Femi Otedola (born 1962) is a Nigerian businessman, entrepreneur philanthropist, and chairman of Forte Oil Plc, an importer of fuel products. He is also the founder of Zenon Petroleum and Gas Ltd, and the owner of a number of 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.
Femi Otedola was born on November 4, 1962 in Ibadan, the capital of Oyo state in the family of late Pa Michael Otedola the former governor of Lagos state, his father became the governor of Lagos state within the year of 1992 to 1993. His father has one of the largest printing and packaging presses in Lagos in which he was the one managing in the late 1980s. He obtained his first degree in obafemi awolowo university, ile ife, osun state. Before venturing into the petroleum industry, he took charge of his family’s printing press business. In 1994, Mr. Otedola started Centre Force Limited which specialized in finance, investment, and trading.
Wife n Children
Femi Otedola is married to Nana Otedola. She is the owner and CEO of Garment Care, a dry-cleaning enterprise. Together they have three daughters and a son. One of his daughters, Florence Otedola, is also known as DJ Cuppy. She is an international music producer, DJ, and a tourist ambassador for Nigeria. The other daughter, Temi, is a designer and style blogger.
Femi Otedola’s children are also very well on their way to being celebrities in their own right outside their fathers wealth and fame- His daughter Florence is a popular DJ (Disc jockey) who goes by the name DJ Cuppy, she is also a music producer and a tourism ambassador for Nigeria. She was even the official disc jockey for the inauguration of President Muhhamadu Buhari into office in May, 2015. His third daughter Elizabeth Temi is an established style blogger and is also working towards becoming a designer herself.
Mr. Femi Otedola has asserted himself in the market of the Nigerian oil and gas. In 2003, he founded the Zenon Petroleum and Gas Limited which specializes in the marketing and distribution of petroleum products. In 2004, Mr. Femi Otedola invested 15 billion Naira in Zenon which was used in infrastructure development and acquiring storage depots and cargo vessels. The company owns storage depots at Ibafon and Apapa and also possesses four cargo vessels. Three of the cargo vessels are named after his father, mother, and wife. Their names are MT Sir Michael, MT Lady Doja, and MT Nana respectively while the last one is named Zenon conquest. Zenon controls a major share of the diesel market and supplies fuel to most of the major Nigerian manufacturing industries. These include Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestle, and Guinness. Zenon was able to seize control of the market in a very short time.
In 2007, Femi Otedola acquired a major share of African Petroleum Company and was appointed as the chairman of the company. Later he acquired 29.3 percent of the company’s shares and became the major shareholder. He has become extremely rich and in 2009, was listed in Forbes. The company’s name was later changed to Forte Oil Plc. It was also restructured and rebranded. The company now owns over 500 petrol stations across the country. Other companies owned by Mr. Femi Otedola include SeaForce Shipping Company Limited which at one point made him the largest ship owner in Nigeria. He is the owner of Swift Insurance and FO Properties Limited as well. He was also appointed as chairman of the Transcorp Hilton Hotel in Abuja in 2007.
As a result of his success and influence in the Nigerian economy, Otedola was appointed a non-executive director of Transnational Corporation of Nigeria Plc in 2006. It is a multi-sectoral conglomerate established in 2004 by then President Obasanjo. Femi Otedola is a member of the Nigerian Investment Promotion Council (NIPC). He was also appointed as a member of the Nigeria’s National Economic Management Team in 2011 by former President Goodluck Jonathan.
In 1994 Otedola established CentreForce Ltd, specialising in finance, investments and trading. He is also the owner of Swift Insurance.
Otedola is 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. One of his ships, a flat bottomed bunker vessel with a storage capacity of 16,000 metric tonnes, was the first of its kind in Africa.
