Net Worth People

Who is Femi Otedola? Meet Nigerian Billionaire Businessman & Philanthropist

Femi Otedola is a prominent businessman and philanthropist in Nigeria. He served as the previous chairman of Forte Oil PLC, an organization that imports petroleum products.

Key Facts About Femi Otedola

  • Femi Otedola is a wealthy businessman in Nigeria.
  • He was born on November 4, 1962.
  • He has Yoruba ancestry.
  • He owns 5.07% of First Bank PLC.
  • His children are Tolani, Florence, Temi, and Fewa Otedola.
  • Michael and Doja Otedola are his parents.
  • He was born in the Nigerian city of Ibadan.
  • His brothers are Rotimi, Ayokunle, and Muyiwa Otedola.
  • Nana Otedola is his wife.
  • His father served as Lagos state governor.
  • His worth is $5.9 billion, according to Forbes.

Who is Femi Otedola?

Femi Otedola is a prominent businessman and philanthropist in Nigeria. He served as the previous chairman of Forte Oil PLC, an organization that imports petroleum products. In addition to being the founder of Zenon Petroleum and Gas Ltd., he is also the owner of a number of other companies that operate in the shipping, real estate, and finance industries.

It was on November 4, 1962 that he was born. Olufemi Otedola is his full name. He was born in Ibadan, Oyo State, Nigeria. Recently, he made an investment in power generating in Nigeria, as part of the country’s ongoing process to liberalize the sector.

Tolani Otedola, Femi Otedola’s first daughter, is a singer and songwriter. She was conceived by him and his ex-lover, Olayinka Odukoya, and delivered by him. Later on, Femi Otedola wed Nana Otedola and became the parent of three more children: Florence Ifeoluwa, Elizabeth Temi, and Fewa. Fewa was their only son.

DJ Cuppy, whose real name is Florence Otedola, is a music producer and DJ who also serves as an ambassador for Nigeria’s tourist industry. Her younger sister, Temi Otedola, is an actress, a fashion blogger, and an aspiring designer. Femi Otedola owns houses in Lagos, Abuja, Dubai, London, and New York City. Her younger sister, Temi Otedola, is an aspiring fashion designer.

Femi Otedola was revealed to be First bank PLC’s largest stakeholder (at 5.07%) as of October 2021.

Femi Otedola gave N5 billion to the Cuppy Foundation, a humanitarian effort of his musician daughter, Florence Otedola, widely known as DJ Cuppy, in November 2019. Tolani, one of his other daughters, made the announcement during the ‘Gold Gala,’ an event that was hosted by his daughter at the Transcorp Hilton Hotel in Abuja. The guests in attendance gave her a standing ovation as she made the announcement.

For the celebration of his 60th birthday, he is said to have chartered a luxury super yacht with an estimated value of N2.2 billion. He is rumored to have spent $3 million renting the Christina O, a luxury motor yacht owned by Aristotle Onassis. The vessel is 325 feet long. One of Femi Otedola’s early role models was the late Greek shipping magnate Aristotle Onassis, who was also once considered the world’s wealthiest person.

Femi Otedola Early Life

Femi Otedola was born in Ibadan, Nigeria, which is the capital of Oyo State. His father, Sir Michael Otedola, was the Governor of Lagos State from 1992 to 1993. His mother is a woman by the name of Lady Doja Otedola. Rotimi, Ayokunle, and Muyiwa Otedola are Femi Otedola’s other brothers.

Femi Otedola Education

Femi Otedola attended Olivet Baptist High School (previously Oyo Baptist Boys’ High School) in Oyo State for his secondary school. After completing his secondary schooling, he continued his study at Obafemi Awolowo University, which was originally known as the University of Ife, and earned a degree from that institution.

Femi Otedola Career

Femi Otedola founded CentreForce Ltd. in 1994. He also owns Swift Insurance. Femi Otedola is the CEO and president of SeaForce Shipping Company Ltd. He once controlled the distribution of fuel products and was Nigeria’s largest ship owner. His flat-bottomed bunker vessel was the first of its sort in Africa. Femi Otedola was named a non-executive director of Transnational Corporation of Nigeria Plc in January 2006. Transnational Corporation of Nigeria Plc is a multi-sectoral conglomerate that was started in 2004 by then-President Olusegun Obasanjo to take advantage of market opportunities in Nigeria and across sub-Saharan Africa that required a lot of capital investment. He served until February 2011.

Femi Otedola has made several real estate deals, notably Zenon’s N2.3 billion purchase of Stallion House in Lagos in February 2007. The next month, he was named chairman of the Transcorp Hilton Hotel in Abuja and tasked with expanding and upgrading it to a seven star facility. He is the proprietor of FO Properties Ltd. Femi Otedola is said to be a backer of the People’s Democratic Party. He is also said to have given N100 million to President Obasanjo’s re-election campaign in 2003. He was Goodluck Jonathan’s ally. He has been a member of the Nigerian Investment Promotion Council (NIPC) since 2004. In the same year, he was named to a committee entrusted with strengthening economic connections with South Africa. Femi Otedola joined Nigeria’s National Economic Management Team in 2011.

