Femi Otedola is an entrepreneurial mogul and a Nigerian billionaire and chairman of Forte Oil Plc, Zenon Petroleum and Gas Ltd, among others. He is also a proud father of four children some of whom are already making waves in the Nigerian fashion and entertainment industry.
Biography of Femi Otedola
Born in 1962 to the family of late Sir Michael Otedola, governor of Lagos state between 1992 to 1993. from Oyo state.Before getting his feet into the petroleum scene, Femi Otedola worked for his family printing press in the 90s.
In the year 2003, Femi Otedola set up Zenon Petroleum and Gas Ltd. Which became a success. By 2005, Zenon became a big name in the Nigerian petroleum market and even secured deals with top Nigerian companies to which Zenon supplied petroleum products.
With the growing success of Zenon, Otedola displayed the philanthropist in him by donating to noble causes including N300 million to the completion of the Abuja National Ecumenical Centre and 80 million Naira to the faculty of agriculture at the University of Port Harcourt.
Due to his 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. And his entrance into the management of AP caused the company’s shares to soar.
In 2010, African Petroleum ( AP ) was rebranded to Forte Oil.
Forte Oil revived the profit of Otedola’s petroleum company which dropped in 2009 due to a crash in oil price. Forte Oil also got involved in power generation. This diversification caused Forte Oil’s revenue to escalate. In 2015, Forte Oil sold out 17 percent of its equity to Swiss commodity trader: Mercuria Energy Group, giving Forte Oil access to global commodity markets.
Other Acquisitions and Appointments
The Nigerian billionaire owns so many properties: he is the founder of FO Transport and Seaforce Shipping Company Ltd, Swift Insurance, Atlas Shipping Agency and FO Properties Limited.He has also held positions and appointments in his career. In 2011, he was appointed to Nigeria’s National Economic Management Team by former President Goodluck Jonathan.
His Networth
Houses And Cars
The Nigerian billionaire and buisness mogul owns lots of luxury homes and cars which he shares with his lovely family. Of all his pricey properties, his home in Ikoyi is where he and his family resides. A three floor snow white colored house with roundish architecture and an outdoor swimming pool, and a garage.
Of all his luxury rides, his favourite is his bulletproof Mercedes G-Class.
Now apart from his home in Ikoyi, Femi didn’t want to be left out when it came to rich guys who acquired choice properties in enviable locations. And thus he owns another home in Abuja although slightly smaller than his Ikoyi home. He also bought a house in Banana Island, one of the most expensive locations in Nigeria.
Personal Life
Femi Otedola is married to the beautiful Nana Otedola. They both have four children together 3 daughters; Christine, Ifeoluwa and Temi, and a son Fewa. One of his daughters - Florence Ifeoluwa is Nigeria’s most popular female DJ also known as Dj CuppyOtedola is quite simple. According to his daughter Dj Cuppy, he only recently learned to use a tab.
However, when he’s not winning at life and making the Forbes's Rich guys lists, he enjoys cruising on his yacht.
Other Notable Facts
1. He encouraged the continuity of the Sir Michael Otedola University Scholarship Awards Foundation, created by his late father.2. His only son Fewa and heir to his empire is mentally challenged. He suffers from a condition called “Autism” and has been so since birth, a reason why he is not so much in the spotlight like his other siblings.
3. Femi Otedola is the second Nigerian to be included on the Forbes list of dollar-denominated billionaires after Aliko Dangote.
4. In 2007, he donated N200 million to the State Security Trust Fund which was aided to fighting crime in Lagos.
5. In 2011, he received an appointment to serve in Nigeria’s National Economic Management Team by President Goodluck Jonathan and as part of the liberalization of the sector in Nigeria, he recently invested in power generation.
