Femi Otedola Net Worth 2020 And Biography. Being one of the wealthiest men in Nigeria is no joke. Nigeria has produced several billionaires and Femi Otedola is not an exception. Nigeria which is the most populous country in Africa has lots of entrepreneurs and businessmen, with some of them among the Forbes list.
Femi Otedola Net Worth 2020 And Biography
- Full Name: Femi Otedola
- Date Of Birth: November 4, 1962
- Occupation: Chairman Forte Oil Plc / Zenon Oil and Gas
- Femi Otedola Net Worth: $1.2 Billion
- Private Phone Number: N/A
- Marital Status: Married To Nana Otedola
- Country Of Origin: Nigeria
Success is not attained in one day, hard work and self-development must also be put into place. Being a successful man is not a days job, as it will take you series and years of time. In this article, we are going to look at the life of one of Nigeria’s billionaire Femi Otedola. I believe the Otedola name sounds familiar, as it is now popular not only in the business world but also the entertainment industry. Now, the question goes like this, who is Femi Otedola? Just read this article and everything you need to know about him will be stated here.
Background and Early Life
Femi Otedola was born November 4, 1962, he hails from Ibadan, Oyo state Nigeria. Otedola is an entrepreneur and the CEO of Forte oil plc. Forte oil plc is a legitimate importer of fuel products, it was formerly an auxiliary of British Petroleum. Forte oil plc now has over 500 Gas Station across Nigeria, and it also manufactures it’s own line of engine oil and owns storage gas depots. Apart from being the CEO of Forte oil plc, it should be known that Mr. Otedola is the founder of Zenon Petroleum and Gas Ltd and he is also involved in the power generation as part of the Liberalisation of the section in Nigeria. Mr. Otedola also owns a number of other business like real estate and finance with shipping. Femi Otedola has been tagged a philanthropist, he married Mrs. Nana Otedola and they both have five(5) children together which are Florence Otedola which is now popularly called DJ Cuppy in the entertainment industry, Olawumni Christy Otedola, Temi Otedola, Prince Otedola and Fewa Otedola.
Femi was born into a family of wealth, his father Sir Michael Otedola served as Governor of Lagos state from 1992 to 1993, his mother was Lady Doja. Femi studied at the prestigious Obafemi Awolowo University from the year 1980 to 1985 after then he ventured into marketing when his family owns a printing press, after that he went to trade petroleum products.
Going into the oil sector was not an easy task as at then in 2003, the oil sector was not having lots of competitors. He got an opportunity in the fuel retail market, that was when he started up Zenon Petroleum and Gas Ltd. Femi Otedola spent lots of money for Zenon petroleum as it was said that he pumped N15 billion in downstream infrastructure development and he acquired storage depots at Ibafon and Apapa. Going upward, Otedola made lots of money from Zenon petroleum, Zenon controlled a major share of the Nigerian Diesel market which made them supply fuel to most manufacturers in the country which includes Dangote group, Nestles, Guinness, MTN, Nigerian Breweries, Coca-Cola, Unilever and some others. Otedola acquired four cargo vessels which have a storage of 147,000 metric tonnes, fleets of 100 DAF fuel tanker trucks for N1.4 billion.
In the year 2007, Otedola became the chairman and Chief executive of Africa petroleum. He was able to acquire this through controlling a stake. In that same year, Otedola acquired a 29.3% of the company for N40 billion. After the merger, this brought Otedola stake to 55.3% in December. During the year 2009, Femi Otedola made a move to upgrade African petroleum liquefied petroleum gas (LPC) storage terminals in Lagos, Kano and Port Harcourt. That same year, the company recorded a loss which was caused by the slump in world oil prices. He is also the owner of FO properties Ltd, he was rumoured to be the major financier Of the people’s Democratic Party and is said to have contributed N100 million. March that same year he became the second Nigerian to appear on the Forbes list of a dollar-denominated billionaire with an estimated net worth of $1.2 billion. It was during December 2010, African petroleum changed its name to Forte oil, the aim was to help improve the business and makes a good profit.
Zenon petroleum was involved in some scandal in 2012. The company was among the oil firms, which was listed in a report allegedly involved in fuel subsidy scam. Zenon owed the government $1.4m and later reported that Otedola bribed his way through.
Otedola is generally known for his philanthropic activities. He donated money to the needy. He donated to Michael Otedola university scholarship scheme which was aimed at giving the underprivileged students in Lagos state access to higher education. He also made a personal donation of N300 million to the completion of the national ecumenical centre. It also gave out N200 million to the state security trust fund in an effort to reduce crime in Lagos state. He donated N80 million in 2008 to the faculty of Agriculture at the University of Port Harcourt and also N100 million to the Otedola college of primary education.
Femi Otedola Net Worth 2020 In Dollars And More Businesses
For interested readers asking How much is Femi Otedola worth? Well, as at the time of this post update, he is believed to worth up to an estimated $1.2 billion dollars.
Finally, Femi Otedola is also involved in several other businesses. Like finance, investment and trading. Otedola is the owner of swift insurance, also the Chief executive and president of sea force shipping company Ltd. His shipping company was at one point Nigeria’s largest ship owner after extending control over the distribution of diesel products. He also has a large number of real estates investments which includes an N2.3 billion acquisition by Zenon of Stallion house in Victoria Island Lagos. The year 2006, he was appointed a non-executive director of Transnational Corporation of Nigeria Plc. After that, the following year, he was appointed as chairman of Transcorp Hilton Hotel Abuja and his task was to drive its expansion and upgrade to a seven-star facility.
In conclusion, as you have read about Otedola, we can see that he is very successful, there were also some trial times for him but he never gave up. He has achieved a lot and has also helped and given back to the public. His networth is $2.3 billion and he is among the richest in Nigeria.
That’s all about Femi Otedola Net Worth And Biography.
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