FULL NAME: Femi Otedola
NET WORTH : Net worth of $14.1 billion
DATE OF BIRTH: Born in 1953
OCCUPATION: Nigerian businessman, entrepreneur,
MARITAL STATUS: Married
WIFE : Nana Otedola
CHILDREN : Christine Oluwnmi, Florence Ifeoluwa , Elizabeth Temi and , Fewa. Florence Otedola, aka DJ Cuppy
INVESTMENTS : He owns Zenon Petroleum and Gas Ltd, and a number of other businesses across shipping, real estate and finance.
This time time around we will be focusing our Biography torchlight on the Otedola’s, in our previous post we checked out Femi Otedola beautiful daughter, Dj Cuppy Biography and this subsequent article will be discussing the complete Biography and profile of the Nigerian Billionaire, Femi Otedola .
Femi Otedola is a Nigerian businessman, entrepreneur, philanthropist and chairman of Forte Oil Plc . Otedola is one of Nigeria’s top oil importer and one of the successful business man in the country today. His unlimited success in business endeavors made him popular and enviable among his counter-paths. Femi Otedola is a Nigerian business mogul who also founded Zenon Petroleum and Gas Ltd, and the owner of a number of other businesses across shipping, real estate and finance. People often wonder why he is highly respected and the obvious reason is because he didn’t acquire his wealth illegally but worked for it for decades before he became very successful and he didn’t acquire them through politics but through his efforts for many years.
Apart from owning several business ventures across shipping, real estate and finance, the business guru man also invested in power generation as part of the liberalisation of the sector in Nigeria just recently.
Early life And Background
Femi Otedola was born on November 4, 1962 in Ibadan, the capital of Oyo State, western Nigeria, into the family of the late Sir Michael Otedola. His father was the Governor of Lagos State from 1992 to 1993 before someone else took over from him. Otedola once ventured into marketing when his family own a printing press before going into trade petroleum products and that was far back in the late 1980s.
Femi Otedola dived into oil business in year 2003 after identifying an opportunity in the fuel retail market, that was when he secured the finance to set up Zenon Petroleum and Gas Ltd, a petroleum products marketing and distribution company. He founded Zenon Petroleum and as the President and Chief Executive Officer of Zenon Petroleum and Gas limited, he invested in it big time and also pumped in about N15 billion in downstream infrastructure development and acquired storage depots at Ibafon, Apapa as well as four cargo vessels, amounting to a combined total storage capacity of 147,000 metric tonnes. That same year, Otedola acquired a fleet of 100 DAF fuel-tanker trucks for N1.4 billion. In year 2005, Zenon controlled a major share of the Nigerian diesel market, supplying fuel to most of the major manufacturers in the country including Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestle and Guinness
Something went wrong in 2012 as the company was among the oil firms listed in a report allegedly involved in fuel subsidy scam. The report states that Zenon owed the government $1.4m. It was further reported that Farouk Lawan, the Nigerian legislator who compiled the report, had apparently been filmed collecting $500,000 of a supposed total sum of $3m from Femi Otedola to remove Zenon from the list.
Femi Otedola became the chairman and chief executive of Africa Petroleum through the acquisition of a controlling stake in the business in the year 2007. The business man Otedola personally acquired a further 29.3 per cent of the company for N40 billion. A merger of this personal holding with Zenon’s brought Otedola’s total stake to 55.3 per cent in December that same year.
In March 2009 Otedola became the second Nigerian after Aliko Dangote to appear on the Forbes list of dollar denominated billionaires, with an estimated net worth of $1.2 billion. In October 2009 Otedola announced a move to upgrade African Petroleum’s liquefied petroleum gas (LPG) storage terminals in Lagos, Kano and Port Harcourt. Difficult economic conditions caused by the slump in world oil prices and credit squeeze of 2008–09 led African Petroleum to record a loss in 2009.
Fast forward to December 2010, African Petroleum thought it wise to re-brand and they changed its name to Forte Oil Plc. The major focus that year was to restructure the business to point it toward the right direction in order to achieve it main aims and objectives within the shortest possible time. The restructuring was mainly focused on on technology and improved corporate governance, after battling for couple of years, Forte Oil returned to profit in 2012.
Femi Otedola is also involved in several other businesses. In 1994 Otedola established CentreForce Ltd, specialising in finance, investments and trading. He is also the owner of Swift Insurance. He is also the 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. 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. He is also has 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 facility.
Femi Otedola is also the owner of FO Properties Ltd. Rumor has it that he is the major financier of the People’s Democratic Party and is said to have contributed N100 million to Obasanjo’s re-election expenses in 2003. Source said the he was a close ally of President Goodluck Jonathan .
Femi Otedola is generally known for this kind gestures in donating money for the needy. He is connected to several donations including the donations to the Michael Otedola University Scholarship Scheme, aimed at giving the unfortunate /underprivileged students in Lagos State access to higher education. Also in year 2005, a donation was made by Zenon to the scheme’s fund. According to reports, 1,000 students have been a beneficiary of Otedola donations.
In 2005 Otedola made a personal donation of N300 million to the completion of the National Ecumenical Centre – Nigeria’s primary place of Christian worship – in Abuja. In 2007 he was among a people that gave N200 million to the State Security Trust Fund in ab effort to reduce crime in Lagos State. Later that year 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. When it comes to donating money to the less privileged, Otedola is that man who doesn’t hold back but give generously .
Personal Life And Family — Femi Otedola’s Wife And Children
The African Billionaire is happily married to Nana Otedola . Their union is blessed with three daughters and a son which include Christine Oluwnmi, Florence Ifeoluwa , Elizabeth Temi and , Fewa. Florence Otedola, aka DJ Cuppy, is a DJ and music producer. Her younger sister, Temi, is a style blogger and aspiring designer
Femi Otedola House
Otedola has homes in Lagos, Abuja, Dubai, London, and New York City.
Femi Otedola Net Worth
In March 2009 Otedola became the second Nigerian after Aliko Dangote to appear on the Forbes list of dollar denominated billionaires, with an estimated net worth of $1.2 billion.
How Femi Otedola Almost Went Back Sqaure One — The Day He Lost Everything
“I had about 93 percent of the diesel market on my fingertips. All of a sudden oil prices collapsed and I had over one million tons of diesel on the high seas and the price dropped from $146 to $34,” says Otedola.
The naira was really lost it value and interest began to skyrocket. He lost over $480 million due to the plunge in oil prices, $258 million through the devaluation of the naira, a further $320 million due to accruing interest and then finally $160 million when the stocks crashed.
“I had two options, either to commit suicide or to weather the storm. I decided to weather the storm. I just knew it was a phase I had to go through. You see God prepares you for greater things and of course experience is the best teacher so I had to learn my lessons. I took the bitter pill,” he says.
Otedola was now $1.2 billion in debt. He sought solace in the only thing that had set him on the path to discovering oil, destiny.
“You cannot compete with destiny, so it was my destiny to make billions every month and lose billions as well. I said to myself ‘I was not going to have friends and enemies, I was only going to have competitors.”
Otedola ran into debt and the bank had to shave off about $400 million from the debt leaving him $800 million in the red. AMCON offered him a restructuring deal, which he declined. He was focused on repaying his debt and start all over again. Along the line he gave up his 184 flats and several other assets just to make sure he repay his debt completely before starting all over again. Experience is the best teacher as you can see here, he realised that he didn’t have a proper structure and banks on the other hand didn’t advise him.
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