Femi Otedola Biography
Femi Otedola is the third richest man in Nigeria, and one of the richest men in Africa. Femi Otedola is a popular businessman in Nigeria, a philanthropist, a CEO, and an entrepreneur in all its making. He was born on the 4th of November 1962 in Ibadan, Oyo State into the family of Sir Michael Otedola. Sir Michael Otedola served as the Executive Governor of Lagos State from 1992 – 1993.
|Real name||Femi Otedola|
|Date of birth||4 November 1962|
|Country of Origin||Federal Republic of Nigeria|
|Source of Wealth||Oil & Gas, Hotels, Real Estates, investments|
|Net worth||$1.8 Billion|
Femi Otedola is married to Nana Otedola, whose parents are Florence Otedola (Dj Cuppy), Temi Otedola, Tolani Otedola, and Fewa Otedola. His three daughters are doing well for themselves in the entertainment sector in Nigeria, with Dj Cuppy and Tolani, in the music scene, while Temi Otedola is doing well for herself in the fashion industry as a Blogger. Femi Otedola’s son- Fewa, who is not popularly known has been away from the public eye for best-kept family reasons.
Femi Otedola began his foray as a prominent businessman in Nigeria when in 2003; he started business in the fuel retail market in Nigeria. This led him to set up Zenon petroleum and gas Ltd, a company marketing and distributing petroleum products. In 2004, as the owner of Zenon petroleum, he invested N15 billion, by acquiring storage depots in Apapa, Ibafo, and four cargo vessels with a total storage capacity of 147, 000 metric tonnes. In 2004, he also acquired a fleet of 100 DAF fuel tanker trucks all for N1.4 billion.
By 2005, Zenon petroleum & gas Ltd had grown widely in Nigeria and was supplying fuel to major companies in Nigeria like Coca-cola, Nigerian Breweries, MTN, Unilever, Dangote, Guinness, and other big companies. In March 2007, ten banks in Nigeria approved a loan of N193.5 billion for Zenon petroleum to build the largest premium motor spirit storage facility in Africa, and later the same year in 2007, Zenon acquired a 28.7% stake, putting it as one of Nigeria’s biggest fuel players.
But unfortunately in 2012, Zenon was involved in an alleged scam. The senate presiding over the case listed Femi Otedola’s Zenon, as a company that scammed the Nigerian government of $1.4 million, but Otedola was exonerated from the case and one Lawan Farouk was arrested for accepting bribes to cover up crimes.
Following the success of Zenon between 2007 and 2008, Femi Otedola acquired himself a stake in African Petroleum in 2007, and his total stake in the company came to a total of 55.3%. His stakeholder’s benefit allowed a merger between Zenon Petroleum & Gas Ltd and African petroleum, and Femi Otedola became the Chairman of African petroleum. In 2010, African petroleum changed its name and became what is now known as Forte Oil Plc. In 2019, Femi Otedola sold his stakes at Forte oil to focus on power in Nigeria with his company Geregu Power Plc.
Femi Otedola Businesses
In 1994, Femi Otedola founded Centre Force Ltd, a company that specializes in finance, investments, and trading.
Femi Otedola is also the Chief Executive Officer of Sea Force shipping company Ltd, which used to be one of Nigeria’s largest ship moving petroleum products. Femi Otedola was the first person in Africa to own a flat bottomed bunker vessel with a 16,000 metric tonnes storage capacity.
In January 2006, Femi Otedola was appointed as a non-executive Director of the Transnational Corporation of Nigeria Plc, which was established in 2004 by Chief Olusegun Obasanjo. Femi Otedola served in his capacity as a non-executive Director till February 2011.
In February 2007, Femi Otedola plunged into the real estate sector in Nigeria and acquired a building worth N2.3 billion. In March 2007, Femi Otedola was appointed the chairman of the Transcorp Hilton Hotel in Abuja, where he built the hotel up to a 7-star hotel.
Femi Otedola is the owner of Femi Otedola Properties Ltd. He served as a member of the Nigerian Investment Promotion Council (NIPC) since 2004. In 2011, Femi Otedola was appointed to be a part of Nigeria’s National Economic Management Team.
In 2019, after selling his stakes at Forte Oil, he rebranded and became the CEO of Adrova Plc. Femi Otedola is the second African man to have his name put in the Forbes richest list after Aliko Dangote.
Femi Otedola Net worth
He is still one of Africa’s richest men even after selling his stakes at Forte oil and leaving the oil sector to focus on power. It is obvious that he has many other businesses and still sits on the board of many companies in Nigeria and abroad.
Femi Otedola has an estimated net worth of $1.8 Billion, which was reported by Forbes in 2016. Over the years, from 2016 till now, Femi Otedola has acquired some new businesses and has shifted his focus, he is still growing in riches, but no specific figure has been reported yet.
He is able to afford to buy 3 Ferrari’s for his three daughters, and fly to Italy to lick some Gelato ice cream, no doubt is his net worth growing by the day.
Femi Otedola Cars
Some of Femi Otedola’s luxury cars include:
- A Mercedes-Benz AMG G63 worth N73 million.
- A G-Wagon costing N53 million.
- A Mercedes SLR McLaren worth N250 million.
- A Rolls-Royce Phantom worth N162 million.
- BMW 6 series worth N30 million.
Femi Otedola Private Jet, and Yacht
In addition to owning some amazing luxury rides, Femi Otedola owns a private jet and a private yacht he uses to travel when he feels the urgent need to.
Femi Otedola House
Femi Otedola has houses in Nigeria and abroad. In Nigeria, he lives in a mansion in Banana Island, Ikoyi. He also has many houses in Lagos, Abuja, Port-Harcourt, Enugu, Oyo, and some other states in Nigeria.
Out of Nigeria, he owns state-of-the-art houses in New York, London, Dubai, and some islands. He stays in any of them when he travels out of the country. His children also live in the houses when they travel out of Nigeria.