Femi Otedola is a popular Nigerian businessman, philanthropist, and former chairman of Forte Oil PLC, an indigenous energy group, headquartered in Lagos, Nigeria, with extended operations in Ghana. It operates majorly in the downstream sector of the Nigeria’s Oil and Gas industry, but has diversified its businesses into other sectors of the energy value chain.
Femi Otedola Profile Overview
|Real Name:||Femi Otedola|
|Birthday:||4th November 1962|
|Place of Birth:||Ibadan, Oyo State|
|Net Worth:||$1.8 billion (N697,266,000,000)|
|Partner(s):||Nana Otedola (Married)|
Otedola was born on 4th November 1962 in Ibadan, the capital of Oyo State, south west Nigeria, into the family of the late Sir Michael Otedola, Governor of Lagos State from 1992 to 1993. Otedola is the founder of Zenon Petroleum and Gas Ltd, and the owner of a number of other businesses across shipping, real estate and finance. . As of 2020 Femi Otedola net worth is $1.8 billion.
Identified an opportunity in the fuel retail market in 2003, Otedola secured the finance to set up Zenon Petroleum and Gas Ltd, a petroleum products marketing and distribution company. He invested N15 billion in downstream infrastructure development and acquired storage depots at Ibadon in 2004, in Apapa as well as four cargo vessels, amounting to a combined total storage capacity of 147,000 metric tonnes. The same year he acquired a fleet of 100 DAF fuel-tanker trucks for N1.4 billion.
Femi Otedola net worth
Zenon controlled a major share of the Nigerian diesel market in 2005, supplying fuel to most of the major manufacturers in the country including Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestle and Guinness. In 2007, Otedola was appointed chairman and chief executive of Africa Petroleum through the acquisition of a controlling stake in the business.
In that same year he personally acquired a further 29.3 per cent of the company for N40 billion. With the merging of this personal holding with Zenon, Otedola’s total stake rose to 55.3 per cent. Forbes has it that Femi Otdola’s net worth is estimated to be $ 1. 8 Billion making him one of the richest men in Africa.
African Petroleum re-branded on December 2010, changing its name to Forte Oil PLC. Otedola carried out a restructuring of the business, focusing on technology and improved corporate governance. Otedola established CentreForce Ltd, specialising in finance, investments and trading. Otedola is also the owner of Swift Insurance. Otedola is currently the chief executive and president of SeaForce Shipping Company Ltd which was at one time Nigeria’s largest ship owner after extending control over the distribution of diesel products. One of his ships, a flat bottomed bunker vessel has a storage capacity of 16,000 metric tonnes, was the first of its kind in Africa.