Femi Otedola is one of the richest men in Nigeria and has been making headlines since 2003 for this influential spending and entrepreneur drives. There’s so much to know about Femi Otedola, especially if you have a crush on his daughters.
In this article, we are going to tell you all you need to know about Femi Otedola. If you read on, you will see Femi Otedola’s actual source of income, his businesses, oil companies, Femi Otedola’s wife and children.
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Who is Femi Otedola?
Before we go on, let’s take a brief look at Femi Otedola for those who don’t know this intelligent entrepreneur. Femi Otedola is a Nigerian investor, real estate mogul, entrepreneur, and philanthropist.
He is CEO of Zenon Petroleum and Gas Limited and the chairperson of Forte Oil Plc. In 2014, Forbes ranked Femi as the 24th richest person in Africa with a net worth that has similar numbers to those of Aliko Dangote.
Femi Otedola is a Nigerian investor and one of the most iconic business executives on the African continent.
He made most of his money from trading crude oil and other petroleum products. He is a role model for millions of small business owners and entrepreneurs across Africa.
Many of the people that have had the chance to work with him see it as a privilege, honor, and a wonderful experience to work with such a great-mind.
Now that we know a bit about Femi Otedola, let’s give you a complete rundown of Femi Otedola’s life and biography.
Femi Otedola Biography and Early Life
Mr. Femi Otedola was born in Ibadan, Oyo State on the 4th of November 1962. He is the second son of Sir Michael Otedola and Lady Doja Otedola. Although it is an indigene of Oyo state, he grew up in Lagos.
He and his three brothers; Ayokunle Otedola, Rotimi Otedola, and Muyiwa Otedola attended the same primary and secondary school in Lagos mainland.
In the late 90s, Sir Michael Otedola served as the governor of Lagos State between May 1992 and February 1993 after he emerged as the flag bearer for the National Republican Convention (NRC).
His father resigned after General Sani Abacha became the military head of state.
By the time Femi Otedola was 6 years old, he had already started creating business plans that would shape his future. Femi Otedola started his first business when he was only six years old.
His first company, FEMCO, was a sole proprietorship venture that rendered manicure and pedicure to his family members, friends, and neighbors. After each service, they would compensate him for a service well done.
When Femi was 13, he wanted to attend a seminary school and become a priest. But when he saw that being a priest would prevent him from starting and growing companies, he decided that it was more profitable for him to become a businessman than a priest.
When he 18 years old, they admitted him into the Obafemi University Ile-Ife. This was around March 1980, during this time; he became an executive and marketing personnel in his family’s printing press and company.
During his days in the university and as an intern in his father’s company, Femi grew his business and financial intelligence. It was during this time he learned how to become an aggressive businessman.
On the 20th of August 1985, Femi Otedola graduated from the Obafemi Awolowo University in flying colors and was ready to go into the labor market.
Between 1990 and 2004, Femi Otedola could build a multi-billion dollar enterprise.
Today, he has houses in Dubai, London, the USA, The UK, Lagos, Abuja, and South Africa. But he spends most of his time with his family in Ikoyi.
Femi Otedola has a decent social media presence; he seldom posts pictures of himself and his family, smiling and having fun. Femi is not a man that has dedicated 100% of his time to business; he is also an extraordinary personality and father.
Femi Otedola is currently married to Nana Otedola. Before he was married to Nana Otedola, he was engaged to Olayinka Odukoya and their union led to the birth of his first child, Olawunmi Christy Tolani Otedola.
His engagement with Olayinka Odukoya was severed when his mother found out about their union. Lady Doja Otedola took full custody of the newborn child and prevented Olayinka from seeing her child.
This led to the breakup of Femi Otedola and Olayinka Odukoya.
A couple of years later, Femi Otedola met and married Nana Otedola and their union produced good fruits including his two daughters Florence Ifeoluwa Odedola, Elizabeth Temi Otedola, and his only son Fewa Otedola.
Tolani Otedola is a singer and songwriter, Florence “DJ Cuppy” Otedola is a popular Nigerian music producer, songwriter, Disc Jockey, and tourism ambassador for Nigeria.
Fewa Otedola is heir to the Otedola business empire and has his undivided attention on his father’s businesses and companies.
