Otedola had donated the whopping sum to a nonprofit organization, Save the Children, who are not guaranteed good future.
The donation, routed through Cuppy Foundation, founded by his daughter, Florence, is touted to be the single largest donation to philanthropy in the country.
Pointblanknews.com gathered that the fund is to be used to rehabilitate displaced children of insurgency-ravaged Yobe, Borno and Adamawa States.
He said, “I pray to God Almighty that He will bring succor to these children. I must also say a few things regarding the N5 billion I gave to the Save the Children for the children of the North East.
“When I sold one of my businesses, my majority share in Forte Oil. I woke up one morning and I said to myself, I’m 57 years old. And for me, the age for the departure lounge out of this world is 85 and I now said, I have only 28 years left. And out of the 28 years, I sleep 10 hours a day. Out of the 28 years if God permit like our father, Chief Adebanjo, I have 12 years awake. I called my Chief Financial Officer, CFO, and she said; “sir, you have sold one of the arms of your businesses and in 5 months, you have N5 billion. I said okay, we will give it to charity and she looked at me and said Sir, what did you say? I told her we will give to charity. I had a meeting with my family. One of my daughters said, you are giving out our inheritance. But I said I have done my best for you. I have given you the best and education. You can run with that.”
Save the Children Fund was established in the United Kingdom in 1919 in order to improve the lives of children through better education, health care, and economic opportunities, as well as providing emergency aid in natural disasters, war, and other conflicts.
The organization operates in over 120 countries around the World, and is working in Nigeria because one in five children in Nigeria dies before their fifth birthday.