He served as state governor from January 1992 to November 1993 under the platform of the Social Democratic Party, during which another late Governor, Olusegun Agagu was his deputy.
His tenure as Governor was, however, truncated along with others nationwide, when the Sani Abacha-led military administration came into power. Mr Olumilua, who hailed from Ikere Ekiti, was appointed the Pro-Chancellor and Chairman of Council of the Ekiti State University , by Governor Kayode Fayemi, during his first tenure in Office.
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