In January 2006 Otedola was appointed a non-executive director of Transnational Corporation of Nigeria Plc, a multi-sectoral conglomerate established in 2004 by then-President 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 a number of real estate investments, including a N2.3 billion acquisition in February 2007 by Zenon of Stallion House in Victoria Island in Lagos, from the Federal Government. The following month he was appointed chairman of the Transcorp Hilton Hotel in Abuja and tasked with driving its expansion and upgrade to a seven star facilit. He is the owner of FO Properties Ltd. Otedola has been reported to be a major financier of the People’s Democratic Party and is said to have contributed N100 million to President Obasanjo’s re-election expenses in 2003. He was a close ally of President Goodluck Jonathan. He has served as a member of the Nigerian Investment Promotion Council (NIPC) since 2004, and the same year was appointed to a committee tasked with developing commercial relations with South Africa. In 2011 Femi Otedola was appointed by President Goodluck Jonathan to Nigeria’s National Economic Management Team.
Maladministration and Act of Corruption
In the year 2012, Femi Otedola was reported by reliable media houses to have given bribe to Boniface Emenalo and Farouk Lawan who was at then, the Chairman of the House Committee on Fuel Subsidy Regime, “integrity group” a sum of $620,000. The reason reported by witnesses as pertains the actions of Femi Otedola was that he wanted the name of his company removed from the list of firms indicted by Farouq Lawan’s committee for abusing the fuel subsidy regime in 2012 . Farouk Lawan and Boniface Emenalo were at risk of going to prison if found guilty of receiving money from Femi Otedola as receiving of bribe by a government official is an offense punishable by Imprisonment. In February 2, 2013, Both individuals Farouk Lawan and Boniface Emenalo were charged to court by Independent Corrupt Practices and other related Commission (ICPC) their trial was at the Capital Territory High Court in Abuja to face a seven-count charge of bribery, an offense that violates Section 10 of ICPC Act, 2000 and punishable under Section 10 of that same Act.
Farouk Lawan plead not guilty, and initially so did Boniface Emenalo, however events at the court of law took an unforeseen turn as Boniface Emenalo eventually admitted he was guilty  and in fact had received bribe severally on behalf of Farouk Lawan. Be that as it may, new evidence provided by the persecution was very concrete as Femi Otedola was caught red handed in a video of him giving bribe and Farouk Lawan accepting it
Canadian Big Girls Alleged and Blackmailed Femi Otedola; early the year 2017 two Canadian sister blackmailed Femi Otedola of cheating on his wife over them. it was later reveal the two sister were just trying to extort money from Femi Otedola.
Hand That Gives out
- Otedola has made several donations to the Michael Otedola University Scholarship Scheme, which was established in 1985 to give underprivileged students in Lagos State access to higher education. In 2005 Zenon donated N200 million to the scheme’s fund. Since its inception the scheme has benefited more than 1,000 students.
- In 2005 Otedola made a N300 million personal donation to the completion of the National Ecumenical Centre – Nigeria’s primary place of Christian worship – in Abuja.
- In 2007 he was among a group of donors who gave N200 million to the State Security Trust Fund in a drive to reduce crime in Lagos State.
- In late 2007 he donated N100 million to the Otedola College of Primary Education in Noforija, Epe.
- In 2008 he donated N80 million to the Faculty of Agriculture at the University of Port Harcourt.
Billionaire Femi Otedola the oil and gas magnet has a lot of fine houses and mansions around the world. And in many major cities in Nigeria like; Lagos, Port-Harcourt, Abuja, Enugu, Kanu and Ibadan. Including his USA, UK and Italy houses.
In March 2009, Mr. Femi Otedola’s net worth was estimated around $1.2 billion which earned him a spot on the Forbes list of richest men. But due to the recession in Nigeria and fall in the value of the Naira, his net worth has reduced. According to the Forbes post on the 17th of October, 2016, the net worth of Mr. Femi Otedola was estimated at around $550 million. In 2014, he was listed by Forbes as number 29 among the richest people in Africa.
Fact about Femi Otedola
- In 2007, Femi Otedola was appointed as the CEO and chairman of Africa Petroleum which was renamed as Forte Oil Plc.
- Femi Otedola donated 80 million naire to the Faculty of Agriculture at the University of Port Harcourt in 2008.
- Femi Otedola is the father to the tourism ambassador of Nigeria and music producer, Florence Otedola best known as DJ Cuppy.
- Despite he is among the rich person in Africa, He doesn’t like material things, like; Phones, and other flashy gadget.