|Net Worth:||US$300 Million|
|Born||November 4, 1962|
|Occupation||Nigerian entrepreneur, investor, entrepreneur, philanthropist and chairman and CEO of Forte Oil PLC|
How much is Femi Otedola Net Worth ?
NET WORTH: Femi Otedola is a famous Nigerian entrepreneur, investor, entrepreneur, philanthropist and chairman and CEO of Forte Oil PLC, an importer of fuel products. He is also the founder of Zenon Petroleum and Gas Ltd and the owner of many other companies, including shipping, real estate and finance.
Recently, he invested in power generation as part of the liberalization of the sector in Nigeria. He is currently the third richest man in Nigeria. He was born on November 4, 1962 in Ibadan in the state of Oyo in southwestern Nigeria. Femi Otedola is the proud father of the famous Nigerian female DJ and musician DJ Cuppy.
Femi Otedola was born in Ibadan, the capital of Oyo state, southwestern Nigeria, into the family of the late Sir Michael Otedola, who was governor of the state of Lagos from 1992 to 1993 during the military regime.
After recognizing a fuel retail opportunity in 2003, Femi Otedola secured funding for the founding of Zenon Petroleum and Gas Ltd, a petroleum company specializing in the marketing and distribution of petroleum products.
In March 2007, Femi Otedola received a loan of N 193.5 billion from ten Nigerian banks to finance his company Zenon as working capital for the construction of Africa’s largest premium engine storage facility.
In 2007, Femi Otedola was appointed Chairman and Chief Executive Office of Africa Petroleum through the acquisition of a majority stake. In December 2007, Femi Otedola personally acquired a further 29.3 percent of the company’s shares for N 40 billion. By merging this personal stake with Zenon’s, Femi Otedola’s total share increased to 55.3 percent.
As the owner and chairman of Zenon, Femi Otedola invested 15 billion N in 2004 in the development of the downstream infrastructure and acquired storage depots in Ibafon, Apapa, Lagos state, Nigeria, as well as four cargo ships with a total storage capacity of 147,000 metric tones. In the same year, which was in 2004, Femi Otedola acquired a fleet of 100 DAF tank trucks for N1.4 billion.
Until 2005, its Zenon company controlled much of the Nigerian diesel market and fueled most of the country’s major manufacturers, including the Dangote Group, Cadbury, Coca-Cola, the Nigerian breweries, MTN, Unilever, Nestle and Guinness.
In March 2009, after Aliko Dangote, Femi Otedola was the second Nigerian to be listed on the Forbes list of the richest billionaires in Africa, with an estimated net worth of $ 1.2 billion in March 2009. In October 2009, Femi Otedola announced the switch to an upgrade The LPG storage terminals of African Petroleum in Lagos, Kano and Port Harcourt.
In December 2010, Femi Otedola renamed his company “African Petroleum” and changed his name to “Forte Oil PLC”. Femi Otedola restructured the business, focusing on technology and improved corporate governance. In 2012, Forte Oil returned to profitability and became one of the largest conglomerates in Nigeria.
In 2013, Femi Otedola acquired the 414 MW Geregu Power Plants for $ 132 million. In September 2015, its Forte Oil company sold 17 percent of its equity to Swiss commodity trader Mercuria Energy Group, giving its Forte Oil company access to global commodity markets. The deal resulted in $ 200 million in income for Femi Otedola.
Femi Otedola is also the Chief Executive Officer and President of SeaForce Shipping Company Ltd, and was at one point Nigeria’s largest shipowner after expanding control over the distribution of diesel products. One of his ships, a flat-bottomed bunker ship with a storage capacity of 16,000 tonnes, was the first of its kind in Africa.
In January 2006, Femi Otedola was appointed non-executive director of the Transnational Corporation of Nigeria Plc, a multisectoral conglomerate founded in 2004 by former President of Nigeria, Chief Olusegun Obasanjo, to respond to market opportunities that require high capital investment in Nigeria all of sub-Saharan Africa. Femi Otedola held this post until February 2011.
Femi Otedola has made a number of real estate investments, including an acquisition of stallion Zenon in the amount of 2.3 billion N in February 2007 on Victoria Island in the Nigerian state of Lagos by the Nigerian federal government. Femi Otedola is also the owner and chairman of the Transcorp Hilton Hotel, a seven-star hotel in Abuja, the capital of Nigeria. He is also the owner of FO Properties Ltd.
Femi Otedola is currently married to Nana Otedola and the marriage is currently blessed with four lovely children namely Florence Otedola popularly known as DJ Cuppy, Olawumni Christy Otedola, Temi Otedola and Fewa Otedola.
Femi Otedola is currently the third richest and most influential man in Nigeria and one of the richest men in the world with an estimated net worth of US$300 Million