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On November 4th, 1962, Femi Otedola was born in Ibadan, Oyo State, to Sir Michal Otedola, a former governor of Lagos State from Epe, and Lady Doja Otedola. Sir Michal Otedola is Femi Otedola’s father. Entrepreneurial in nature as well as generous financially, Femi serves as Chairman of both Forte Oil PLC and Geregu Power PLC. Otedola spent his childhood in Ibadan and Lagos and received his elementary and secondary education in both of those cities. After that, from 1980 through 1985, he attended classes at Obafemi Awolowo Institution in Ile-Ife, which is located in Osun State. There, he earned a degree from the university. While he was still a child, he controlled his family’s printing press company.
Otedola established Centre Force Limited in 1994 and quickly became successful in finance, investment, and commerce. In addition to that, he serves as the President and Chief Executive Officer of Zenon Petroleum and Gas Limited. Fuel is supplied by the business he established in 2003 to most of the country’s most prominent manufacturers, including Dangote Group, Nigerian Breweries, Dangote Communications, Nestle, Unilever, and Coca-Cola, among others. The business expanded rapidly, and by 2005 it had already commanded a significant portion of the diesel market in Nigeria. By that time, it was supplying fuel to the vast majority of the country’s most important manufacturers, including the Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestle, and Guinness, among others.
He was given the position of chief executive officer and chairman of Africa Petroleum in 2007, the same year the company changed its name to Forte Oil Plc. In 2008, he made a philanthropic contribution to the University of Port Harcourt’s Faculty of Agriculture in 80 million Nigerian nairas. In 2011, he was named to Nigeria’s National Economic Management Team by President Goodluck Jonathan. Recently, he invested in electricity production as part of the deregulation of the sector in Nigeria, and in 2011, he was selected to serve on the team by President Jonathan. In addition, he established the following businesses: FO Transport and Sea Force Shipping Company Limited, Swift Insurance, Atlas Shipping Agency, and FO Properties Limited.
Femi Otedola has repeatedly shown that he is not a guy who can be pigeonholed into a particular field of industry or trade. He has shown that he is skilled in various areas and a master in them. In addition to being the owner of Swift Insurance, he founded Centre Force Ltd., which focuses on finance, investments, and trade. Following Aliko Dangote’s footsteps, he is the second Nigerian to make it into the list of dollar-denominated billionaires published by Forbes. Additionally, Forbes Magazine ranked him as the 29th wealthiest man in Africa in 2014, placing him in that position.
Otedola is married to Nana Otedola, and the couple has four children: Olawunmi Christy Otedola, Florence Ifeoluwa Otedola, Elizabeth Temi Otedola, and a boy named Temi Otedola. Temi is the eldest of the Otedola children. His daughter, Florence Otedola, better known by her stage name DJ Cuppy, is both a music producer and a tourist ambassador for Nigeria. Another one of Temi’s daughters, Elizabeth Temi, is a well-known fashion blogger and designer. He owns real estate in many major cities throughout the globe, including New York City, London, Lagos, Abuja, and Dubai.
In the 1980s, Femi Otedola worked for the printing press that his family owned and operated before starting his career in the petroleum industry. In addition to his education at Obafemi Awolowo University in Ile-Ife, he maintained his employment at his father’s printing firm during his time there. The knowledge and experience he gained working for the printing firm laid the groundwork for the rest of his career and gave him an introduction to the essential business tactics he needed for success. As a result of this, Femi established several enterprises, made investments in several other firms, and propelled himself into a position as one of the wealthiest individuals in Nigeria and Africa, more generally.
There are highs and lows, opportunities to take risks, and time to relax and enjoy business rewards. Femi Otedola had several challenges along the way to the pinnacle of his profession. In the beginning, he had a growing amount of success and made it into the Forbes list of World Billionaires. He could destroy all he had labored for within nine months, bringing his net worth down from $1.8 billion to $550 million. Femi was able to weather the storm and get back into the industry; however, this time, she was much more successful than before. He began with a net worth of $550 million and worked his way up to his present net worth of $5.9 billion as of 2021. The following is a rundown of how he accumulated his money and the businesses and assets he profits from.
After gaining sufficient knowledge and experience in the business world, he decided to launch his own company. Instead of taking it easy or continuing in his father’s firm and business line, he went into the oil and gas industry as a business endeavor. Femi Otedola established Zenon Petroleum and Gas Ltd. in 2003. The marketing and distribution of petroleum products make up the bulk of the company’s operations. As a result of the company’s expansion and subsequent success, by 2005, Zenon had become a well-known brand in the petroleum industry in Nigeria. In 2005, the firm obtained a loan of $1.5 billion from ten different banks in Nigeria to acquire the most significant storage facility in Africa devoted to motor spirits.
During the same year, Femi purchased three cargoes and gave each one a name after a member of his family: the MT Lady Doja, the MT Sir Michael, and the MT Nana. As a business, Zenon was successful in securing business relationships with leading Nigerian corporations, which it supplied with petroleum products. Nestle, Unilever, Guinness, the Dangote Group, Coca-Cola, Cadbury, and Nigerian Breweries are just a few corporations that fall under this category. In later years, the corporation purchased the most significant portion of African Petroleum Plc, amounting to 55.3%. (AP). After that, he had ownership of 75% of the business. Femi became the firm’s Chief Executive Officer and Chairman after obtaining the most prominent part in African Petroleum. He also became the company’s President.
