Femi Otedola Net Worth, Bio, Family, and Business

We estimate Femi Otedola’s net worth to be close to USD 2 billion. Femi Otedola is a well-known, powerful, and wealthy businessman in Nigeria.

He founded Zenon Petroleum and Gas Ltd. and also owns a variety of other companies in the shipping, real estate, and financial industries.

One of the most well-known billionaires in Nigeria, Femi Otedola has investments in every significant area of the country’s economy. He has long been a significant figure in Nigeria’s oil and gas sector.

Femi Otedola Profile Summary

  • Full Name: Femi Otedola
  • Parents: Michael Otedola, Lady Doja
  • Born: 4 November 1962
  • Place of Birth: Ibadan
  • State Of Origin: Lagos State
  • Nationality: Nigerian
  • Children: DJ Cuppy, Fewa Otedola, Tolani, Temi Otedola
  • Spouse/Wife: Nana Otedola
  • Occupation: Businessman, Entrepreneur
  • Net Worth: $2 Billion

Femi Otedola Early Life

Michael Otedola and Lady Doja welcomed their first child, Femi, into the world in Ibadan on November 4, 1962. From 1992 to 1993, Sir Michael Otedola presided as the governor of Lagos State.

Obafemi Awolowo University Ile-Ife is where Femi Otedola received his first degree.


Femi Otedola Career

Femi Otedola started as a well-known businessman in Nigeria when he entered the country’s fuel retail sector in 2003.

As a result, he founded Zenon Petroleum and Gas Ltd, a business that sells and distributes petroleum products. He invested N15 billion in 2004 as the owner of Zenon Petroleum by purchasing storage facilities in Apapa and Ibafo as well as four cargo ships with a combined storage capacity of 147, 000 metric tons.

He also paid N1.4 billion for a fleet of 100 DAF fuel tanker trucks in 2004.

Zenon Petroleum & Gas Ltd. had expanded significantly in Nigeria by 2005 and was supplying fuel to significant businesses there, including Coca-Cola, Nigerian Breweries, MTN, Unilever, Dangote, Guinness, and other significant businesses.

To develop the largest premium motor spirit storage facility in Africa, Zenon Petroleum needed a loan from 10 Nigerian banks in March 2007. Later that year, in 2007, Zenon bought a 28.7% stake, making it one of the country’s largest fuel companies.

But regrettably, Zenon was allegedly a victim of a scam in 2012. Femi Otedola’s Zenon was named by the senate overseeing the investigation as a corporation that defrauded the Nigerian government of $1.4 million, however, Otedola was cleared in the case, while Lawan Farouk was detained for taking bribes to conceal crimes.

Femi Otedola purchased a share in African Petroleum in 2007, bringing his overall ownership in the company to 55.3%, after Zenon’s success between 2007 and 2008. For the benefit of his shareholders, Zenon Petroleum & Gas Ltd. and African Petroleum merged, and Femi Otedola was appointed chairman of the new company.

Furthermore, African Petroleum changed its name in 2010 to become Forte Oil Plc. Femi Otedola sold his Forte Oil shares in 2019 to concentrate on power in Nigeria with Geregu Power Plc, his company.

He was appointed as a non-executive director of Nigeria Plc, a transnational firm, in January 2006.

Femi Otedola purchased a share in African Petroleum in 2007, bringing his overall ownership in the company to 55.3%, after Zenon’s success between 2007 and 2008.

For the benefit of his shareholders, Zenon Petroleum & Gas Ltd. and African Petroleum merged, and Femi Otedola was appointed chairman of the new company.

Furthermore, African Petroleum changed its name in 2010 to become Forte Oil Plc. Femi Otedola sold his Forte Oil shares in 2019 to concentrate on power in Nigeria with Geregu Power Plc, his company.

He was appointed as a non-executive director of Nigeria Plc, a transnational firm, in January 2006.

Femi Otedola is the chief executive and president of Sea Force Shipping Company Ltd. After expanding his grip over the distribution of diesel products, he once held the title of Nigeria’s largest ship owner.

Personal Life

He is happily married to his lovely wife Nana Otedola, and together they have four wonderful children. He has residences in Lagos, Dubai, Abuja, London, and New York City.

Tolani Otedola, the only child of Femi Otedola’s first ex-lover, Olayinka Odukoya, is Femi’s first daughter.

Femi’s mother allegedly forbade her son from marrying Tolani’s mother, Olayinka, after the birth of Tolani Otedola. Later, Femi Otedola divorced Olayinka and wed Nana Otedola.

Femi Otedola’s kid Fewa was identified as having autism at birth.

DJ Cuppy, also known as Florence Otedola, is a music producer, DJ, and Nigerian tourism advocate. She also served as the official DJ for Nigerian President Muhammadu Buhari’s inauguration in May 2015.

Temi Elizabeth, DJ Cuppy’s younger sister, is a fashion blogger and aspiring fashion designer. Otedola owns residences in New York City, Lagos, Abuja, Dubai, London, and Lagos.

There have recently been rumours that she made her acting debut in Kunle Afolayan’s forthcoming film, “Citation.”

Songwriter and singer Tolani Otedolaprefers to maintain a low profile as opposed to the other two sisters.

Net Worth

His net worth decreased from $1.8 billion to $550 million as a result of the 2016 decline in Forte Oil stock. However, Femi Otedola’s current net worth is estimated to be $2 billion, nevertheless.

Social Media

Instagram: @femiotedola

 

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