According to our research, Femi Otedola net worth is $2 billion. When the oil boom era hit Nigeria hard, the country’s primary source of wealth was the viscous liquid.
Making historical triumphs in the oil business is not an easy task.
Femi Otedola, an Ibadan-born Westerner, is one such man who has demonstrated to have immense pure wit to win in such a tough environment.
Femi is your wealth model any day, with every characteristic of a fashionable billionaire.
He is a billionaire, investor, oil magnate, philanthropist, and father.
His history is a rich epistle of bountiful accomplishments, disputes, and monuments, but we’ll concentrate on the brighter side of his life and how much the elegant millionaire is worth
- Full Name: Femi Otedola
- Born: November 4, 1962
- Place of Birth: Ibadan, Oyo State, Nigeria
- Nationality: Nigerian
- Wealth Source: Oil and Gas, diversified investments
- Net Worth: $2 Billion
- Residence: Ikoyi, Lagos Nigeria
Femi Otedola Net Worth and Biography
Femi Otedola was born on November 4, 1962, into the wealthy home of the Late Sir Michael Otedola and Mrs Nana Otedola in Ibadan, the capital of Oyo State, Nigeria.
Sir Michael Otedola was the governor of Lagos State from 1992 to 1993 before his death.
Otedola is a distinguished alumnus of Obafemi Awolowo University (OAU), originally known as the University of Ife.
From 1980 to 1985, he spent most of his time in school.
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Career in Business
After graduating from Ife, as the school is affectionately known, Otedola managed the family’s printing press for a while before deciding to pursue the more lucrative road of the oil business.
In 2003, Otedola took a detailed look at the vast potential of the oil retail business, prompting him to get in with both feet.
This would subsequently lead to the formation of Zenon Oil, a corporation specializing in the importing and marketing of petroleum products.
The company grew like a palm over the seasons, and he was able to inject 15 billion into the Nigerian downstream sector and acquire oil storage estates for his company in the Apapa district of Lagos.
His company became a prominent player in the Nigerian oil distribution sector in 2005.
The country’s major businesses had to rely on Zenon Oil for petroleum product delivery.
Zenon, who was thriving at the time, became a substantial shareholder in African Petroleum, one of Africa’s leading oil distribution companies at the time, in 2007.
He bought 29 per cent of AP’s shares and combined them with his Zenon Oil assets to become the company’s largest stakeholder.
After acquiring the majority of the stakes, he was appointed chairman of African Petroleum, which is now known as Forte Oil.
Occupations in Notable Positions
In 2006, he was appointed as a non-executive director of Nigeria Plc, an international firm.
This conglomerate was founded by then-President Olusegun Obasanjo to fulfil the needs of major capital investments throughout Nigeria and the Sub-Saharan region.
He was previously the Chairman of the Transcorp Hilton Hotel Abuja, a hotel for the wealthy in Nigeria’s opulent capital.
In 2004, he was a member of the Nigerian Investment Promotion Council (NIPC), and the following year he was named to a committee tasked with developing a thriving economic partnership with South Africa.
President Goodluck Jonathan appointed Femi Otedola to Nigeria’s National Economic Management Team in 2011.
Post Forte Oil
After restructuring AP and rebranding it as Forte Oil, his wealth skyrocketed even higher.
The company produced ground-breaking successes in its field, and Otedola was acknowledged by Forbes. You know what it means to be recognized by Forbes.
Forte Oil would eventually interfere in Nigeria’s winning power sector to salvage what was left of it, boosting its reputation and money.
The rich have a natural tendency to diversify their investments, and Otedola will not put all his eggs in one basket.
He established Centreforce Ltd. in 1994 to diversify into the finance sector. He also serves as the CEO of Swift Insurance.
He is the President and CEO of Seaforce Shipping Company Ltd. A shipping company that specializes in the distribution of petroleum products.
Seaforce held the stranglehold on Nigeria’s largest ship and relished in the streak while it lasted.
In 2007, he was still palmy with business and eyed the real estate industry, which saw him acquire the N2. 3 billion stallion house in Victoria Island, Lagos Nigeria, from the federal government for his Zenon Oil.
He also has FO property.
Otedola is happily married to Nana Otedola, with whom he shares four children: a boy with autism named Fewa Otedola, three daughters named Christine Olawunmi, Florence Ifeoluwa, and Elizabeth Temi.
His daughter Florence Otedola, a well-known DJ known as DJ Cuppy, frequently joins her father in the limelight.
She also represents Nigerian tourism.
Femi Otedola’s net worth is said to be $2 billion.
Otedola, on the other hand, remains a member of the flamboyant rich, with a pricy home in Ikoyi, Lagos Nigeria, and high-valued properties in Abuja, Dubai, New York, France, and London.