Femi Otedola founded Zenon Petroleum and Gas Ltd in 2003 after spotting an opening in the fuel retail sector. As owner and chairman of Zenon, he invested N15 billion in downstream infrastructure development and acquired storage facilities in Ibafon, Apapa, and four cargo vessels in 2004. He bought 100 DAF fuel-tanker trucks for N1.4 billion the same year. By 2005, Zenon dominated the Nigerian diesel industry, supplying fuel to Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestle, and Guinness. Ten banks approved a $1.5 billion (N193.5 billion) credit to Zenon in March 2007 to develop Africa’s largest premium motor spirit storage facility. Later that year, Zenon bought 28.7% of Nigerian fuel marketer African Petroleum. Zenon ventured in the financial industry, becoming the largest stakeholder in Zenith Bank and United Bank for Africa (UBA). Zenon was also a major kerosene player. In 2012, Zenon was named in a fuel subsidy scam report. Zenon owes the government $1.4 million, according to the report. Farouk Lawan, the Nigerian legislator who created the dossier, was reportedly caught accepting $500,000 from Femi Otedola to remove Zenon from the list. Femi Otedola reported Farouk Lawan’s harassment and bribe demands to the State Security Services, who planned a sting operation. In February 2013, Farouk Lawan was indicted on charges of corruption.

Femi Otedola became Africa Petroleum’s chairman and CEO in 2007 after acquiring a majority share. In December, he bought another 29.3% for N40 billion. Femi Otedola’s total interest was 55.3% after merging his personal holding with Zenon’s. African Petroleum’s market capitalization jumped from N36 billion to N217 billion in six months after Femi Otedola’s investment. African Petroleum initiated a program in 2008 to flood the market with kerosene and sell it at N50 per liter from more than 500 service stations across Nigeria in response to public concerns about the availability and pricing of the product. Femi Otedola is the second Nigerian after Aliko Dangote to feature on Forbes’ list of dollar-denominated billionaires. Femi Otedola upgraded African Petroleum’s LPG storage terminals in Lagos, Kano, and Port Harcourt in October 2009. African Petroleum lost money in 2009 due to the oil price downturn and credit crunch of 2008–09.

African Petroleum became Forte Oil PLC in December 2010. Femi Otedola restructured the company to emphasize technology and corporate governance. 2012 was profitable for Forte Oil. Femi Otedola financed 57% of Forte Oil subsidiary Amperion Ltd, which bought the 414 MW Geregu Power Plant for $132 million in 2013. Forte’s stronger finances and diversification into power generating boosted its share price 1,321% in 2013. First-half 2014 pre-tax earnings doubled to 4.19 billion naira ($25.7 million). Revenue growth during the year was 33%. Femi Otedola returned to Forbes’ rich list in November 2014 after falling off in 2009. Forte Oil sold 17% of its equity to Swiss trader Mercuria Energy Group in September 2015, providing it access to global commodity markets. The deal gave Femi Otedola $200 million. Femi Otedola sold Forte Oil Plc in 2019 and aims to shift his company’s focus to power.

Forte Oil, which was owned by Femi Otedola, changed its name to Adrova PLC in the year 2020.

Femi Otedola Controversy

In 2012, Femi Otedola reportedly bribed Boniface Emenalo and Farouk Lawan, then-chairman of the House Committee on Fuel Subsidy Regime, with $620,000. Femi Otedola wanted his company removed from the list of firms charged by Farouq Lawan’s committee for exploiting the fuel subsidy scheme in 2012, according to witnesses. Farouk Lawan and Boniface Emenalo faced prison if convicted of taking bribes from Femi Otedola. Receiving a bribe by a public official is a jailable offense. Farouk Lawan and Boniface Emenalo were charged with bribery by the Independent Corrupt Practices and other related Commission (ICPC) on 2 February 2013. Their trial occurred in the Capital Territory High Court in Abuja. Bribery is a violation of Section 10 (a) (ii) of the ICPC Act, 2000 and is penalized under Section 10 of the same Act. Farouk Lawan and Boniface Emenalo pleaded not guilty, however Boniface Emenalo later revealed he had taken bribes on Farouk Lawan’s behalf. However, new evidence supplied by the persecution was highly definite as Femi Otedola was captured on tape paying a bribe and Farouk Lawan receiving it.

Two sisters named Jyoti and Kiran Matharoo, both based in Toronto, allegedly attempted to extort Femi Otedola through cyberbullying and blackmail in December 2016, saying they had evidence of Femi Otedola cheating on his wife and threatening to put it on a popular sex-scandal website. The sisters dispute the narrative given by Femi Otedola. According to their story, Jyoti first met Femi Otedola in 2008, shortly after she had graduated from university. He flew her and Kiran to Nigeria, where he had an affair with her. They admit that they are better off because of his gifts and the presents they have received from other affluent partners, but they deny that they have ever engaged in any form of extortion or even demanded gifts.

Femi Otedola Ethnicity

Femi Otedola hails from Southwest Nigeria and is of Yoruba descent.

Femi Otedola Parents

Femi Otedola’s parents are Michael Agbolade Otedola and Doja Otedola.

Femi Otedola Siblings

Femi Otedola is one of many children to his biological mother and his stepmother. His father, Michael Otedola, had two wives throughout his life. Femi Otedola has several siblings, including Rotimi, Ayokunle, and Muyiwa Otedola.

Femi Otedola Religion

Femi Otedola is a devout Christian.

Femi Otedola Wife

Nana Otedola is the wife of Femi Otedola.

Femi Otedola Children

Tolani Otedola, Florence Otedola, Temi Otedola, and Fewa Otedola are Femi Otedola’s children.

Femi Otedola Social Media

On Instagram, Femi Otedola posts under the account @femiotedola. You can find her there. Additionally, you may find him on LinkedIn under the name “Femi Otedola.”

Femi Otedola Net Worth

Forbes magazine estimates Femi Otedola’s fortune and assets at $5.9 billion.