Femi Otedola is a Nigerian entrepreneur, philanthropist, and former chairman of petroleum importer, Forte Oil plc.
He founded Zenon Petroleum and Gas Ltd. and owns various other shipping, real estate, and banking companies. He has also invested in power generation as part of Nigeria’s recent industry liberalisation.
Biography
Otedola was born on 4 November 1962 in Ibadan, Oyo State capital, to the family of the late Sir Michael Otedola, who served as Governor of Lagos State from 1992 to 1993.
The renowned and well-liked businessman went to the University of Lagos Staff School. He continued his education at the Obafemi Awolowo University, Ile-Ife, in 1985, where he earned his first degree.
After finishing his education, he began working as a marketing manager in his family’s printing company.
Career
Otedola established Centre Force Limited in 1994 with a focus on trading, investing, and finance. He serves as Zenon Petroleum and Gas Limited’s CEO and President. The company, established in 2003, supplies most of the country’s biggest manufacturers, including Coca-Cola, MTN, Nestle, Unilever, Dangote Group, and Nigerian Breweries, fuel.
The business expanded quickly, and by 2005 it was already in charge of a significant portion of the Nigerian diesel market.
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Zenon planned to build the largest petrol storage facility in Africa, revealing in 2007 that 10 banks had authorised a loan of $1.5 billion for the project. Later in the year, Zenon bought a 28.7% share in African Petroleum, one of the biggest petroleum marketers in Nigeria.
Zenon made more financial sector investments and became the largest shareholder in several Nigerian institutions, including Zenith Bank and United Bank for Africa (UBA). In addition to diesel, Zenon also climbed to prominence in the kerosene industry.
It was one of several businesses mentioned in a 2012 study into a purported fuel subsidy scheme. The audit stated that Zenon owed the government $1.4 million. Further information claimed that Farouk Lawan, the Nigerian lawmaker who created the report, had reportedly been caught on camera accepting $500,000 from Femi Otedola as bribe to have Zenon removed from the list. It was later discovered that Otedola had alerted the State Security Services, who had carried out a sting operation, to Lawan’s harassment and bribe demands. In February 2013, Lawan was accused of corruption.
Otedola paid N40 billion in December of that year to purchase an additional 29.3% of African Petroleum. By combining this private holding with Zenon’s, Otedola’s overall ownership increased to 55.3%.
After Otedola joined the business, African Petroleum’s share price shot up, boosting the company’s market capitalization from N36 billion to N217 billion in just six months. African Petroleum began a campaign to saturate the market and sell fuel at N50 per litre from more than 500 service stations across Nigeria in 2008 in response to public concerns regarding the availability and cost of kerosene.
Otedola joined Aliko Dangote as the second Nigerian to be listed on the Forbes list of dollar-denominated billionaires in March 2009, with an estimated net worth of $1.2 billion. Otedola announced a plan to modernise the liquefied petroleum gas (LPG) storage terminals owned by African Petroleum in Lagos, Kano, and Port Harcourt in October 2009. African Petroleum experienced a loss in 2009 due to the challenging economic circumstances brought on by the drop in global oil prices and the credit crunch of 2008–2009.
Otedola’s Forte Oil gained access to international commodity markets when it sold 17% of its equity to Swiss commodity trader Mercuria Energy Group in September 2015. Otedola was reportedly given $200 million as a result of the agreement. In 2019, Femi Otedola revealed plans to sell Forte Oil Plc and shift the company’s focus from oil to power with Geregu Power Plc.
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Companies
Aside from founding Zenon Petroleum and Gas Limited, Otedola also boasts of founding other companies. Some of these include CentreForce Ltd. in 1994, with a focus on trading, investing, and finance, and Swift Insurance.
Otedola is also the chief executive and president of SeaForce Shipping Company Ltd. After gaining control over the distribution of diesel products; he once held the title of Nigeria’s largest ship owner.
One of his ships was the first in Africa; it was a flat-bottomed bunker vessel with a storage capacity of 16,000 metric tonnes.
He was made a non-executive director of Transnational Corporation of Nigeria Plc in January 2006. The multi-sector conglomerate was founded in 2004 by then-President Olusegun Obasanjo to take advantage of market opportunities that required significant capital investment in Nigeria and other sub-Saharan African nations. He held this position till February 2011.
Otedola has made several real estate transactions, including Zenon’s purchase of the Federal Government’s N2.3 billion Stallion House in Victoria Island, Lagos, in February 2007.
He was responsible for leading the expansion and upgrade of the Transcorp Hilton Hotel in Abuja to a seven-star facility when he was appointed chairman the following month. He also owns FO Properties Ltd.
Net worth
Femi Otedola is one of the richest men in Nigeria. His net worth is estimated at $1.5 billion. His family is also listed as one of the richest families in Nigeria.
Family
Tolani, his first child, is a singer. She was born to Otedola and Olayinka Odukoya, his ex-girlfriend. Later, Femi married Nana Otedola and gave birth to a son, Fewa, and two more daughters, Florence Ifeoluwa and Elizabeth Temi.
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Florence Otedola, also known as DJ Cuppy, is a music producer, DJ, and Nigerian tourism advocate. Temi, her younger sister, is a model, aspiring actress and style blogger.
He owns residences in New York City, Lagos, Abuja, Dubai, London, and Lagos.
Age
Femi Otedola was born on 4 November 1962. He will be 60 years old this year.
Conclusion
The Michael Otedola University Scholarship Scheme was started in 1985 to provide underprivileged students in Lagos State with access to higher education. Otedola has contributed to the scheme on numerous occasions. Zenon contributed N200 million to the scheme’s fund in 2005. More than 1,000 children have benefited from the programme since its launch.
Otedola donated N300 million in 2005 to finish the National Ecumenical Centre in Abuja, Nigeria’s main centre of Christian prayer.
He contributed N200 million to the State Security Trust Fund in 2007 as part of a group of philanthropists who wanted to lower crime in Lagos State.
Later that year, he gave N100 million to the Noforija, Epe-based Otedola College of Primary Education. He gave N80 million to the College of Agriculture in 2008.
He gave N80 million in 2008 to the University of Port Harcourt’s Faculty of Agriculture. At the 2019 Africa Cup of Nations (AFCON) match against Algeria, Femi Otedola gave the Super Eagles his promised donation of $25,000 in full.
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