Olu Falae: The Banker-Politician Who Claims He Won the 1999 Presidential Election

Twenty-six years after Nigeria’s return to democracy, Olu Falae still maintains that he — not Olusegun Obasanjo — was the true winner of the 1999 presidential election.

Chief Olu Falae, born on September 21, 1938, in Akure, Ondo State, is one of Nigeria’s most prominent technocrats turned politicians. A respected economist, administrator, and statesman, Falae’s life has been defined by public service, reform, and a deep belief in democratic values. Yet, more than two decades after the historic 1999 elections that marked Nigeria’s transition from military to civilian rule, Falae continues to insist that history was rewritten — that he, not Chief Olusegun Obasanjo, truly won that election.

Falae’s journey began in Akure, where he was born into a modest Yoruba family known for its emphasis on education and community leadership. His academic brilliance took him to the University of Ibadan, where he earned a degree in Economics. He later pursued postgraduate studies at the Yale University in the United States, further sharpening his expertise in finance and economic policy.

Before stepping into politics, Olu Falae built a distinguished career in Nigeria’s civil service and banking sectors. He rose through the ranks to become one of the country’s most trusted economic administrators. His career in public service reached its peak when he was appointed Secretary to the Military Government and Head of Service under General Ibrahim Babangida’s administration from January 1986 to December 1990 — a position that placed him at the centre of Nigeria’s structural economic reforms. During this period, he played a key role in implementing the Structural Adjustment Programme (SAP), a controversial but significant economic policy aimed at stabilising the country’s finances.

In 1990, Falae briefly served as Nigeria’s Minister of Finance, overseeing crucial fiscal policies during a turbulent period in the nation’s economy. His administrative expertise and reputation for integrity earned him respect both within and outside government circles.

When Nigeria began its transition to democracy in the late 1990s after decades of military rule, Olu Falae emerged as a unifying political figure. Two major opposition parties — the All Peoples Party (APP) and the Alliance for Democracy (AD) — came together to adopt him as their joint presidential candidate in the 1999 general election, opposing Chief Olusegun Obasanjo of the People’s Democratic Party (PDP).

The election was a landmark event, symbolising Nigeria’s return to democracy after the dark years of dictatorship. However, it was also marred by widespread allegations of irregularities. Falae lost officially to Obasanjo, who was declared the winner by the Independent National Electoral Commission (INEC). Yet, Falae and his supporters claimed that the result did not reflect the true will of the people.

In a recent interview, twenty-six years after the election, Falae maintained that he actually won by over a million votes. Quoting his late lawyer, Chief J.O.K. Ajayi, he said:

> “I was told by my lawyer that I won the election by over a million votes after a meticulous assessment of the figures declared. But we decided not to go to court. We were more concerned about the country returning to democracy peacefully after years of military rule. There was so much pressure not to rock the boat.”

Falae added that his acceptance of the official result was a personal sacrifice made for the sake of national stability. “We made sacrifices for democracy to return. I accepted it in good faith then, but the truth must be told. I won that election. It’s not about me; it’s about the truth. Nigeria deserves to know the real story behind its so-called democratic rebirth,” he said.

Beyond politics, Chief Falae is a devoted family man. He is married to Mrs. Rachael Falae, and together they have children who have distinguished themselves in various professions. A man of faith and discipline, Falae has often credited his family’s support and strong moral upbringing for his resilience in the face of political and personal challenges.

In 2015, he made headlines again after being kidnapped by armed men in Ondo State. He was later released unharmed after national outrage and government intervention — a stark reminder of the insecurity and volatility that continues to plague the nation he once sought to lead.

At 87, Olu Falae remains a respected voice in Nigerian politics and governance. Though largely retired from active political engagement, his insights into public service, democracy, and economic management continue to shape national discourse. His career reflects a lifetime of dedication to Nigeria — as a civil servant, banker, reformer, and statesman.

Legacy
Chief Olu Falae’s legacy lies not only in his public service but also in his unwavering belief in democracy and good governance. Whether or not his claims about the 1999 election are ever proven, his story serves as a reminder of the sacrifices made by men and women who fought for Nigeria’s return to civilian rule.

Sources:

Vanguard Nigeria

The Punch Newspaper