Olufemi Peter Otedola, is a famous Nigerian business mogul and philanthropist, born on November 4, 1962, in Ibadan, the capital of Oyo State, southwest Nigeria.
Otedola is the former chairman of Forte Oil PLC, and is the current executive chairman of Geregu Power PLC.
He founded Zenon Petroleum and Gas Ltd. and also owns a variety of other companies in the shipping, real estate, and financial industries.
As one of the most prominent billionaires in Nigeria, Femi Otedola has investments in every significant area of the country’s economy. He has long been a significant figure in the country’s oil and gas sector.
On November 4, 1962, a lovely couple, Michael Otedola and Lady Doja welcomed their first child, Femi.
From 1992 to 1993, Sir Michael Otedola presided as the governor of Lagos State.
Otedola bagged his first degree from the Obafemi Awolowo University Ile-Ife.
Femi is a happy married man. He is married Nana Otedola, and they share four children. He has residences in Lagos, Dubai, Abuja, London, and New York City.
He was previously in love with Olayinka Odukoya, but, the relationship did not work out as Femi’s mother was said to have forbade her son from marrying her.
However, Femi and Olayinka share a child, Tolani Otedola, who happens to be the only child of Olayinka Odukoya and Femi’s first daughter.
After the birth of Tolani Otedola, Femi Otedola divorced Olayinka and wed Nana Otedola.
Femi Otedola’s kid Fewa was identified as having autism at birth.
Florence, famous as DJ Cuppy, is a music producer, DJ, and Nigerian tourism advocate.
In May 2015, during the inauguration of President Muhammadu Buhari, Cuppy served as the official DJ.
Temi Elizabeth, DJ Cuppy’s younger sister, is a fashion blogger and aspiring fashion designer.
There have recently been rumours that she made her acting debut in Kunle Afolayan’s forthcoming film, “Citation.”
Songwriter and singer Tolani Otedola prefers to maintain a low profile as opposed to the other two sisters.
Femi Otedola Career
Otedola kicked off his career in business when he entered the Nigerian fuel retail sector in 2003.
Soon after, he founded Zenon Petroleum and Gas Ltd, a business that sells and distributes petroleum products. He invested a whopping ₦15 billion in 2004 as the owner of Zenon Petroleum.
He purchased storage facilities in Apapa and Ibafo as well as four cargo ships with a combined storage capacity of 147, 000 metric tons.
He also paid ₦1.4 billion for a fleet of 100 DAF fuel tanker trucks in 2004.
Zenon Petroleum & Gas Ltd. had expanded significantly in Nigeria by 2005 and was supplying fuel to significant businesses, including Coca-Cola, Nigerian Breweries, MTN, Unilever, Dangote, Guinness, and many others.
Otedelo’s vision of developing the largest premium motor spirit storage facility in Africa through Zenon Petroleum needed a loan from 10 Nigerian banks in March 2007.
Zenon bought a 28.7% stake that same year, making it one of the country’s largest fuel companies.
In 2012, Otedola’s Zenon was allegedly a victim of a scam, it was named by the senate overseeing the investigation as a corporation that defrauded the Nigerian government of $1.4 million.
Otedola was later cleared in the case, while Lawan Farouk was found guilty of taking bribes to conceal crimes.
Femi Otedola purchased a share in African Petroleum in 2007, bringing his overall ownership in the company to 55.3%, after Zenon’s success between 2007 and 2008. For the benefit of his shareholders, Zenon Petroleum & Gas Ltd. and African Petroleum merged, with Femi Otedola as the chairman of the new company.
Additionally, African Petroleum changed its name in 2010 to become Forte Oil Plc. Femi Otedola, who later sold his Forte Oil shares in 2019, moved fully into power in Nigeria with Geregu Power Plc, his company.
He was appointed as a non-executive director of Nigeria Plc, a transnational firm, in January 2006.
In January 2006, he was appointed as a non-executive director of Nigeria Plc, a transnational firm.
Femi Otedola is the chief executive and president of Sea Force Shipping Company Ltd. After expanding his grip over the distribution of diesel products, he once held the title of Nigeria’s largest ship owner.
Femi Otedola is one of Nigeria’s most successful business tycoon with an estimated net worth of $2 billion.
Worthy of note is the fact that in 2016, his net worth decreased from $1.8 billion to $550 million.
This was as a result of that year’s decline in Forte Oil stock.