Olu Falae

Early life and education

Falae was born to the family of Joshua and Abigail Falae. His father 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 where they settled as pioneers. Falae's father was later made the head of Ago-Abo village. Falae attended an Anglican primary school in Akure where he met his future wife, Rachael Fashoranti. After primary education, he sat for the entrance exam into Igbobi College and was accepted in 1953, after graduating, he went on to complete his Higher School Certificate at Government College, Ibadan in 1958. Thereafter, he was a tutor at Oyemekun Grammar School, Akure. He attended the University of Ibadan for his undergraduate studies before pursuing a graduate program at Yale University in the United States. At the University of Ibadan, he represented his hall of residency in the Students Representative Council and was editorial board member of the student run campus magazine.

Civil service and government career

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. Falae was appointed permanent secretary (Economic dept), Cabinet office in 1977 before leaving the civil service to head the Nigerian Merchant Bank in 1979. However, in 1986, he returned to government service and was appointed as the Secretary to the Government. By then, he believed Nigeria needed economic re-structuring. In 1985, prior to his appointment, the military sought 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. 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 earning him the moniker, Mr. SAP.

He left the post of Secretary to the Government and served as the Federal Minister of Finance in 1990 in the military regime of Ibrahim Babangida. He was relieved from office in August 1990. Thereafter, he joined the democratic transition programme.

Political career

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 becaome the candidate of choice for followers of Awolowo and some progressives within the Social Democratic Party. He contested for the post but was losing to Shehu Musa Yar'Adua before the elections were cancelled. He later threw his support and organization towards actualizing the presidential election 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 (NADECO) 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 (AD) and the All People's Party (APP) against Olusegun Obasanjo, the presidential candidate for the People's Democratic Party (PDP). A Yoruba Christian, he swept the southwest, the Yoruba heartland, but proved unable to attract significant support elsewhere. Since then the Oloye He was given the honour of the Commander of Federal Republic, (CFR) in the year, 2008, Falae has lived in semi-retirement as a large scale farmer in Ago Abo, Akure, where he holds the chieftaincy title of the viceroyal Olu of Ilu Abo. As of 2008 he is the pro tem Chairman of the Democratic Peoples Alliance or DPA, a progressive party allied with the All Progressive Grand Alliance or APGA. On 21 September 2015, Chief Olu Falae was kidnapped on his farm on his 77th birthday, with the kidnappers demanding 100 million Naira ($500,000) ransom for his release. Falae was released on 24 September 2015 after paying ransom and returned to his home in Akure.