Nigeria has produced its own share of billionaires. We have already talked about four of these great men and this post is for another. He is the chair of Forte oil, founder of Zenon petroleum and gas limited, and a role model to many Nigerians, Mr. Femi Otedola.
Femi Otedola was born on the 4th of November 1962 in Ibadan. His father is late Sir Michael Otedola, a former governor of Lagos state. Femi obtained his university degree from Obafemi Awolowo University in Ile Ife in 1985. Before starting his own business, he worked at his family printing press in the 90s.
He is married to Nana Otedola and they are blessed with four children. Three daughters and a son and their names are Christine, Ifeoluwa, Temi, and Fewa. One of his daughters, Florence Ifeoluwa is a top Nigerian Dj, popularly known as DJ Cuppy.
Otedola stumbled on an opportunity in the fuel market and decided to take a risk in 2003. He secured the money he needed to set up a Petroleum Company which he called Zenon petroleum and Gas limited.
The company’s activity involves marketing and distribution of petroleum products. This made him invest 15 billion dollars in the downstream infrastructure development as the owner of Zenon Petroleum and Gas limited in 2004. He also secured deals with top companies in the country in which Zenon supplied petroleum products to the companies and by 2005, the company was already a success.
He acquired a storage depot at Ibafon, Apapa and four other cargo ships which were named after his father, his mother, and his wife. In mid-2005, he purchased 100 pieces of fuel tankers which cost him around 1.4 billion dollars. Zenon already had companies like Mtn, Coca-Cola, Cadbury, Nigerian Breweries and Guinness as its top customers later that year.
Femi was named as the chair and chief executive officer of Africa Petroleum in 2007. African Petroleum launched an initiative to saturate the market and start selling fuel at 50 Naira per liter. Femi Otedola became the second Nigerian to ever appear on Forbes list after Aliko Dangote in 2009. He was estimated to be worth around 1.2 billion dollars.
There was a downturn in his petroleum company due to crash in the oil price. He later merged African petroleum with Zenon oil which led to an increase in his net worth. African petroleum was rebrand into Forte oil which later got involved in power generation. Forte`s oil revenue rose as a result of the diversification in 2010.
When Forbes published its annual list in March 2017, Otedola was valued to be worth 2.3 billion dollars. He was one of the five Nigerians that made the list. It is reported that Otedola has houses in Nigeria, Monaco, France, and the United States. Most of his valued properties are in his mansion in Ikoyi which is said to be worth millions of dollars. He has a fleet of cars in his garage but his love for Mercedes-Benz and Rolls Royce is out of this world. He owns a private jet that is said to be worth around 60 million dollars and possesses a 12 million pounds yacht.
You may also like:
I’m a light sleeper, but a heavy dreamer. They asked me to start writing down my thoughts, are you ready to read them?