Femi Otedola 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 a number of other businesses across shipping, real estate and finance.
Otedola was conceived on November 4, 1962 in Ibadan, the capital of Oyo State, western Nigeria, into the group of the late Sir Michael Otedola, Governor of Lagos State from 1992 to 1993.
In the late 1980s he ran the promoting for his family’s print machine before proceeding to exchange oil based commodities.
In 2003, having distinguished an open door in the fuel retail showcase, Otedola tied down the money to set up Zenon Petroleum and Gas Ltd, an oil based goods advertising and appropriation organization.
As proprietor and executive of Zenon, in 2004 he put N15 billion in downstream framework improvement and procured stockpiling terminals at Ibafon, Apapa just as four payload vessels, adding up to a consolidated complete stockpiling limit of 147,000 metric tons. That year he obtained an armada of 100 DAF fuel-big hauler trucks for N1.4 billion.
By 2005 Zenon controlled a significant portion of the Nigerian diesel showcase, providing fuel to the greater part of the significant producers in the nation including Dangote Group, Cadbury, Coca Cola, Nigerian Breweries, MTN, Unilever, Nestle and Guinness.
In March 2007 it was declared that ten banks had endorsed a coordinated advance of US$1.5 billion (N193.5 billion) to Zenon as working funding to assemble the biggest premium engine soul storeroom in Africa. Soon thereafter Zenon procured a 28.7 percent stake in African Petroleum, one of Nigeria’s biggest fuel advertisers. Zenon likewise contributed over the monetary part, turning into the biggest investor in various Nigerian banks including Zenith Bank and United Bank for Africa (UBA). Just as diesel, Zenon additionally turned into a significant player in the lamp oil showcase.
In 2012 Zenon was among various organizations named in a report into a supposed fuel appropriation trick. As indicated by the report Zenon owed the legislature $1.4m. It was additionally revealed that Farouk Lawan, the Nigerian official who arranged the report, had evidently been recorded gathering $500,000 of an alleged absolute aggregate of $3m from Femi Otedola to expel Zenon from the rundown. It in this way developed Otedola had recently detailed Lawan’s badgering and requests for pay-offs to the State Security Services, who had organized a sting activity. Lawan was accused of debasement in February 2013.
In 2007 Otedola was selected administrator and CEO of Africa Petroleum through the obtaining of a controlling stake in the business. In December that year he by and by procured a further 29.3 percent of the organization for N40 billion. A merger of this individual holding with Zenon’s carried Otedola’s all out stake to 55.3 percent.
Following Otedola’s entrance into the organization African Petroleum’s offer cost rose forcefully, expanding the market capitalisation from N36 billion to N217 billion of every a half year. In 2008, because of open worries over the accessibility and valuing of lamp fuel, African Petroleum propelled an activity to soak the market and sell the fuel at N50 per liter from in excess of 500 help stations across Nigeria.
In March 2009 Otedola turned into the second Nigerian after Aliko Dangote to show up on the Forbes rundown of dollar designated very rich people, with an expected total assets of $1.2 billion. In October 2009 Otedola reported a transition to overhaul African Petroleum’s melted oil gas (LPG) stockpiling terminals in Lagos, Kano and Port Harcourt. Troublesome monetary conditions brought about by the droop in world oil costs and credit crush of 2008–09 drove African Petroleum to record a misfortune in 2009.
Strong point Oil
In December 2010 African Petroleum rebranded, changing its name to Forte Oil Plc. Otedola did a rebuilding of the business, concentrating on innovation and improved corporate administration. Strong point Oil came back to benefit in 2012.
In 2013, as a major aspect of the Federal Government’s push to change Nigeria’s weak force area, Otedola financed 57% of Forte Oil auxiliary Amperion Ltd, which procured the 414 MW Geregu Power Plant for $132 million.
Strong point’s improved money related position and broadening into influence age brought about a 1,321 percent ascend in its offer cost during 2013. The primary portion of 2014 saw the organization’s pre-charge benefit more than twofold year-on-year to 4.19 billion naira ($25.7 million). Income development for the entire year was 33 percent. In November 2014 Otedola came back to the Forbes rich rundown having dropped off it following the fall in share cost during 2009.
In September 2015 Forte Oil sold 17 percent of its value to Swiss ware broker Mercuria Energy Group, giving Forte access to worldwide item advertises. The arrangement was thought to have given Otedola an expected $200 million.
INVESTMENTS AND POSITIONS
In 1994 Otedola built up CentreForce Ltd, spend significant time in the fund, ventures and exchanging. He is likewise the proprietor of Swift Insurance.
Otedola is CEO and leader of SeaForce Shipping Company Ltd and was at one point Nigeria’s biggest boat proprietor subsequent to broadening authority over the dissemination of diesel items. One of his ships, a level bottomed shelter vessel with a capacity limit of 16,000 metric tons, was the first of its sort in Africa.
In January 2006 Otedola was named a non-official chief of Transnational Corporation of Nigeria Plc, a multi-sectoral combination set up in 2004 by then-President Obasanjo to react to advertise openings requiring overwhelming capital interest in Nigeria and across sub-Saharan Africa. He held this post until February 2011.
Otedola has made various land ventures, remembering a N2.3 billion securing for February 2007 by Zenon of Stallion House in Victoria Island in Lagos, from the Federal Government. The next month he was designated executive of the Transcorp Hilton Hotel in Abuja and entrusted with driving its extension and move up to a seven-star office. He is the proprietor of FO Properties Ltd. Otedola has been accounted for to be a significant agent of the People’s Democratic Party and is said to have contributed N100 million to President Obasanjo’s re-appointment costs in 2003. He was a nearby partner of President Goodluck Jonathan. He has filled in as an individual from the Nigerian Investment Promotion Council (NIPC) since 2004, and that year was delegated to an advisory group entrusted with creating business relations with South Africa.
In 2011 Femi Otedola was delegated by President Goodluck Jonathan to Nigeria’s National Economic Management Team.
Otedola has made a few gifts to the Michael Otedola University Scholarship Scheme, which was set up in 1985 to give oppressed understudies in Lagos State access to advanced education. In 2005 Zenon gave N200 million to the plan’s reserve. Since its commencement the plan has profited in excess of 1,000 understudies.
In 2005 Otedola made a N300 million individual gift to the culmination of the National Ecumenical Center – Nigeria’s essential spot of Christian love – in Abuja. In 2007 he was among a gathering of benefactors who gave N200 million to the State Security Trust Fund in a drive to diminish wrongdoing in Lagos State. Soon thereafter he gave N100 million to the Otedola College of Primary Education in Noforija, Epe.
In 2008 he gave N80 million to the Faculty of Agriculture at the University of Port Harcourt.
Otedola is hitched to Nana Otedola and has three little girls – Christine Oluwnmi, Florence Ifeoluwa, and Elizabeth Temi – and a child, Fewa. Florence Otedola, otherwise known as DJ Cuppy, is a DJ and music maker, just as a travel industry representative for Nigeria. Her more youthful sister, Temi, is a style blogger and trying fashioner. Otedola has homes in Lagos, Abuja, Dubai, London, and New York City.
In December 2016, Otedola was involved in a discussion where two Toronto based sisters – Jyoti and Kiran Matharoo – apparently attempted to coerce him by cyberbullying and shakedown, asserting they had proof of Otedola undermining his better half that they would post on an infamous sex-embarrassment site.
As at 2017, Femi Otedola’s Networth is $275million. His estimated Networth for 2020 should be about $400million