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An overview of the life of Femi Otedola, one of Nigeria’s richest men

Femi Otedola
Femi Otedola

This page contains detailed information about Femi Otedola’s net worth and biography.

According to Forbes, Femi Otedola is a Nigerian business tycoon with an estimated net worth of $1.8 billion.

Due to his investments in several businesses, it is difficult to estimate Femi Otedola’s actual net worth.

Despite this, Forbes estimated Femi’s net worth as $1.8b in 2016.

Table of Contents

About Femi Otedola

 

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Mr. Femi Otedola is a philanthropist, a businessman, and the former CEO of Forte Oil Plc as well as a fuel product importer from Nigeria. He is the father of Nigerian DJ DJ Cuppy.

The net worth of Femi Otedola, according to Forbes records, is $1.8 billion.

On the 4th of November, 1962, Femi Otedola was born in Ibadan to Michael Otedola and lady Doja.

During the 1992-1993 period, Femi’s father, Sir Michael Otedola, was Lagos State Governor.

Zenon Petroleum and Gas Ltd is founded by Odedola, who also owns several other businesses in shipping, real estate, and finance.

A recent example of his investment is power generation, as Nigeria has liberalized the energy sector.

Femi Otedola is also known for being a fitness fanatic, who spends at least an hour at the gym every day.

Femi Otedola Family

Femi Otedola has four children from two women:

  • Tolani Otedola
  • Florence Ifeoluwa
  • Elizabeth Temi, and
  • Fewa
Tolani Otedola
Tolani Otedola

Olayinka Odukoya, Femi’s first ex-lover, gave birth to Tolani Otedola, Femi’s oldest daughter.

Femi’s mother allegedly refused to allow her son to marry Tolani’s mother, Olayinka, after the birth of Tolani Otedola.

Femi Otedola later married Nana Otedola after leaving Olayinka.

Fewa, the son of Femi Otedola was diagnosed with an autism disorder at birth.

Fewa
Fewa

DJ Cuppy, real name Florence Otedola, is a DJ and music producer who is also a Nigerian tourism ambassador.

DJ Cuppy
DJ Cuppy

During President Buhari’s inauguration in Nigeria in May 2015, she also served as an official disc jockey.

The younger sister of DJ Cuppy, Temi Elizabeth, is an aspiring fashion designer, style blogger, and actress.

Temi Elizabeth
Temi Elizabeth

Her acting debut is reported to be in Kunle Afolayan’s upcoming movie, “Citation.”.

In contrast to the two other sisters, Tolani prefers to keep a low profile.

Femi Otedola’s companies

Femi Otedola is an entrepreneur from Nigeria who owns many businesses in the country.

Below is a list of Otedola’s companies:

  • Zenon Petroleum and Gas
  • Forte Oil
  • CentreForce Limited
  • Geregu Power Plc

Zenon Petroleum and Gas

Zenon Petroleum and Gas Limited was founded in 2003 by Femi Otedola as a marketing and distribution company for petroleum products.

By 2005, Zenon controlled a majority share of the Nigerian diesel market as a result of an investment of N15 billion in downstream infrastructure development.

Among the manufacturers Zenon supplied fuel to are Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestle and Guinness.

Zenon’s company Otedola went through a crucial year in 2005.

Using his company Zenon, he acquired 28.7% of African Petroleum, one of Nigeria’s largest fuel marketers.

He acquired an additional 29.3 percent of African Petroleum in December 2007 for N40 billion, which gave him a controlling interest (58%) in the company.

In the financial sector, Zenon invested in a variety of Nigerian banks including Zenith Bank and United Bank for Africa (UBA).

The company has also played an important role in the kerosene market.

Forte Oil

Forte Oil PLC was rebranded from African Petroleum in December 2010, and Otedola contributed to a reorganization that focused on technology and improved corporate governance.

In 2012, Forte Oil became profitable.

In 2013, in a bid to liberalize Nigeria’s struggling power sector, Otedola funded 57% of Forte Oil subsidiary Amperion Ltd, which purchased the 414 MW Geregu Power Plant for $132 million.

Forte Oil, a publicly-traded oil marketing and power generation company, was controlled by Femi Otedola of Nigeria.

As an original Nigerian subsidiary of British Petroleum (BP), Forte Oil boasts over 500 gas stations in the country.

Besides owning oil storage depots, the company also manufactures its own line of engine oils.

During Otedola’s tenure in 2013, the company acquired a government-owned stake in a gas-fired power plant in Kogi state (North-Central Nigeria).

In September 2015, Swiss commodities giant Mercuria said it would acquire a 17% stake in Forte Oil for $200 million; as of late February 2016, the transaction is not yet complete.

Femi Otedola sold Forte Oil Plc to Prudent Energy Services Ltd after receiving full payment for the deal in June 2019.

The deal was confirmed by Mr Otedola through his Instagram profile.

Otedola, with an estimated net worth of $1.2 billion, appeared as the second Nigerian billionaire after Aliko Dangote on the Forbes’ list in March 2009.

Upon acquiring a controlling interest in Africa Petroleum, he was named chairman and chief executive of Africa Petroleum and made the Forbes list.

From Forte Oil to Geregu

A subsidiary of Forte Oil Plc, Amperion Power Distribution Company Limited bought Geregu during the power sector privatization in 2013.

This was followed by an initial investment of $94 million. The plant received an additional investment of $350 million in 2018.

Femi Otedola as a Philanthropist

Femi Otedola has made numerous philanthropic gestures, including a gift towards completing the Numerical Ecumenical Centre in 2005.

Additionally, he donates to Michael Otedola’s University scheme, and it has benefited more than 1,000 students.

The University’s Scheme fund was reported to have received N200m from Zenon in 2005.

Femi made a N200-million donation to the State Security Trust Fund in 2007 in an effort to ensure that Lagos is crime-free.

In 2007, he gave Otedola College of Primary Education N100million as part of his donation to the school.

Femi Otedola’s philanthropy has also benefited the Faculty of Agriculture at the University of Port Harcourt with his gift of N80million.

Femi Otedola pledged to build Augustine University a fully furnished faculty of Engineering worth N500million during the Augustine University Fundraising and Founders Day in 2018.

Also, he donated more than $14 million to Save the Children through his daughter, DJ Cuppy’s Foundation, to support various interventions for destitute children in Nigeria’s northeast region.

The Super Eagles received the 25,000 dollars that Femi Otedola pledged in the 2019 AFCON match against Algeria.

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