Femi Otedola Basic Information
|Businessman and Philanthropist.
|Date Of Birth/Age:
|4 November 1962
|Place of Birth:
|Ibadan, Oyo State
Femi Otedola Biography
Michael Otedola and Lady Doja welcomed Femi Otedola into the world on November 4, 1962, in Ibadan. The renowned and well-liked businessman went to the University of Lagos Staff School. In 1985, Ile-Ife, Osun State’s famed Obafemi Awolowo University, He continued his study there and earned his first degree.
Femi, a native of Epe local government in Lagos, was welcomed into the world on November 4, 1962, in Ibadan, Oyo State, into the household of the late Michael Otedola, a former governor of Lagos State, and Lady Doja, a renowned businesswoman.
Sir Michael Otedola was the governor of Lagos State from 1992 to 1993. After returning to Nigeria in 1959, he held many administrative roles until his death. He was a well-educated man. He was an editor and information officer for Western Nigeria Broadcasting Service. As a consultant after leaving Mobil to become governor, he continued to work for the Mobil Oil Group of Companies. So Femi just adopted his father’s traits -a chip off the old block.
Lady Doja served as the first lady of Lagos state and was a seasoned businessperson. She celebrated her 89th birthday in a chapel she had built and had dedicated, for the celebration in April 2021, surrounded by her family, who joined in on the festivities.
Femi is believed to have five siblings, all of whom have achieved success in their own right despite not being very popular. Femi is the second son.
He has three brothers. Ayo Otedola is the first of the brothers and owns an extensive agricultural property in Epe. Rotimi Otedola, often known as Timi, is the second brother and a talented entertainer who stole the show on his mother’s birthday. Many people had not heard of him or his music before that day. He is a percussionist who plays many instruments, most notably the guitar; therefore, his genre of music is unique.
The last son, an Events and entertainment organizer, Muyiwa Otedola, is also known as “10 Dollar the Great.” His entertainment company “10 Dollar” spearhead several of the nation’s top shows.
Femi has two lovely twin sisters: Tola and Lola, a lawyer. Despite lacking detailed information, they are always there whenever the family gets together.
Femi has Four Children.
Olawunmi Christy Otedola (Tolani), Femi’s first daughter, was born on April 21, 1986. Tolani was born and raised in Lagos, where she also finished her primary education before moving on to Adesoye College in Offa, Kwara State, for her secondary education. She later completed her first and second degrees in psychology at the University of St. Andrews in Scotland. She also has a Master of Performance degree and a certification in music from Tech Music Schools in London.
Florence Ifeoluwa Otedola, better known by her stage as DJ Cuppy, is Temi’s older sister and the second child of Femi Otedola. She is a Nigerian performer, producer, and musician. She is also a well-known mogul and businesswoman. As a result, many people’s perceptions of Nigerian entertainment scenes and their propensity for stereotypes, especially the music business scenes, have been influenced by her.
Elizabeth Temiloluwa Otedola, also called Temi Otedola, is the third child and business scion of the well-known and wealthy Otedola family. Temi Otedola was born in the Nigerian state of Lagos on March 20, 1996. She is a Nigerian actress, aspiring designer, and blogger. She studied art history at University College London and the University of London.
Fewa Otedola is the only child and youngest child of renowned Nigerian billionaire Femi Otedola and his wife, Nana Otedola. He was conceived on June 2, 2000, in the UK. Fewa Otedola is a native of Lagos State, Nigeria, although he currently lives and studies in the United Kingdom.
Fewa Otedola has autism spectrum disorder, a neurodevelopmental condition that impairs social responsiveness and interferes with speech.
He is happily married to Nana Otedola, his lovely wife, and together they have four children, including a stepdaughter.
Femi Otedola fell in love with Olayinka Odukoya while working for his family’s printing company before he got incredibly wealthy. They were in love with one another and did everything together, yet their union was doomed to failure. Femi’s mother opposed the marriage, which was the main factor. Even when Olayinka became pregnant, his mother remained resolute and refused to accept her. She is the mother of Tolani, his firstborn.