In 2010, the company’s name was officially changed to Forte Oil PLC due to his suggestions and efforts to rebrand AP. To begin, Forte Oil operates over 500 petrol stations around the nation, producing its engine oil and possessing several oil storage depots. By going via Forte Oil, Femi was able to acquire several additional shares and enterprises. Forte Oil was responsible for developing the Geregu Power Plant (with a value of $132 million) and another power plant located in Kogi State in 2013. In 2015, Femi Otedola parted ways with 17% of the firm he founded by selling them to the Swiss commodities trader Mercuria Energy Group. According to the reports, he reportedly gained more than $200 million from the sale.
In November 2016, he encountered a significant oil and gas industry obstacle. The decline in the price of Forte Oil shares in 2016 caused him to lose more than fifty percent of his fortune. When was also a time that there was a currency crisis in Nigeria, and he was also impacted by it. Since Femi’s net worth dropped from $1.8 billion to $550 million, so he is no longer considered among the world’s billionaires. He did not feel disheartened or compelled to take his own life; instead, he successfully revived the enterprise. Despite this, Otedola sold the business to Prudent Energy Services Limited in 2019, which resulted in a significant profit for him.
In the wake of Femi’s acquisition of the Geregu Electricity Plant during the power industry’s privatization process, Geregu received an investment of $94 million. Ameperion Power Distribution Company, which is a subsidiary of Forte Oil, was the entity that was responsible for acquiring this power plant. Later on, in 2018, immediately before the sale of Forte Oil PLC, a total of $350 million was spent on the facility. In 2019, he focused on Geregu Power Plc, a power-producing firm, and sold 75% of his interests in Forte Oil. He did this to demonstrate that the power business is growing more lucrative by the day and quit his position in the oil and gas sector to pursue a career in the power sector.
Following a decline of -6.35 percent in the value of his stake in First Bank Holdings, the billionaire Femi Otedola had a mixed fate on the Nigerian capital market. On the other hand, during that period, he saw a gain of 20.9 percent in the value of his investment in Geregu Power. Following a reduction in demand for First Bank’s shares on the capital market, an analysis of Otedola’s investing activity during trading on December 29 revealed that he suffered a loss of N1.49 billion. On Wednesday, trading in First Bank’s shares came to a close at N11.8kobo per share, the same share value that the institution had attained the previous Friday.
On Thursday, however, a sell-off in the capital market caused the share value to decrease, resulting in investors holding First Bank shares suffering a loss of N26.9 billion. The millionaire was responsible for 1.49 billion of the total losses. As a result, the value of Otedola’s interest in First Bank dropped from N23.59 billion to N22.09 billion, and the entire market value of FBN Holdings dropped from N423.56 billion to N396.64 billion when trading was terminated.
The Africa Export and Import Bank have a department dedicated to impacting development called FEDA (Afreximbank). According to a previous article by THEWILL, after Geregu overcame the obstacle posed by the regulator, the power firm made its debut on the NGX with a market value of N250 billion. The electricity company has a market capitalization of N307 billion, and its outstanding shares are trading at N122.80 per.
Femi Otedola, a multibillionaire businessman and philanthropist, is going all out to celebrate his sixtieth birthday in style. He is not skimping on the expenses. The business magnate celebrated his 60th birthday by renting a super luxury boat, the Christina O, for around three million euros. The oil mogul chartered the super yacht that belonged to one of his boyhood heroes, the late Greek shipping tycoon Aristotle Onassis, who was once considered the wealthiest man in the world, to commemorate the momentous occasion that took place on November 4th.
Femi Otedola Phone Number, Email Address, Contact No Information and More Details
Femi Otedola Addresses:
Femi Otedola, Ibadan, Nigeria
Fanmail Address / Autograph Request Address:
Femi Otedola Contact Phone Number and Contact Details info
- Femi Otedola Phone Number: Private
- Femi Otedola Mobile Contact Number: NA
- WhatsApp Number of Femi Otedola: NA
- Personal Phone Number: Same as Above
- Femi Otedola Email ID: NA
Social Media Accounts of Content Creator ‘Femi Otedola ’
- TikTok Account: NA
- Facebook Account (Facebook Profile): https://www.facebook.com/FemiOtedolaCON
- Twitter Account: https://twitter.com/realfemiotedola
- Instagram Account: https://www.instagram.com/femiotedola
- YouTube Channel: NA
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- Official Website: NA
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Personal Facts and Figures
- Birthday/Birth Date: 4 November 1962
- Place of Birth: Ibadan, Nigeria
- Wife/GirlFriend: Nana Otedola
- Children: DJ Cuppy, Temi Otedola, Fewa Otedola, Tolani
- Age: 60 Years old
- Official TikTok: NA
- Occupation: Businessman
- Height: 1.75 m
- Salary of Femi Otedola: $1.2 billion
- Net worth: $1.2 billion
- Education: Yes
- Total TikTok Fans/Followers: Not Known
- Facebook Fans: Not Known
- Twitter Followers: 750.2K Followers
- Total Instagram Followers: 1.4 million followers
- Total YouTube Followers: Not Known
|Femi Otedola Contact Address, Phone Number, Email ID, Website|
|House address (residence address)||Ibadan, Nigeria|
|Whatsapp No.||Not Available|
Some Important Facts About Femi Otedola:-
- Femi Otedola was born on 4 November 1962.
- His Age is 60 years old.
- His birth sign is Scorpio.