Femi Otedola is an entrepreneurial mogul and billionaire. He is the chairman of Forte Oil Plc, Zenon Petroleum and Gas Ltd, among others.
Early Life & Childhood
Femi Otedola was born in 1962 to the family of late sir Michael Otedola, who was the governor of Lagos state between 1992 and 1993. He is from Oyo state.
Career & Net Worth
Before his venture into the petroleum scene, Femi Otedola worked for the family printing press in the 90s.
In 2003, Femi Otedola set up Zenon petroleum and Gas Ltd. It became a successful venture that by 2005, Zenon was a big name in the Nigerian petroleum market. It even secured deals with top Nigerian companies to which Zenon supplied petroleum products.
Due to the acquisition of a large part of African Petroleum, in 2007, Femi Otedola was named the chairman and chief executive of the company. He eventually merged Zenon oil with African Petroleum. His entrance into the management of AP caused the company’s shares to soar.
In 2010, African Petroleum was rebranded to Forte Oil. Forte Oil revived the profit of Otedola’s petroleum company which had slumped in 2009 due to a crash in the price of oil. Forte Oil also got involved in power generation. This diversification caused Forte Oil’s revenue to escalate. In 2015, Forte Oil sold 17 per cent of its equity to Swiss commodity trader Mercuria Energy Group, giving Forte Oil access to global commodity markets.
When Forbes published its annual rich list in March 2016, Otedola, as well as 4 other Nigerians made the cut. Otedola was worth $1.8 billion and ranked 1011st richest person in the world. Recently, due to a drop in the share price of Forte Oil, which Otedola holds more than a 78% stake in, his net-worth was reduced to $1.2 billion.
Other Acquisitions and Appointments
The billionaire owns many properties including various mansions, cars, and a yacht. Otedola is also the founder of FO Transport and Seaforce Shipping Company Ltd, Swift Insurance, Atlas Shipping Agency and FO Properties Limited.
He has also held other positions and appointments in his career. In 2011, he was appointed to Nigeria’s National Economic Management Team by former President Goodluck Jonathan.
Femi Otedola is a philanthropist. He has been involved in various charitable works including the following:
~He donated 80 million Naira to the faculty of agriculture at the University of Port Harcourt in 2008.
~He encouraged the sustainability of the Sir Michael Otedola University Scholarship Awards Foundation, which was created by his late father.
~In 2005 he donated N300 million to the completion of the National Ecumenical Centre in Abuja.
~In 2007 he donated N200 million to the State Security Trust Fund which was aimed at ending crime in Lagos.
Femi Otedola is married to Nana Otedola. They have four children together, 3 daughters, Christine, Ifeoluwa and Temi, and a son Fewa. One of his daughters is Nigeria’s most popular female DJ, Florence Ifeoluwa, also known as Dj Cuppy.
Otedola is simplistic and only recently learned to use a tab, according to his daughter, DJ Cuppy. However, when he’s not winning at life and making Forbes’ lists, he enjoys cruising on his yacht.