Lifestyle & Businesses
In the 1980s, Femi launched his career from his home. Before entering the oil and gas industry, he worked as a marketing employee for the printing company owned by his family. After spotting a need in the retail gasoline industry, Otedola obtained the funding necessary to launch Zenon Petroleum and Gas Ltd., a firm that markets and distributes petroleum products, in 2003.
In 2004, while serving as the owner and chairman of Zenon, he invested N15 billion in the construction of downstream infrastructure and bought storage facilities at Ibafon, Apapa, as well as four cargo ships, for a total of 147,000 metric tonnes of storage space. In addition, he paid N1.4 billion for a fleet of 100 DAF fuel-tanker trucks that same year.
By 2005, Zenon had a sizable market position in Nigeria’s diesel industry and was the primary supplier of fuel to the majority of the nation’s major producers, including the Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestle, and Guinness.
The most extensive premium motor spirit storage facility in Africa was to be built by Zenon, and it was revealed in March 2007 that ten banks had authorized a syndicated loan of US$1.5 billion (N193.5 billion) to Zenon as working capital. Later in the year, Zenon bought a 28.7% share in African Petroleum, one of the biggest fuel distributors in Nigeria. Zenon made more financial sector investments and rose to the position of the largest shareholder in many banks in Nigeria, notably Zenith Bank and United Bank for Africa (UBA).In addition to diesel, Zenon also climbed to prominence in the kerosene industry.
In a 2012 study investigating a purported fuel subsidy scheme, Zenon was one of several businesses. The investigation found that Zenon owed the government $1.4 million. According to other reports, the Nigerian lawmaker who created the account, Farouk Lawan, was seen receiving $3 million from Femi Otedola in exchange for $50000 to take Zenon off the list. It was then discovered that Otedola had alerted the State Security Services, who had carried out a sting operation, about Lawan’s harassment and bribe demands. In February 2013, Lawan was accused of corruption and sentenced to a seven-year term.
Otedola acquired a majority interest in Africa Petroleum in 2007 and was subsequently named chairman and CEO. He purchased an additional 29.3 percent of the business for N40 billion in December of the same year. This private interest was combined with Zenon’s, increasing Otedola’s overall ownership to 55.3 percent.
African Petroleum’s share price dramatically increased after Otedola joined the business, boosting the market value from N36 billion to N217 billion in six months. In response to public complaints over the supply and cost of kerosene, African Petroleum began a campaign to saturate the market and sell gasoline at N50 per liter from more than 500 service stations across Nigeria in 2008.
With an estimated net worth of $1.2 billion, Otedola joined Aliko Dangote as the second Nigerian to be listed on the Forbes list of dollar-denominated billionaires in March 2009. In addition, Otedola announced a plan to modernize the liquefied petroleum gas (LPG) storage terminals owned by African Petroleum in Lagos, Kano, and Port Harcourt in October 2009. African Petroleum lost in 2009 due to the challenging economic circumstances brought on by the drop in global oil prices and the financial crunch of 2008–2009.
African Petroleum underwent a rebranding in December 2010 and became Forte Oil PLC. Otedola reorganized the company with an emphasis on better corporate governance and technology. In 2012, Forte Oil generated a profit once more. In 2013, Otedola provided 57% of the financing for Amperion Ltd, a Forte Oil subsidiary that bought the 414 MW Geregu Power Plant for $132 million. This was done as part of the Federal Government’s effort to liberalize Nigeria’s struggling power industry.
Forte’s share price increased by 1,321 percent in 2013 due to its improved financial situation and diversification into the power-generating industry. As a result, the company’s pre-tax profit increased over a year to 4.19 billion naira ($25.7 million) in the first half of 2014. The overall rate of revenue increase for the year was 33%. Otedola slipped off the Forbes Rich List after the decline in share price in 2009, but he made it back in November 2014.
Forte Oil gained access to international commodity markets in September 2015, selling 17 percent of its shares to Swiss commodities trader Mercuria Energy Group. Otedola was reportedly granted $200 million as a result of the agreement. In 2019, Femi Otedola revealed plans to sell Forte Oil Plc and shift the company’s focus from oil to energy with Geregu Power Plc.