Femi Otedola’s Business and Investments
In 1994, Femi Otedola established CentreForce Ltd, an organization that specializes in making finance assessments, investments, and trades on behalf of a company or an individual.
His company made his lot of profits before he sold it and started Zenon Oil in 2003.
Zenon Oil was one of his most profitable assets; he even invested more than ₦26 Billion in the company before the end of 2004. Zenon Petroleum and Gas is a petroleum marketing and distribution company he started in Lagos, Nigeria.
Two years after establishing Zenon Oil, he witnessed a massive increase in revenue and profits. This success positioned Femi as one of the most outstanding CEO in the Nigerian Oil and Gas sector.
Before the beginning of April 2007, Zenon Oil secured a ₦200 billion loans to build the largest PMS storage facility in Africa. He also acquired a 28.7% share in African Petroleum to become Nigeria’s largest fuel marketers.
By December 2007, he owned 50% of African Petroleum, he also became a stakeholder in six Nigerian banks including Eco Bank, Zenith Bank, and UBA Bank.
After this success, Femi Otedola became the second Nigerian after Aliko Dangote to be shortlisted by Forbes with their net worth denominated in USD.
When this list was published by Forbes in 2009, Femi Otedola was worth $1.2 billion. After the fall in oil price in 2010, Femi Otedola companies took a big hit and lost a lot of money. He had to make some reforms in his companies and revisit his budget.
It was around this time that African Petroleum was transformed to Forte oil. After these reforms, his companies were revived and started getting up on their feet.
In 2015, Forte oil was listed in the global market Otedola sold 5% of its equity to Mercuria Energy Group.
He used the money he made in 2012 to acquire the Geregu power plant for $132 million and started his insurance Corporation, Swift Insurance Company. Ever since Femi Otedola has been making passive income and living a layback lifestyle.
Femi Otedola also stands as one of the richest landlords in Nigeria. He has made a lot of investment, including a $2 billion acquisition of Stallion house in Victoria Island, Lagos from the Federal government. Femi Otedola is the sole owner of FO properties ltd, FO transport, and Atlas shipping agency.
Otedola is not just a wealthy businessman; he is the chief executive officer and President of Sea force shipping company ltd.
Femi Otedola was also a non-executive director of a Transnational Corporation of Nigeria PLC from January 2006 to February 2011.
At one point, Femi Otedola was the owner of the largest ship in Nigeria. One of his ships had a storage capacity of 16,000 metric tons and big enough to carry 230,000 people. It was the first of its kind in Africa.
Allegations and controversies against Femi
Around September 2012, Femi Otedola was exposed by reputable media houses to have given a $620,000 bribe to Boniface Emenalo and Farouk Lawan, the Chairman of the House Committee on Fuel Subsidy Regime.
Femi Otedola was caught red-handed on tape giving the bribe and Farouk Lawan was also captured accepting the said bribe.
In 2016, Femi Otedola was blackmailed and cyberbullied by Jyoti and Kiran Matharoo with evidence that he was cheating on his wife.
Femi Otedola Philanthropy
Femi has also been a great humanitarian and does not shy away when it comes to spending money on facilities and agencies that will benefit Nigerians
One of his most iconic gestures was when he donated ₦300 million to the completion of the numerical ecumenical Centre in 2005, ₦80 million to the Faculty of Agriculture, University of Port-Harcourt, Rivers State, and ₦180 million to build and furnish the Faculty Of Engineering, Augustine University.
He also gives annual financial supports to the Michael Otedola University scheme and Otedola College of primary education. These educational institutions have trained over 65,000 Nigerian students.
Femi also donated ₦200 million to the state security trust fund In 2007 to combat crime in Lagos. He also gave ₦5 Billion to DJ Cuppy to support the save the children emergency fund and $25,000 to the Nigerian super eagles in their 2019 AFCON match against Algeria.
Femi Otedola Net Worth In 2021 [Forbes]
Now you see why we wrote about Femi Otedola right? Femi is not just one of the wealthiest men in Nigeria; he is one of the most intelligent investors in Africa.
According to Forbes 2021 report on the richest men in Africa, Femi Otedola is one of the richest men in Nigeria with a massive net worth of $2.7 billion.