Femi Otedola: Net Worth


In March 2009, Femi Otedola became the second Nigerian after Aliko Dangote to appear on the Forbes list of dollar denomination billionaires and one of the richest personalities to emerge from the African continent. Just how rich is Femi Otedola? What exactly does he do and what businesses is he into? Let’s do a little exploration together.

Femi Otedola was born in 1962 in Ibadan, Oyo state, Nigeria. He is the son of an ex-governor of Lagos state; Sir Michael Otedola who served between 1992 and 1993. He was exposed to business at a very young age as he was the head of the marketing department for the family’s printing press before later leaving to trade petroleum.

Otedola

He is married to Nana Otedola and they both have three daughters and a son. Among his children is Florence Otedola aka DJ Cuppy, the international DJ and tourism ambassador for Nigeria and Temi “Styles” Otedola who is a fashion designer and a fashion blogger.

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In 2003, he started Zenon oil and gas limited, with both his cash and some additional borrowed but much needed capital. Zenon oil and gas was actively involved in the production, marketing and distribution of petroleum and petroleum products. In 2004, he invested N16.4 billion in downstream infrastructure development and acquired storage depots in Apapa, four cargo vessels (147,000) metric tonnes, and 100 DAF fuel tankers.

By 2005, Zenon was the main supplier of fuel to companies like Dangote Group, Nigerian Brewries, MTN, Unilever, Nestle, Coca Cola, and Guinness. He had purchased 55.3% of African petroleum for N14 billion, shortly after he appointed chairman and chief executive of African petroleum through acquisition of the company’s stake. In 2010, he changed the name of African Petroleum to Forte Oil.

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As a philanthropist, Femi Otedola has made several donations to orphanages, universities, hospitals, communities and so on. In 2005, he personally made a N300Million donation to the National Ecumenical Centre. In 2007, he made a N100Million donation to the Otedola College of Primary Education in Epe. In 2008, he donated N80Million to the Faculty of Agriculture at the University of Port Hacourt.

Femi Otedola’s Net Worth currently stands at a staggering $3.59 Billion.

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3 Comments

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  1. Munachi

    Femi Otedola is this wealthy?? I guess his wealth somehow influenced the popularity of his daughter DJ Cuppy (cute girl)
    http://www.moss9ja.com
    And moreover, he seems to be wealthier than Deji Adeleke… I like men like this. Much money, no noise.

  2. kyjell

    You are right. They should be creating more production factories and jobs for people, and made in Nigeria tech goods, not oil-based punzi schemes with hardly any impact on our society and history. Look at what the Samsung or the Toyota group have done for their nations for instance. Compared to the rich of asia, who were also colonized, the rich of africa are a lousy lot, despite their money power. They remain clueless and or unwilling to really move africa forward. Can a nation in asia with such BIG [BABANGIDA] BOYS really have electricity POWER PROBLEM? Look at what Russian billionaires did to that nation’s falling economy in just 10 years of full market economy (2000-2010). Think about it. Yes governments sway policy, but money power must also must sway governments with REAL INDUSTRIES, not paper ones.

    USING MONEY POWER TO CREATE [SUSTAINED] PRODUCTION FOR REGENERATION OR EVEN MULTIPLICATION OF THE WEALTH IS THE NAME OF THE GAME. NOT PONZI SCHEMES AND (TAX EVADING) PHILANTHROPY.

  3. Pastor Tope Roberts

    I am happy reading a list of philantropic deeds of Femi Otedola. In around 2007, I heard on radio that he donated the sum of N200 Million Naira for purchase WAEC forms for some students in Lagos State. This is great! Nevertheless, Nigerians don’t feel the impact of charitable dole-outs of our moneybags. People are still grossly uncared for.

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