> is a Nigerian banker, administrator and politician<ref>Template:Cite news Template:Dead link</ref> who was secretary to the military government of Ibrahim Babangida from January 1986 to December 1990, and briefly the Finance Minister in 1990. He ran for president in Nigeria's Third and Fourth Republics but lost.

Early life and educationEdit

Falae was born to the family of Chief Joshua Alekete Falae and Abigail Aina Falae on September 21, 1938, in Ilu-Abo, Akure. Joshua Falae was originally from Akure but due to opportunities in cocoa farming, Falae's family and a few other Akure natives moved to a nearby location called Ago-Abo – also known as Ilu Abo – where they settled as pioneers.<ref>Template:Cite news</ref> Falae's father was later made the chief of Ago-Abo village. Falae's mother was born and raised in the village of Igbara-Oke and died during childbirth in 1946 when Falae was only 8.<ref>https://www.newspotng.com/special-tribute-to-falae-at-80/ Template:Dead link</ref> He was then raised by his father and his paternal grandmother, Chief Osanyintuke Falae (née Adedipe), who was a maternal granddaughter of Deji Osupa of Akure and a daughter of the Elemo of Akure, Chief Adedipe Oporua Atoosin (himself a great-grandson of Deji Arakale of Akure, Osupa's father). Falae attended an Anglican primary school in Akure where he met his future wife, Rachael Olatubosun Fashoranti, younger sister of Afenifere leader Reuben Fashoranti.<ref>Interview, Vanguard</ref> After primary education, he sat for the entrance exam into Igbobi College and was accepted in 1953. upon graduation from Igbobi, he went on to complete his Higher School Certificate at Government College, Ibadan in 1958 and later became a tutor at Oyemekun Grammar School, Akure. He attended the University of Ibadan for his undergraduate studies earning a degree in economics,<ref name=":0">Template:Cite journal</ref> thereafter, he obtained a graduate degree at Yale University in the United States. At the University of Ibadan, he represented his hall of residence in the Students Representative Council and was editorial board member of the student run campus magazine.<ref>Awude, D. (2008). Keeping faith: A biography of Olu Falae. Akure, Ondo State: Flocel Publishers. p28</ref>

Civil service and government careerEdit

After completing his bachelor's degree in economics, Falae joined the civil service as the assistant secretary of the National Manpower Board. He later became a principal assistant secretary of the board. In 1971, he was transferred to the Central Planning office and by 1975, he was a director at the planning office. During his stint at the planning office, the department was actively involved producing the third national development plan for the country and conducting a revision exercise after a change in government.<ref name=":0" /> In 1977, Falae was appointed permanent secretary (Economic dept), Cabinet office.

In 1981, he became the managing director of Nigerian Merchant Bank (NMB), formerly United Dominion Trust. In Falae's tenure at the bank, the firm increased its authorized and lending capital.<ref name=":0" />

Falae returned to public service in 1986 when he was appointed Secretary to the Government. By then, he believed Nigeria needed economic re-structuring. In 1985, prior to his appointment, the military sought the public opinion of an IMF economic structuring proposal as a condition for external credit from the fund. The popular opinion was to reject the proposal. The administration then came up with Structural Adjustment Programme (SAP). SAP was a proposal to diversify export from a crude oil dependent regime, ensure fiscal and balance of payments equilibrium and non-inflationary growth.<ref>Transition without end : Nigerian politics and civil society under Babangida / edited by Larry Diamond, Anthony Kirk-Greene, Oyeleye Oyediran. Boulder, Colo. : Lynne Rienner Publishers, 1997. p 308</ref> The mechanisms to be implemented in order to achieve these objectives were the devaluation of the naira, reduction of petroleum products subsidies and trade liberalization. During his time in office, Falae became a vocal defender of SAP even when it was becoming unpopular with the masses, earning him the moniker "Mr. SAP" amongst ordinary Nigerians.<ref>Adebanwi, Wale. Yorùbá elites and ethnic politics in Nigeria : Ọbá́fẹ́mi Awọ́lówọ̀ and corporate agency / Wale Adebanwi, University of California, Davis. New York, NY : Cambridge University Press, 2014. p147</ref>

He left the post of Secretary to the Government and served as the Federal Minister of Finance in 1990<ref name="occupations">Commonwealth Observer Group, Commonwealth Secretariat. The National Assembly and Presidential Elections in Nigeria, 20 and 27 February 1999: Report. Page 27.</ref> in the military regime of Ibrahim Babangida.<ref name="baba">Maier, Karl. This House Has Fallen: Nigeria in Crisis. Page 29.</ref> He was relieved from office in August 1990. Thereafter, he joined the democratic transition programme.

Political careerEdit

Falae's foray into politics started during the Third Republic. Babangida had banned 'old breed' politicians, who were mostly people who had held elective office in the past such as Bola Ige and Lateef Jakande. Falae soon became the candidate of choice for followers of Awolowo and some progressives within the Social Democratic Party.<ref>Adebanwi, p128</ref> He contested for the post but lost to Shehu Musa Yar'Adua before the elections were cancelled. He later threw his support and organization towards actualizing the presidential ambition of MKO Abiola.

In the mid-1990s, following the cancellation of the June 12, 1993 and the coming to power of a new military government, Falae became a prominent member of the National Democratic Coalition during the quest for the restoration of democracy in Nigeria. Falae was jailed by the military government of Sani Abacha, but was released in June 1998 after Abacha's death. He unsuccessfully contested the 1999 Nigerian presidential elections on the joint platform of the Alliance for Democracy and the All People's Party against Olusegun Obasanjo, the presidential candidate for the People's Democratic Party.<ref name="pres">Udogu, Emmanuel Ike. Nigeria In The Twenty-first Century: Strategies for Political Stability and Peaceful Coexistence. Page 176.</ref> He "swept" the southwestern votes but was unable to attract significant support elsewhere. Since then, Falae has lived in semi-retirement as a large scale farmer in Ago Abo, Akure. He was awarded the national honour of Commander of the Federal Republic in 2008. Template:As of, Falae is the pro tem Chairman of the Democratic Peoples Alliance, a progressive party allied with the All Progressives Grand Alliance.

On 21 September 2015, Falae was kidnapped on his farm on his 77th birthday, with the kidnappers demanding 100 million Naira ($500,000) as a ransom.<ref>Template:Cite news</ref><ref>Template:Cite news</ref> He was ultimately released on 24 September 2015, after the payment of the ransom and returned to his home in Akure.<ref>Template:Cite news</ref><ref>Template:Cite news</ref> The kidnappers were later arrested and in 2017, were sentenced to life imprisonment.<ref>{{#invoke:citation/CS1|citation |CitationClass=web }}</ref>

Chieftaincy titlesEdit

A direct descendant of Oba Osupa I of Akure (who was his great-great-grandfather), Chief Falae currently holds the chieftaincy titles of the Baale Oluabo of Ilu Abo and the Gbobaniyi of Akure.

ReferencesEdit

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