In African hall of fame, there is no doubt that some personality far outshines others. Top on the list of such personality is the popular Femi Otedola. He is the Chief Executive Officer of Forte Oil Plc. Femi Otedola’s net worth and success is a product of hard work, consistency and determination. Femi has also had a fair share of business and personal challenges but never gave up. He is the father of the popular DJ Cuppy.
During one of his interviews, he said “I had about 93 percent of the diesel market on my fingertips. All of a sudden, oil prices collapsed and I had over one million tons of diesel on the high seas and the price dropped from $146 to $34.”
Despite this experience, Femi has risen to become one of Nigerian billionaires ranking with the world’s richest. This wouldn’t have been possible if he had refused to re-strategize after the initial downfall of his company. Thumbs up to this great man of influence.
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You think you know all there is to this billionaire? Wait till you are done with this article.
Femi Otedola Background
Femi Otedola was born on the 4th of November, 1962 to Michael Otedola and lady Doja in Ibadan. Sir Michael Otedola was a one-time Lagos State Governor who served from 1992 to 1993. Femi Otedola had his first degree at Obafemi Awolowo University Ile-Ife. He is married to his beautiful wife Nana Otedola and they are blessed with four children. He has homes in London, New York City, Lagos, Dubai and Abuja.
Femi Otedola Net Worth
Ascertaining the actual net-worth of Femi Otedola is difficult as he has investments in different businesses. However, Forbes estimated Femi’s net-worth at $1.8b in 2016. It dropped to $550million in 2018.
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Femi Otedola Early Career
Femi started out his career right from his home in the 1980’s. He worked as a marketing personnel for his family’s printing business for a while before venturing into oil and gas. He felt that the oil and gas business was a viable business opportunity which led him to establish Zenon Petroleum Oil and Gas Limited in 2003. Zenon Petroleum Oil and Gas has 147,000MT storage capacity capable of distributing fuels to large manufacturing companies in Nigeria.
Zenon went further to obtain 28.7% share in African Petroleum Limited. Femi Otedola was later appointed the Chairman and Chief Executive Officer of African Petroleum Limited because of Zenon’s shares in African Petroleum. He later acquired additional 29.3% share of African Petroleum Limited (56% shares in total) making him the largest shareholder of African Petroleum Limited. African Petroleum Limited was later changed to Forte Oil Plc with lots of improvement in management and technology put in place which was pioneered by Femi Otedola. Forte Oil gained access to the global market after selling 17% of its equity to Swiss Commodity Trader Mercuria Energy Group.
Femi is also the president of SeaForce Shipping Company Limited. Otedola advanced consistently in his business career and diversified into the Financial Industry. He is one of the major shareholders in Zenith and United Bank of Africa (UBA).
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Otedola is a big-time investor acquiring properties all over the world. In February 2007, he acquired a real estate worth N2.3billion from the Federal government through the Zenon of Stallion House. This acquisition was believed to be a step in the right direction towards the expansion of his numerous business empires.
Femi Otedola’s Philanthropic Gestures
One among the numerous philanthropic gestures of Femi Otedola is his donation towards the completion of the Numerical Ecumenical Centre in 2005. He also donates to Michael Otedola’s University scheme and the scheme has helped more than 1,000 students. It was reported that N200m of the University’s Scheme fund was donated by Zenon in 2005.
In a bid to ensure a crime free Lagos, Femi gave a N200million donation to the State Security Trust Fund in 2007. He extended his donation to Otedola College of Primary Education by giving the school N100million in 2007.
The Faculty of Agriculture at University of Port-Harcourt was also a beneficiary of Femi Otedola’s philanthropy when he donated N80million to the faculty.
Recently in 2018, Femi Otedola who was the chief launcher at Augustine University Fundraising and Founders day pledged to build a fully furnished faculty of Engineering worth N500million for the University.
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Femi Otedola’s Companies
CentreForce Limited, Swift Insurance, Forte Oil, Zenon Petroleum and Gas Limited, Gegeru Power Plc and others are some of his companies. He is a shareholder in various companies within and outside Nigeria.
Femi Otedola’s Appointments
South Africa commercial relationship develop. committee member 2004
Non-executive director of Transnational Corporation of Nig. Plc 2006-2011
Chairman, Transcorp Hilton Hotel, Abuja. 2007
Nigerians National Economic Management Team member 2011
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Photo Credit: Kemiafini