Femi Otedola is one of the most influential and successful businessmen in Nigeria. He is the founder of Zenon Petroleum and Gas Ltd, a former chairman of Forte Oil PLC, and the current executive chairman of Geregu Power PLC. He is also a generous philanthropist who has donated millions of dollars to various causes, especially in the health and education sectors. In this blog post, we will explore the life and achievements of Femi Otedola, from his humble beginnings to his current status as a billionaire.
Femi Otedola Early Life and Education
Femi Otedola was born on 4th November 1962 in Ibadan, the capital city of Oyo State. His father was the late Sir Michael Otedola, who was the governor of Lagos State from 1992 to 1993. His mother is Lady Doja Otedola, a loving and supportive woman who encouraged his entrepreneurial spirit from a young age. Femi Otedola was the second son in a family of four male children.
He grew up in Lagos with his family and attended a seminary school for some time. He had a passion for business and started making money when he was six by offering pedicure and manicure services to guests at his parents’ house. He also sold sweets and biscuits at school to his classmates.
He completed his early education at the University of Lagos staff school and then proceeded to Olivet Baptist High School in Oyo. He later gained admission into Obafemi Awolowo University in Ile-Ife, Osun State, where he obtained his first degree.
Femi Otedola Business Career
Femi Otedola started his business career in the family printing press, where he worked as a marketing personnel. He then ventured into his own business by founding a finance, investments, and trading company called CentreForce Ltd. He also established an insurance firm named Swift Insurance and a shipping company named SeaForce Shipping Company.
In 2003, he founded Zenon Petroleum and Gas Ltd, a petroleum products marketing and distribution company. He invested heavily in downstream infrastructure development and acquired storage depots, cargo vessels, and fuel-tanker trucks. He also became a significant shareholder in several Nigerian banks, such as Zenith Bank and United Bank for Africa (UBA).
By 2005, Zenon Petroleum and Gas Ltd became the leading distributor of diesel in Nigeria, supplying fuel to most of the major manufacturers and corporations in the country, such as Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestle and Guinness.
In 2007, he acquired a 28.7 percent stake in African Petroleum, one of Nigeria’s largest fuel marketers. He rebranded the company as Forte Oil PLC in 2010 and transformed it into a diversified energy company with interests in power generation, upstream services, renewable energy, and retail outlets.
In 2013, he became the first African to partner with the oil giant Chevron, through his subsidiary Forte Upstream Services, to invest in power generation in Nigeria. He also acquired a controlling stake in Geregu Power PLC, a gas-fired power plant in Kogi State.
In 2019, he sold his shares in Forte Oil PLC to focus on the power sector. He is currently the executive chairman of Geregu Power PLC, which plans to expand its capacity from 414 megawatts to 970 megawatts by 2023.
Femi Otedola Philanthropy and Social Impact
Femi Otedola is not only a successful businessman but also a compassionate philanthropist who has donated generously to various causes, especially in the health and education sectors. He has supported several initiatives and organizations, such as the Save the Children Fund, the Lagos State Security Trust Fund, the Nigerian Academy of Engineering, the National Arts Theatre, the Centre for Values in Leadership, and the Mike Adenuga Foundation.
Some of his notable philanthropic gestures include:
Donating $14 million to the completion of the National Ecumenical Centre, Nigeria’s primary place of Christian worship, in 2005.
Donating N200 million to the Lagos State Security Trust Fund, a public-private partnership to enhance security in Lagos State, in 2007.
Donating N100 million to the Otedola College of Primary Education, a teacher training institution in Lagos State, in 2008.
Donating N300 million to the Faculty of Engineering of the University of Lagos, his alma mater, in 2011.
Donating N80 million to the rehabilitation of the National Arts Theatre, a cultural landmark in Lagos State, in 2012.
Donating N1 billion to the Save the Children Fund, a global charity that supports children in need, in 2019. He also donated N5 billion to the Cuppy Foundation, a charity founded by his daughter Florence Otedola, aka DJ Cuppy, to support the education and welfare of Nigerian children.
Donating N18 million to the Lagos State University Teaching Hospital for the medical bills of a former Nigerian international footballer, Christian Chukwu, who was diagnosed with prostate cancer in 2019.
Donating N30 million to the medical bills of a veteran Nigerian actor, Sadiq Daba, who was battling leukemia and prostate cancer in 2019.
Donating N1 billion to the Nigerian government to support the fight against the COVID-19 pandemic in 2020.
Femi Otedola Personal Life and Family
Femi Otedola is married to Nana Otedola, a businesswoman and the CEO of Garment Care, a dry cleaning service. They have four children: Tolani, Florence, Temi, and Fewa Otedola.
Tolani is a singer and songwriter who was born to Otedola and his former wife, Olayinka Odukoya. She has released several singles, such as “Maybe Baby”, “Ba Mi Lo”, and “Badman”.
Florence, popularly known as DJ Cuppy, is a DJ and music producer who has collaborated with artists such as Tekno, Zlatan, and Wyclef Jean. She is also a tourism ambassador for Nigeria and the founder of the Cuppy Foundation.
Temi is an actress, a style blogger, and an aspiring designer. She runs a fashion blog called JTO Fashion and has starred in a Netflix original series, Citation, directed by Kunle Afolayan.
Fewa is the youngest and only son of Otedola. He has a particular condition called autism spectrum disorder, which affects his communication and social skills. He is loved and supported by his family and friends.
Femi Otedola has homes in Lagos, Abuja, Dubai, London, and New York City. He is a lover of art, music, and travel. He is also a devout Christian who attends the Redeemed Christian Church of God.
Femi Otedola Cars
Femi Otedola owns 6 cars:
Armoured Mercedes Benz G-Wagon
Mercedes Benz S-Class
Mercedes SLR McLaren
Rolls-Royce Phantom
Bentley Mulsanne
BMW 6 series
He also has a private jet worth billions of naira. He is known for his generous donations to various causes, especially in the health and education sectors.
Controversy And Activism Of Femi Otedola
Some of the notable ones are:
He allegedly impregnated Olayinka Odukoya, the mother of his first daughter, Tolani, twice and denied her access to their child for many years.
He allegedly bribed two members of the House of Representatives, Farouk Lawan and Boniface Emenalo, to remove his company’s name from the list of firms indicted for fuel subsidy fraud in 2012. He later claimed that he acted as a whistleblower and cooperated with the security agencies to expose the corruption
He was accused of being involved in a sex scandal and extortion attempt by two Canadian sisters, Jyoti and Kiran Matharoo, in 2016. He denied the allegations and said he was a victim of cyberbullying and blackmail.
He donated N1 billion to the Nigerian government to support the fight against the COVID-19 pandemic in 2020. He also donated N5 billion to the Cuppy Foundation, a charity founded by his daughter, DJ Cuppy, to support the education and welfare of Nigerian children in 2019.
He became an activist investor in Transcorp Hilton Hotel, a leading hospitality company in Nigeria, in 2023. He acquired a 6.5 percent stake in the company and demanded a board seat and a dividend payout to shareholders. He also called for a forensic audit of the company’s accounts and a review of its corporate governance practices.
Conclusion
Femi Otedola is a remarkable Nigerian who has achieved great success in business and contributed immensely to the development and welfare of his country and people. He is a role model and an inspiration to many Nigerians and Africans who aspire to make a positive impact in the world. He is a true example of the Nigerian spirit of resilience, excellence, and generosity.
