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.
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.