Femi Otedola is a Nigerian billionaire, businessman and entrepreneur.
Otedola was born in Ibadan, Oyo state on November 4th, 1962 to Sir Michael Otedola, a former Governor of Lagos State from Epe, and Lady Doja Otedola. He is the CEO of Forte Oil PLC and Geregu Power Pic.
Femi Otedola grew up in Ibadan and Lagos, where he had his primary and secondary School education. And then, obtained a degree in Obafemi Awolowo University in ile-ife, Osun State between 1980 to1985.
In 1994 Femi launched Centre Force limited which specialized in finance, investment and trading. He is also the CEO of Zenon Petroleum and Gas Limited, which he founded in 2003. The company grew very fast and by 2005 it was already controlling a major share of the Nigerian diesel market, it supplied fuel to majority of the country’s major manufacturing industries including the likes of Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestle and Guinness.
Femi Otedola was appointed the CEO and chairman of Africa Petroleum which was renamed as Forte Oil PLC. He donated the sum of 80m to the faculty of Agriculture at the University of Port Harcourt in 2008.
In 2011 Femi was appointed a member of the Nigeria’s National Economic Management Team by President Goodluck Johnathan and as part of the liberalization of the sector in Nigeria. He is also the founder of FO Transport and Sea Force Shipping Company Ltd, Swift Insurance, Atlas Shipping Agency and FO Properties Limited.
He is the second Nigerian after Aliko Dangote to be in the Forbes list of dollar denominated billionaires. He was also listed at number 29 as the richest man in Africa by Forbes in 2014.
Femi Otedola in 2021 also took over First Bank as the highest shareholder.
Femi Otedola is married to to Nana Otedola and they are blessed with three daughters, Olawunmi Christy Otedola, Florence Ifeoluwa Otedola, Elizabeth Temi Otedola and a son, Temi Otedola. He is the father of DJ Cuppy, a music producer and tourism ambassador. Elizabeth is also an established blogger and designer.
Femi Otedola net worth accurately is a task as he’s involved in multi businesses and investments, but however, according to Forbes, estimated Femi’s networth is at $1 8b in 2016, dropped to $550m in 2018 and as at 2021 according to Wikipedia is $5.9 billion.