Philanthropist, Chief Fanimokun Worries Over Rate of Corruption, Says Nigeria Is Losing $18 bn Yearly...Pledges N18bn To Support Infrastructure In LASU - EDU-BIZNEWS

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Tuesday, January 21, 2025

Philanthropist, Chief Fanimokun Worries Over Rate of Corruption, Says Nigeria Is Losing $18 bn Yearly...Pledges N18bn To Support Infrastructure In LASU




A prominent Philanthropist and Development Economist, Chief Tunde Fanimokun has expressed concern over rising cases of corruption in Nigeria, revealing that the country is losing $18 billion yearly because of the unholy act of some of the public office holders in the country 

Chief Fanimokun who was speaking as guest speaker on Tuesday at the 2025 Lagos State University Distinguished Personality Lecture, where he announced N18 billion on behalf of his foundation to kick-start support for infrastructural growth of the university and another N3 billion for acquisition of property for the institution, also put the nation's total financial loss in the last four decades at $300 billion 

Delivering his lecture, titled : "The practicability of incorruptibility under a democratic dispensation, given a good leader: A Case Study of Jakande, the Legend ", the former permanent  secretary called for purposeful leadership as exemplified by the first civilian governor of Lagos State, Alhaji Lateef Jakande, so as to fight corruption  headlong, which according to him, has been institutionalized  in the country 

He cited levity at which corruption cases were handled by the previous administration as a major causes of the growth of economic crime , recommending the model of Jakande model of selfless leadership in governance, if Nigeria must overcome the current economic challenges 




Chief Fanimokun who was part of Jakande 's administration in Lagos State between 1979 and 1983 as one of the top permanent secretaries responsible for execution of government's policies and programmes identitied over reliance on oil and gas at expense of agriculture which has huge potentials for Nigeria as country to boost its foreign exchange reserved 

He also listed so much depedence on imported goods, stressing the need for the leadership of the country to focus on manufacturing sector to produce massively for local consumption and importation to enhance foreign earnings 

Chief Fanimokun, a life director of late Nigerian billionaire, Yinka Folawiyo business empire, emphasized the importance of reducing the current inflation rate by the Central Bank of Nigeria, so as to encounter local investors to grow production and revamp the economy 

He advocated for reduction in high cost of governance, saying occupying public office or political offices should be made  less attractive, so as to encourage only those who are ready to serve with all sincerity to participate in the running of the country 

Doing this , he maintained would drastically reduce the alarming rate of brain -drain in the country, as more Nigerian youths and professionals would be encouraged to stay at home for the growth of the economy 

He cited the effort of his foundation trying to replicate Silicon valley home of ICT in the world in Lagos, where youths are engaged and trained on how take advantage of numerous business opportunities in Information and Communication Technology ICT innovation 

The guest speaker however expressed confidence in the renewed battle against corruption by the current leadership of Economics and Financial Crime Commission (EFCC) led by Olanipekun Olukayode  being supported by the President Bola Ahmed Tinubu's administration to reposition Nigeria's economy for greatness 




The Business Entrepreneur was full of praises for Vice-Chancellor of the university, Prof. Ibiyemi Olatunji-Bello whom he described as replica of Jakande's selfless leadership style which has continued to transform LASU to a worldclass and the best university in West Africa 

The 80 year-old philanthropist promised to dedicate the rest of his life to giving financial support to the growth of education and entrepreneurship training of the young ones , particularly in LASU and other institutions, so as to create a better future for the country 

Earlier, the  highly elated Vice-Chancellor, Prof Ibiyemi Olatunji-Bello , explained that the choice of  a seasoned administrator, Chief Tunde Fanimokun for the 2025 Distinguished Personality Lecture was inline with the  noble tradition established by the university aimed at cultivating an environment conducive to intellectual growth, thought leadership, and cross-disciplinary learning. 

"This tradition involves inviting accomplished personalities to share their invaluable experiences with our staff, students and invited Guests of the public with the hope of inspiring participants to strive for excellence, fostering higher aspirations and productivity. In a vibrant academic environment like ours, tapping into the information power of knowledge, and experiences from exceptional individuals who have made remarkable inputs in their fields is invaluable"

She added described Jakande's administration between 1979 and 1983 as golden era of political history of Lagos State which saw the establishment of LASU while stressing the need for the campus community to learn from such experiences from one of those who were part of the historical moment 

"The title of today’s distinguished lecture is: The Practicability of Incorruptibility under Democratic Dispensation, given a good leader: A case study of JAKANDE, the Legend The Era of Alhaji Lateef Jakande in Lagos State spaning from 1979 to 1983 is often regarded as a golden age in the state’s political leadership This period was marked with significant development and policies. Any historical reflection of the era of Alhaji Lateef Jakande in Lagos State would always inevitably lead to a conclusion that the period spelt a golden era in the political leadership of the state"

"He ran an administration that wholly and evidently committed to social justice, the development of infrastructure and educational reform which engendered the establishment of our university, Lagos State University in 1983. He laid a solid foundation for the future development of Lagos, leaving office with enduring legacies, people-centred governance rooted in integrity and frugality.Alhaji Lateef Jakande referred to as LKJ has been the subject of numerous literary and journalistic works that have extensively documented his life and accomplishment; However, as the saying goes, behind every successful leader are dedicated team members.

The Vice-Chancellor described the guest speaker as one of the Super Permanent Secretaries that worked tiredlessly for the success story of Jakande's administration in Lagos 

" This phrase rings true for Jakande Administration which owed its effectiveness to the tireless efforts behind the scenes individuals, including our distinguished guest lecturer, Chief Tunde Fanimokun Chief Tunde Fanimokun, fondly known as the “Super Permanent Secretary” by his admirers earned the nickname due to his efficiency and effectiveness in his then-official capacity, as a Lagos State Civil Servant in charge of Lands. While in active service, he worked closely with the late Lateef Jakande and has infact written a book in his honour", she stated 

High point of the event was the presentation of beautiful portrait to Chief Tunde Fanimokun in appreciation of his contribution to the growth of Lagos State 




The event attracted the pioneer Pro-Chancellor and Chairman of LASU's Governing Council, Elder Olorunfunmi Bashorun who attested to outstanding leadership qualities of the guest speaker who worked closely with the Jakande's administration in Lagos State 

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