Femi Otedola: Biography, Family and Net Worth

Nigerian Business Tycoon and entrepreneur Femi Otedola.
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Franklin Izuchukwu

Who is Femi Otedola?

In the African hall of fame, there is no doubt that some personality outshines others. Top on the list of such personality is the popular Femi Otedola.

He was the former Chief Executive Officer of Forte Oil Plc. Femi Otedola’s net worth and success is a product of hard work, consistency and determination.

Femi has also had a fair share of business and personal challenges but never gave up. He is the father of the popular DJ Cuppy.

Femi Otedola's Background

Femi Otedola was born on the 4th of November, 1962 to Michael Otedola and lady Doja in Ibadan. Sir Michael Otedola was a one-time Lagos State Governor who served from 1992 to 1993. 

He is a Nigerian businessman, philanthropist, and former chairman of Forte Oil PLC, an importer of fuel products.

Otedola is the founder of Zenon Petroleum and Gas Ltd, and the owner of several other businesses across shipping, real estate and finance. He has recently invested in power generation as part of the liberalisation of the sector in Nigeria.

Otedola shows off her daughters; The young shall grow and they did.

Femi Otedola's Family and Personal Life

Femi Otedola has four children from two women; his first daughter is Tolani Otedola, his love child with his ex-lover, Olayinka Odukoya.

It was alleged that after the birth of Tolani Otedola, Femi's mother had refused her son marrying Tolani's mother, Olayinka. Femi Otedola later left Olayinka and got married to Nana Otedola.

The other three children are Florence Ifeoluwa, Elizabeth Temi and a son, Fewa (from Nana Otedola - their mother). Fewa was diagnosed with an autism disorder at birth.

Florence Otedola, aka DJ Cuppy, is a DJ and music producer, as well as a tourism ambassador for Nigeria. She was also the official disc jockey during the May 2015 inauguration of Nigeria's President Muhammadu Buhari.

Her younger sister, Temi, is a style blogger and aspiring designer. Otedola has homes in Lagos, Abuja, Dubai, London and New York City. Recently, there are reports that she made her acting debut in Kunle Afolayan's upcoming movie, "Citation".

Tolani Otedola is a singer and songwriter. Unlike the other two sisters, she likes keeping a low profile.

Femi Otedola is also known as a fitness buff, spending at least one hour in the gym every day.

Nigerian Business tycoon, Femi Otedola chilling with his wife, Nana Otedola.

The Otedolas and three Ferraris

The Nigerian billionaire and business tycoon, Femi Otedola set the internet ablaze when he gifted his three daughters three brand new Ferrari Portofino cars. Clacified reported that each of those three exotic cars is worth 84,323,750.00 Naira ($218,750),

Brand new Ferrari Portofino cars bought by Femi Otedola for his three Daughters.

Hiccup

During one of his interviews, he said “I had about 93 per cent of the diesel market on my fingertips. All of a sudden, oil prices collapsed, and I had over one million tons of diesel on the high seas, and the price dropped from $146 to $34.”

Despite this experience, Femi has risen to become one of the Nigerian billionaires ranking with the world’s richest. This wouldn’t have been possible if he had refused to re-strategize after the initial downfall of his company.

Femi Otedola's companies

Zenon Petroleum and Gas

Otedola setup Zenon Petroleum and Gas Limited, a petroleum products marketing and distribution company in 2003.

In 2004 he invested N15 billion in downstream infrastructure development thus by 2005, Zenon controlled a major share of the Nigerian diesel market, supplying fuel to most of the major manufacturers in the country including Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestle and Guinness.

The year 2005 was a crucial year for Otedola's company Zenon. He acquired a 28.7 per cent stake in African Petroleum, one of Nigeria's largest fuel marketers through his company Zenon.

In December 2007 he personally acquired a further 29.3 per cent of African Petroleum for N40 billion, this acquisition gave him a controlling stake of the company (58 per cent)

Zenon also invested across the financial sector, becoming the largest shareholder in a number of Nigerian banks including Zenith Bank and United Bank for Africa (UBA). As well as diesel, Zenon also became an important player in the kerosene market.

Forte Oil

In December 2010, African Petroleum rebranded, changing its name to Forte Oil PLC. Otedola carried out a restructuring of the business, focusing on technology and improved corporate governance. Forte Oil returned to profit in 2012.

In 2013, as part of the Federal Government's push to liberalise Nigeria's ailing power sector, Otedola financed 57% of Forte Oil subsidiary Amperion Ltd, which acquired the 414 MW Geregu Power Plant for $132 million.

Femi Otedola of Nigeria was the controlling shareholder of publicly traded Forte Oil, an oil marketing and power generation company.

Originally a Nigerian subsidiary of British Petroleum (BP), Forte Oil has more than 500 gas stations across the country. It owns oil storage depots and manufactures its own line of engine oils.

In 2013, Otedola led the company to purchase a government-owned stake in a gas-fired power plant in Kogi state (North-Central Nigeria).

In September 2015, Swiss commodities giant Mercuria said it would acquire a 17% stake in Forte Oil for $200 million; as of late February 2016, the transaction is not yet complete.

