Femi Otedola is one of Nigeria’s richest and popular billionaires. His wealth is traced to vast major investments in the major sectors of the Nigeria economy. He has been a major player in the Nigerian oil and gas industry for decades.
Generally, he is an entrepreneur, and investor, an oil magnate.
Femi Otedola is the chairman of Forte Oil PLC and founder of Zenon Oil & Gas. His business lost a lot of money due to the massive drop in stock price of Forte Oil. This is due to the Forex crisis in Nigeria.
Femi Otedola is still a man one must talk about. In this article, we give you important facts about Femi Otedola, his biography, and net worth.
Early Life and Education
Femi Otedola was born November 4, 1962, in Ibadan, Oyo State. His father Sir Michael Otedola was a former governor of Lagos State, from 1992 to 1993, while his mother’s name is Mrs. Nana Otedola. Hence we can say Femi Otedola was born with a silver spoon.
He attended the famous Obafemi Awolowo University from 1980 to 1985 and is an alumnus of the school.
Business and Career
Upon graduating, he entered into business, first starting with running his father’s printing press business.
However, not long after that, he started his business, delving into the lucrative oil business. He set up Zenon Oil which deals with Petroleum product importation and marketing.
With his business flourishing, he invested 15 billion in acquiring oil storage estates at Apapa in Lagos State.
Zenon Oil is the biggest supplier of fuel in Nigeria supplying big companies like MTN, Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestle, and Guinness.
Also, Zenon Oil bought substantial shares in Zenith Bank and United Bank for Africa (UBA).
This made him more wealthy and rich, his company became a strong force in the Nigeria oil industry, with many other companies depending on his company for survival.
In 2007, he went ahead to purchase a major stake in one of the biggest oil distributors in Nigeria, the African Petroleum. With up to 29% share purchased from AP, he became one of their biggest shareholders.
He was able to merge his 29% shares with his company’s major assets Zenon Oil and became the biggest shareholder of African Petroleum.
As the biggest shareholder, he changed the AP company to Forte Oil and became the chairman.
In his aim to improve the company’s technology and corporate governance, he acquired a power plant for $132 million.
Also in September 2015, he was able to gain access to the global community market by selling 17% of its equity to Mercuria Energy Group- a Swiss commodity trader, hence gaining reportedly up to $200 million.
Currently, Forte Oil has over 500 mega stations. With these investments and positions, he became one of the richest men in Nigeria and was recognized by Forbes.
See also: Atiku Abubakar’s Biography and Net Worth
Apart from Zenon Oil and Forte Oil, Femi Otedola has many other investments and businesses. He is the CEO of SeaForce Shipping Company Limited, one of the biggest shipping companies in Nigeria. It is also the first to acquire a flat bottomed bunker vessel with a storage capacity of 16,000 metric tonnes.
Other Businesses Owned by Femi Otedola Include
- FO Properties Limited, a Real Estate company which has the Stallion House in Victoria Island Lagos among many others.
- He owns Centreforce Ltd, a company set up in 1994. He also chairs the Swift Insurance.
He was appointed the non-executive director of the transnational corporation of Nigeria Plc. This Corporation was established by the Olusegun Obasanjo administration to meet the demands of substantial capital investments across Nigeria and the sub-Saharan region.
- One time Chairman of Transcorp Hilton Hotel Abuja in March 2017, a hotel for the affluent and rich in Nigeria.
He was a member of (NIPC) Nigerian Investment Promotion Council in 2004.
He was appointed by the Goodluck Jonathan administration to Nigeria’s National Economic Management Team.
Family and Personal Life
Femi Otedola is married to Nana Otedola and the union is blessed with four lovely children, three girls Florence Otedola aka DJ Cuppy, Temi Otedola and Olawunmi Christy Otedola) and his only son(Fewa Otedola).
Florence Otedola aka DJ Cuppy is a music producer and tourism ambassador for Nigeria. She was the official disc jockey for the inauguration of President Muhammad Buhari into office in May 2015.
Elizabeth Temi Otedola is an established style blogger a designer herself.
His only son, Fewa Otedola suffers from a sickness from birth called Autism.
He is the second Nigerian after Aliko Dangote to be named in Forbes list of Dollar dominated billionaires.
Net Worth and Properties
Forte Oil stock drastically dropped in 2016, his net worth dropping from $1.8billion to $550 million.
Currently, Femi Otedola Net worth is $1.2 Billion.
Some of his properties include
A real estate acquired from the federal government in 2007, the N2. 3 billion stallion house in Victoria Island, Lagos Nigeria for his Zenon Oil.
He has a very pricey home in Ikoyi, Lagos Nigeria.
There are also other known properties in Abuja, Dubai, New York, France, and London.