Olu Falae ran for president in Nigeria's Third and Fourth Republics but lost.
20 Facts About Olu Falae
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Olu Falae's father was later made the chief of Ago-Abo village.
3.
Olu Falae's mother was born and raised in the village of Igbara-Oke and died during childbirth in 1946 when Olu Falae was only 8.
4.
Olu Falae was then raised by his father and his paternal grandmother, Chief Osanyintuke Falae, who was a maternal granddaughter of Deji Osupa of Akure and a daughter of the Elemo of Akure, Chief Adedipe Oporua Atoosin.
5.
Olu Falae attended an Anglican primary school in Akure where he met his future wife, Rachael Olatubosun Fashoranti, younger sister of Afenifere leader Reuben Fashoranti.
6.
Olu Falae attended the University of Ibadan for his undergraduate studies earning a degree in economics, thereafter, he obtained a graduate degree at Yale University in the United States.
7.
Olu Falae later became a principal assistant secretary of the board.
8.
In 1977, Olu Falae was appointed permanent secretary, Cabinet office.
9.
Olu Falae returned to public service in 1986 when he was appointed Secretary to the Government.
10.
Olu Falae 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.
11.
Olu Falae soon became the candidate of choice for followers of Awolowo and some progressives within the Social Democratic Party.
12.
Olu Falae contested for the post but lost to Shehu Musa Yar'Adua before the elections were cancelled.
13.
Olu Falae later threw his support and organization towards actualizing the presidential ambition of MKO Abiola.
14.
Olu Falae was jailed by the military government of Sani Abacha, but was released in June 1998 after Abacha's death.
15.
Olu Falae 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.
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Olu Falae "swept" the southwestern votes but was unable to attract significant support elsewhere.
17.
Since then, Olu Falae has lived in semi-retirement as a large scale farmer in Ago Abo, Akure.
18.
Olu Falae was awarded the national honour of Commander of the Federal Republic in 2008.
19.
On 21 September 2015, Olu Falae was kidnapped on his farm on his 77th birthday, with the kidnappers demanding 100 million Naira as a ransom.
20.
Olu Falae was ultimately released on 24 September 2015, after the payment of the ransom and returned to his home in Akure.