Femi Otedola: The True Story Of How He Became A Major Player In The Oil & Gas Industry

Mr. Femi Otedola is a Nigerian oil mogul and one of the richest people in Africa. Born on the 4th of November 1962, Femi Otedola is a son of a former governor of Lagos State, Sir Michael Otedola. He obtained a university degree at Obafemi Awolowo University, Ile-Ife, Osun State. Before venturing into the petroleum industry, he took charge of his family’s printing press business. In 1994, Mr. Otedola started Centre Force Limited which specialized in finance, investment, and trading.

CAREER

Mr. Femi Otedola has asserted himself in the market of the Nigerian oil and gas. In 2003, he founded the Zenon Petroleum and Gas Limited which specializes in the marketing and distribution of petroleum products. In 2004, Mr. Femi Otedola invested 15 billion Naira in Zenon which was used in infrastructure development and acquiring storage depots and cargo vessels. The company owns storage depots at Ibafon and Apapa and also possesses four cargo vessels. Three of the cargo vessels are named after his father, mother, and wife. Their names are MT Sir Michael, MT Lady Doja, and MT Nana respectively while the last one is named Zenon conquest. Zenon controls a major share of the diesel market and supplies fuel to most of the major Nigerian manufacturing industries. These include Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestle, and Guinness. Zenon was able to seize control of the market in a very short time. 

In 2007, Femi Otedola acquired a major share of African Petroleum Company and was appointed as the chairman of the company. Later he acquired 29.3 percent of the company’s shares and became the major shareholder. He has become extremely rich and in 2009, was listed in Forbes. The company’s name was later changed to Forte Oil Plc. It was also restructured and rebranded. The company now owns over 500 petrol stations across the country.

Other companies owned by Mr. Femi Otedola include SeaForce Shipping Company Limited which at one point made him the largest ship owner in Nigeria. He is the owner of Swift Insurance and FO Properties Limited as well. He was also appointed as chairman of the Transcorp Hilton Hotel in Abuja in 2007.

As a result of his success and influence in the Nigerian economy, Otedola was appointed a non-executive director of Transnational Corporation of Nigeria Plc in 2006. It is a multi-sectoral conglomerate established in 2004 by then President Obasanjo.

Femi Otedola is a member of the Nigerian Investment Promotion Council (NIPC). He was also appointed as a member of the Nigeria’s National Economic Management Team in 2011 by former President Goodluck Jonathan.

FEMI OTEDOLA NET WORTH

In March 2009, Mr. Femi Otedola’s net worth was estimated around $1.2 billion which earned him a spot on the Forbes list of richest men. But due to the recession in Nigeria and fall in the value of the Naira, his net worth has reduced. According to the Forbes post on the 17th of October, 2016, the net worth of Mr. Femi Otedola was estimated at around $550 million.

In 2014, he was listed by Forbes as number 29 among the richest people in Africa.

FAMILY

Mr. Femi Otedola is married to Nana Otedola. She is the owner and CEO of Garment Care, a dry-cleaning enterprise. Together they have three daughters and a son. One of his daughters, Florence Otedola, is also known as DJ Cuppy. She is an international music producer, DJ, and a tourist ambassador for Nigeria. The other daughter, Temi, is a designer and style blogger.