Otedola founded CentreForce Ltd. in 1994, focusing on trading, investing, and finance. Otedola also owns Swift Insurance. Otedola is the chief executive and president of SeaForce Shipping Company Ltd. After gaining control over the distribution of diesel products; he once held the title of Nigeria’s largest ship owner. His fleet included the first flat-bottomed bunker ship in Africa, with a 16,000 metric ton storage capacity.
Otedola was made a non-executive director of Transnational Corporation of Nigeria Plc in January 2006. The multi-sector conglomerate was founded in 2004 by then-President Olusegun Obasanjo to take advantage of market opportunities that required significant capital investment in Nigeria and other sub-Saharan African nations. This position he held till February 2011.
Otedola has invested in real estate on several occasions. In February 2007, Zenon purchased Stallion House at Victoria Island in Lagos for N2.3 billion from the Federal Government. He led the hotel’s enlargement and refurbishment to a seven-star facility when he was named chairman of the Transcorp Hilton Hotel in Abuja the following month. He owns FO Properties Ltd. According to reports, Otedola financed the People’s Democratic Party and gave N100 million to President Obasanjo’s reelection campaign in 2003. He was a close friend and ally of Goodluck Jonathan.
He was selected to a committee charged with fostering business ties with South Africa the same year he joined the Nigerian Investment Promotion Council (NIPC), which he has been a member of since 2004. In addition, President Goodluck Jonathan named Femi Otedola to Nigeria’s National Economic Management Team in 2011. As a result, forte Oil changed its name to Adrova PLC in 2020, and Femi was revealed to be First Bank PLC’s sole largest stakeholder (5.07%) as of October 2021.
Otedola has seen his fair share of controversy, as In December 2016, he became involved in a scandal when two Toronto-based sisters, Jyoti and Kiran Matharoo, allegedly sought to extort him via cyberbullying and blackmail, saying they had proof that Otedola had cheated on his wife that they would publish on a renowned sex-scandal website. The sisters contested Otedola’s account. They claim that Jyoti met Otedola in 2008, just after she graduated from college. He escorted her and Kiran to Nigeria, where he started an affair. They admit that his gifts helped them go ahead, just like presents from prior affluent partners did, but they deny that they have ever used extortion or even sought gifts.
Otedola has significantly contributed to the Michael Otedola University Scholarship Scheme, which was started in 1985 to provide access to higher education for impoverished students in Lagos State. Zenon contributed N200 million to the scheme’s fund in 2005. More than 1,000 children have benefited from the program since its launch.
Otedola donated N300 million in 2005 to finish the National Ecumenical Centre in Abuja, Nigeria’s leading center of Christian prayer. He contributed N200 million to the State Security Trust Fund in 2007 as part of a group of philanthropists who wanted to lower crime in Lagos State. Later that year, he gave N100 million to the Noforija, Epe-based Otedola College of Primary Education. In addition, he gave N80 million in 2008 to the University of Port Harcourt’s Faculty of Agriculture. In the 2019 AFCON encounter against Algeria, Femi Otedola delivered on his promise of 25,000 dollars to the Super Eagles.
The famous Nigerian businessman “Femi Otedola” has an estimated net worth of $2.7 Billion.
Among Femi Otedola’s fleet of vehicles are a Mercedes Benz AMG G63 valued at N73 million, a G-wagon costing N53 million, a Mercedes SLR McLaren valued at N250 million, a Rolls-Royce Phantom valued at N162 million, and a BMW 6 series valued at N30 million.
Recently, Femi Otedola splurged $218,750 on three Ferraris for his three daughters. Temi Otedola received a deep brown Ferrari, Cuppy received a pink one, and Tolani received a deep blue one.
He has homes in London, New York City, Lagos, Dubai, and Abuja.
He is one of the few billionaires in Nigeria who owns a private jet and was once said to have rented a Yacht at $9M for his 60th birthday celebration with his family.