According to Forbes Femi Otedola net worth is estimated to be $1.2 billion. Femi Otedola is a notable figure in Nigeria’s elite class of billionaires.
He is the creator of Forte Oil, a philanthropist, a spouse, and a parent to four beautiful children.
Continue reading to find out more.
Otedola is the son of Sir Michael Otedola, a former governor of Lagos State. Among Femi and Nana’s four children are British DJ and socialite Florence “Cuppy” Otedola, one of their three daughters. Everyone in the family calls London home.
Mr Femi Otedola is the Chairman of African Petroleum and a Nigerian billionaire. Mr Otedola is the chairman of the Transcorp Hilton Hotel in Abuja, as well as the president and chief Executive officer of Zenon Petroleum & Gas Limited, Seaforce Shipping Company Limited, Atlas Shipping Agency Company Limited, F. O. Transport Limited, F. O. Properties Limited, Swift Insurance Brokers Limited, and Garment Care Limited.
Femi Otedola Biography and Net Worth
A native of Ibadan, Nigeria, he entered the world on November 4, 1962. His father, Sir Michael Otedola, served as Governor of Lagos State from 1992 to 1993. Hence Otedola comes from an affluent background.
Otedola began his professional life working at his family’s printing press after graduating with a degree in Marketing and Business Studies from Regent’s University in London. The oil and gas industry was his next stop, and in 2003 he founded Zenon Petroleum and Gas Ltd, which has now grown to become one of the leading gasoline marketers in Nigeria.
Otedola has also made notable contributions to Nigerian philanthropy by supporting organisations like the National Ecumenical Centre and the Michael Otedola University Scholarship Scheme. He also established the Femi Otedola Foundation, which funds several Nigerian nonprofits.
Otedola made news 2019 for paying the medical expenses of former Nigerian player Christian Chukwu, who was afflicted with an illness that was not reported. Among the many honours he has received for his charitable work is the title of “Philanthropist of the Decade” at the upcoming 2020 Thisday Awards.
Otedola is also recognised for his love of music and his strong relationships with a number of well-known Nigerian musicians. His daughter, DJ Cuppy’s music video for the song “Gelato” went viral in 2019, and he made a cameo appearance.
Femi Otedola reportedly stands 167 centimetres (5’5″) tall and weighs 65 kilogrammes (143 pounds). His height is about average, but he keeps a healthy weight, which is crucial to his health.
Femi Otedola Income from Business
Nigerian businessman Femi Otedola has the majority stake in Forte Oil, a publicly listed oil marketing and power-producing corporation. Forte Oil, formerly BP Nigeria, now operates over 500 service stations in Nigeria on its own.
It has its own oil refineries and produces its own motor oil brand. Otedola steered the firm in 2013 when it acquired a portion of a gas-fired power plant owned by the government in Kogi state, in the heart of Nigeria. Despite having announced in September 2015 that it would pay $200 million to purchase a 17% share in Forte Oil, the deal has yet to close as of late February 2016. Mercuria is a Swiss commodities powerhouse. Ifeoluwa Otedola, often known as DJ Cuppy, is Otedola’s famous daughter.
She was the official DJ for President Muhammadu Buhari of Nigeria’s inauguration in May of 2015. Otedola is a gym rat who puts in at least an hour daily.
Femi Otedola Business Career
Forte Oil Plc, formerly known as Africa Petroleum(AP), imports gasoline products and is headed by Femi Otedola. In addition to producing its engine oil and owning a storage gas depot, the corporation also operates more than 500 gas stations throughout Nigeria.
In addition to leading Forte Oil as its chairman, he established Zenon Petroleum and Gas Limited. Large corporations in Nigeria, such as, Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestle, and Guinness, relied on the firm as their primary fuel provider. Through his firm, Zenon, he has also made investments in the banking industry; Zenon is the largest stakeholder in a number of institutions, including Zenith Bank, UBA, and a few others.
Femi Otedola Net worth in 2023
According to Forbes Femi Otedola is worth over $1.2 billion. Business success in Nigeria has contributed significantly to Femi Otedola’s wealth.