In June 2019 Femi Otedola completed his divestment from Forte Oil Plc after receiving full payment for the sale of the company to Prudent Energy Services Ltd.

Mr Otedola shared this on his Instagram Profile, confirming a deal that has been in work for months.

In March 2009, Otedola became the second Nigerian after Aliko Dangote to appear on the Forbes' list of dollar-denominated billionaires, with an estimated net worth of $1.2 billion.

He made the Forbes' list after he was appointed chairman and chief executive of Africa Petroleum through the acquisition of a controlling stake in the business.

From Forte Oil to Geregu

The purchase of Geregu was made in 2013 during the power sector privatization, under Amperion Power Distribution Company Limited which is a subsidiary of Forte Oil Plc.

After the acquisition, $94 million was initially invested in the power plant. In 2018, another $350 million was pumped into the plant.

A list of Companies owned by Femi Otedola

CentreForce Limited, Swift Insurance, Forte Oil, Zenon Petroleum and Gas Limited, Gegeru Power Plc and others are some of his companies.  He is a shareholder in various companies within and outside Nigeria.

Otedola said the acquisition/investment is demonstrative of his commitment to the Federal Government’s power sector recovery plan.

Femi Otedola has revealed plans to shift focus to power generation with a planned investment of up to $1 billion into Geregu Power Plc.

More Acquisition and deals

In 1994, Otedola established CentreForce Ltd, specialising in finance, investments and trading.  Otedola is also the owner of Swift Insurance.

Otedola is the chief executive and president of SeaForce Shipping Company Ltd and was at one point Nigeria's largest ship owner after extending control over the distribution of diesel products.

In January 2006, Otedola was appointed a non-executive director of Transnational Corporation of Nigeria Plc.

Transnational Corporation of Nigeria Plc is a multi-sectoral conglomerate established in 2004 by then-President Olusegun Obasanjo to respond to market opportunities requiring heavy capital investment in Nigeria and across sub-Saharan Africa. He held this post until February 2011.

Otedola has made several real estate investments, including the N2.3 billion acquisition in February 2007 by Zenon of Stallion House in Victoria Island in Lagos, from the Federal Government. 

He was also appointed chairman of the Transcorp Hilton Hotel in Abuja and tasked with driving its expansion and upgrade to a seven-star facility.

Concerning Politics Otedola has been reported as a close ally of Former presidents, Goodluck Jonathan and Olusegun Obasanjo.

Many reports have tagged him as a financier of the People's Democratic Party; he might have contributed N100 million to President Obasanjo's re-election expenses in 2003.

Femi Otedola with his daughters, Tolani, Temi and Dj Cuppy on a vacation

No one is a saint (Femi Otedola and Scandals)

In 2012, Zenon was among several companies named in a report into an alleged fuel subsidy scam. According to the report, Zenon owed the government $1.4 million.

It was further reported that Farouk Lawan, the Nigerian legislator who compiled the report, had apparently been filmed collecting $500,000 of a supposed total sum of $3 million from Femi Otedola to remove Zenon from the list.

It subsequently emerged that Otedola had previously reported Lawan's harassment and demands for bribes to the State Security Services, who had orchestrated a sting operation.

Lawan was charged with corruption in February 2013.

Otedola was named in another controversy In December 2016, where two Toronto-based sisters—Jyoti and Kiran Matharoo reportedly tried to extort him by cyberbullying and blackmail, claiming they had evidence of Otedola cheating on his wife that they would post on a notorious sex-scandal website.

Otedola disputed the event as false.

Femi Otedola's net worth

Ascertaining the actual net-worth of Femi Otedola is difficult because he has investments in different businesses.  However, Forbes estimated Femi’s net worth at $1.8b in 2016.

Femi Otedola and Philanthropy

One among the numerous philanthropic gestures of Femi Otedola is his donation towards the completion of the Numerical Ecumenical Centre in 2005.

He also donates to Michael Otedola’s University scheme and the scheme has helped more than 1,000 students. It was reported that Zenon donated N200m of the University’s Scheme fund in 2005.

In a bid to ensure a crime-free Lagos, Femi gave a N200million donation to the State Security Trust Fund in 2007. He extended his donation to Otedola College of Primary Education by giving the school N100million in 2007.

Femi Otedola with his wife, Nana Otedola and two daughters (DJ Cuppy and Temi Otedola).

The Faculty of Agriculture at the University of Port-Harcourt was also a beneficiary of Femi Otedola’s philanthropy when he donated N80million to the faculty.

Recently in 2018, Femi Otedola, who was the chief launcher at Augustine University Fundraising and Founders day, pledged to build a fully furnished faculty of Engineering worth N500million for the University.

He also donated NGN 5 billion (approximately $14 million) to the Save the Children Fund through his daughter, DJ Cuppy’s Foundation, to support various intervention programmes for destitute children in Nigeria’s northeast region.

Femi Otedola fulfilled his pledge of 25,000 dollars to the Super Eagles in the match against Algeria in the 2019 AFCON

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