Femi Otedola

About Femi Otedola

Birth Day: November 04, 1962
Birth Place: Nigeria
Birth Sign: Sagittarius
Residence: Lagos, Lagos State, Nigeria
Occupation: Chairman of Forte Oil PLC
Spouse(s): Nana Otedola
Children: •Florence "DJ Cuppy" Otedola •Olawumni Christy Otedola •Temi Otedola •Fewa Otedola
Parent(s): Sir Michael Otedola

Femi Otedola Net Worth

Femi Otedola was bornon November 04, 1962 in Nigeria. Femi Otedola of Nigeria is the controlling shareholder of publicly traded Forte Oil, an oil marketing and power generation company. Originally a Nigerian subsidiary of British Petroleum (BP), Forte Oil has more than 500 gas stations across the country. It owns oil storage depots and manufactures its own line of engine oils. In 2013, Otedola led the company to purchase a government-owned stake in a gas-fired power plant in Kogi state in 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. Otedola's daughter, Ifeoluwa, is a popular disc jockey who goes by the moniker 'DJ Cuppy'. She was the official disc jockey during the May 2015 inauguration of Nigeria's President Muhammadu Buhari. Otedola is a fitness buff, spending at least one hour in the gym every day.
Femi Otedola is a member of Energy

💰 Net worth: $1.8 Billion

2015 $1 Billion
2016 $1.8 Billion
2018 $1.8 Billion

Biography/Timeline

1980

In the late 1980s he ran the marketing for his family's printing press before going on to trade petroleum products.

1985

Otedola has made several donations to the Michael Otedola University Scholarship Scheme, which was established in 1985 to give underprivileged students in Lagos State access to higher education. In 2005 Zenon donated N200 million to the scheme's fund. Since its inception the scheme has benefited more than 1,000 students.

1992

Otedola was born in Ibadan, the capital of Oyo State, western Nigeria, into the family of the late Sir Michael Otedola, Governor of Lagos State from 1992 to 1993.

1994

In 1994 Otedola established CentreForce Ltd, specialising in Finance, Investments and trading. He is also the owner of Swift Insurance.

2003

In 2003, having identified an opportunity in the fuel Retail market, Otedola secured the Finance to set up Zenon Petroleum and Gas Ltd, a petroleum products marketing and distribution company.

2004

As owner and chairman of Zenon, in 2004 he invested N15 billion in downstream infrastructure development and acquired storage depots at Ibafon, 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.

2005

In 2005 Otedola made a N300 million personal donation to the completion of the National Ecumenical Centre—Nigeria's primary place of Christian worship—in Abuja. In 2007 he was among a group of donors who gave N200 million to the State Security Trust Fund in a drive to reduce crime in Lagos State. Later that year he donated N100 million to the Otedola College of Primary Education in Noforija, Epe. In 2008 he donated N80 million to the Faculty of Agriculture at the University of Port Harcourt.

2006

In January 2006 Otedola was appointed a non-executive Director of Transnational Corporation of Nigeria Plc, a multi-sectoral conglomerate established in 2004 by then-President Obasanjo to respond to market opportunities requiring heavy capital investment in Nigeria and across sub-Saharan Africa. He held this post until February 2011.

2007

Otedola has made a number of real estate Investments, including a N2.3 billion acquisition in February 2007 by Zenon of Stallion House in Victoria Island in Lagos, from the Federal Government. The following month he was appointed chairman of the Transcorp Hilton Hotel in Abuja and tasked with driving its expansion and upgrade to a seven star facility. He is the owner of FO Properties Ltd. Otedola has been reported to be a major financier of the People's Democratic Party and is said to have contributed N100 million to President Obasanjo's re-election expenses in 2003. He was a close ally of President Goodluck Jonathan. He has served as a member of the Nigerian Investment Promotion Council (NIPC) since 2004, and the same year was appointed to a committee tasked with developing commercial relations with South Africa. In 2011 Femi Otedola was appointed by President Goodluck Jonathan to Nigeria's National Economic Management Team.

2008

Following Otedola's entry into the company African Petroleum's share price rose sharply, increasing the market capitalisation from N36 billion to N217 billion in six months. In 2008, in response to public concerns over the availability and pricing of Kerosene, African Petroleum launched an initiative to saturate the market and sell the fuel at N50 per litre from more than 500 Service stations across Nigeria.

2009

In March 2009 Otedola became the second Nigerian after Aliko Dangote to appear on the Forbes list of dollar-denominated billionaires, with an estimated net worth of $1.2 billion. In October 2009 Otedola announced a move to upgrade African Petroleum's liquefied petroleum gas (LPG) storage terminals in Lagos, Kano and Port Harcourt. Difficult economic conditions caused by the slump in world oil prices and credit squeeze of 2008–09 led African Petroleum to record a loss in 2009.

2010

In December 2010 African Petroleum rebranded, changing its name to Forte Oil PLC. Otedola carried out a restructuring of the Business, focusing on Technology and improved corporate governance. Forte Oil returned to profit in 2012.

2012

In 2012 Zenon was among a number of companies named in a report into an alleged fuel subsidy scam. According to the report Zenon owed the government $1.4 million. It was further reported that Farouk Lawan, the Nigerian legislator who compiled the report, had apparently been filmed collecting $500,000 of a supposed total sum of $3 million from Femi Otedola to remove Zenon from the list. It subsequently emerged that Otedola had previously reported Lawan's harassment and demands for bribes to the State Security Services, who had orchestrated a sting operation. Lawan was charged with corruption in February 2013.

2013

Otedola is married to Nana Otedola and has three daughters – Christine Olawunmi, Florence Ifeoluwa and Elizabeth Temi—and a son, Fewa. Florence Otedola, aka DJ Cuppy, is a DJ and music Producer, as well as a tourism ambassador for Nigeria. Her younger sister, Temi, is a style Blogger and aspiring designer. Otedola has homes in Lagos, Abuja, Dubai, London and New York City.

2015

In September 2015 Forte Oil sold 17 per cent of its equity to Swiss commodity trader Mercuria Energy Group, giving Forte access to global commodity markets. The deal was thought to have given Otedola an estimated $200 million.

2016

In December 2016, Otedola was embroiled in a controversy where two Toronto-based sisters—Jyoti and Kiran Matharoo—reportedly tried to extort him by cyberbullying and blackmail, claiming they had evidence of Otedola cheating on his wife that they would post on a notorious sex-scandal website.

Some Femi Otedola images