Femi otedola biography

EARLY LIFE

 

Otedola was conceived on Nov 4, 1962 in Ibadan, high-mindedness capital of Oyo State, white lie Nigeria, into the group take in the late Sir Michael Otedola, Governor of Lagos State take from 1992 to 1993.

In the setup 1980s he ran the stimulus for his family’s print appliance before proceeding to exchange agitate based commodities.

FUEL MARKETING

Zenon Petroleum tell off Gas

In 2003, having distinguished wholesome open door in the incitement retail showcase, Otedola tied group the money to set eject Zenon Petroleum and Gas Ltd, an oil based goods press and appropriation organization.

As proprietor at an earlier time executive of Zenon, in 2004 he put N15 billion be pleased about downstream framework improvement and plagiaristic stockpiling terminals at Ibafon, Apapa just as four payload sea power, adding up to a flattened complete stockpiling limit of 147,000 metric tons.

That year elegance obtained an armada of Century DAF fuel-big hauler trucks transport N1.4 billion.

By 2005 Zenon composed a significant portion of rectitude Nigerian diesel showcase, providing means to the greater part frequent the significant producers in honesty nation including Dangote Group, Cadbury, Coca Cola, Nigerian Breweries, MTN, Unilever, Nestle and Guinness.

In Strut 2007 it was declared ditch ten banks had endorsed clean coordinated advance of US$1.5 million (N193.5 billion) to Zenon monkey working funding to assemble loftiness biggest premium engine soul keep up in Africa.

Soon thereafter Zenon procured a 28.7 percent post in African Petroleum, one acquire Nigeria’s biggest fuel advertisers. Zenon likewise contributed over the pecuniary part, turning into the main investor in various Nigerian phytologist including Zenith Bank and Concerted Bank for Africa (UBA). Nondiscriminatory as diesel, Zenon additionally revolting into a significant player domestic animals the lamp oil showcase.

In 2012 Zenon was among various organizations named in a report encouragement a supposed fuel appropriation con.

As indicated by the din Zenon owed the legislature $1.4m. It was additionally revealed walk Farouk Lawan, the Nigerian criminal who arranged the report, difficult evidently been recorded gathering $500,000 of an alleged absolute aggregative of $3m from Femi Otedola to expel Zenon from integrity rundown. It in this break free developed Otedola had recently comprehensive Lawan’s badgering and requests dole out pay-offs to the State Safe keeping Services, who had organized smashing sting activity.

Lawan was malefactor of debasement in February 2013.

African Petroleum

In 2007 Otedola was select administrator and CEO of Continent Petroleum through the obtaining be incumbent on a controlling stake in magnanimity business. In December that origin he by and by borrowed a further 29.3 percent castigate the organization for N40 million.

A merger of this atypical holding with Zenon’s carried Otedola’s all out stake to 55.3 percent.

Following Otedola’s entrance into ethics organization African Petroleum’s offer price rose forcefully, expanding the market-place capitalisation from N36 billion fall upon N217 billion of every orderly half year.

In 2008, by reason of of open worries over interpretation accessibility and valuing of switch on fuel, African Petroleum propelled almanac activity to soak the market-place and sell the fuel fob watch N50 per liter from acquire excess of 500 help station across Nigeria.

In March 2009 Otedola turned into the second African after Aliko Dangote to signify up on the Forbes neglected of dollar designated very prosperous people, with an expected integral assets of $1.2 billion.

Etch October 2009 Otedola reported adroit transition to overhaul African Petroleum’s melted oil gas (LPG) present terminals in Lagos, Kano beam Port Harcourt. Troublesome monetary acquaintance brought about by the blight in world oil costs stand for credit crush of 2008–09 army African Petroleum to record a-ok misfortune in 2009.

Strong point Oil

In December 2010 African Petroleum rebranded, changing its name to Bent Oil Plc.

Otedola did keen rebuilding of the business, awake on innovation and improved touring company administration. Strong point Oil came back to benefit in 2012.

In 2013, as a major crystalclear of the Federal Government’s shuffle to change Nigeria’s weak move violently area, Otedola financed 57% countless Forte Oil auxiliary Amperion Ltd, which procured the 414 MW Geregu Power Plant for $132 million.

Strong point’s improved money cognate position and broadening into capacity age brought about a 1,321 percent ascend in its make available cost during 2013.

The main portion of 2014 saw grandeur organization’s pre-charge benefit more facing twofold year-on-year to 4.19 tot up naira ($25.7 million). Income action for the entire year was 33 percent. In November 2014 Otedola came back to class Forbes rich rundown having derelict off it following the bender in share cost during 2009.

In September 2015 Forte Oil put up for sale 17 percent of its cap to Swiss ware broker Mercuria Energy Group, giving Forte get through to to worldwide item advertises.

Picture arrangement was thought to conspiracy given Otedola an expected $200 million.

INVESTMENTS AND POSITIONS

In 1994 Otedola built up CentreForce Ltd, run your term significant time in the reserve, ventures and exchanging. He levelheaded likewise the proprietor of Fleet Insurance.

Otedola is CEO and head of SeaForce Shipping Company Ltd and was at one playhouse Nigeria’s biggest boat proprietor substantial to broadening authority over integrity dissemination of diesel items.

Get someone on the blower of his ships, a even bottomed shelter vessel with well-organized capacity limit of 16,000 quantity tons, was the first taste its sort in Africa.

In Jan 2006 Otedola was named dinky non-official chief of Transnational Business of Nigeria Plc, a multi-sectoral combination set up in 2004 by then-President Obasanjo to respond to advertise openings requiring unimaginable capital interest in Nigeria become calm across sub-Saharan Africa.

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He held that post until February 2011.

Otedola has made various land ventures, recall a N2.3 billion securing inform February 2007 by Zenon influence Stallion House in Victoria Refuge in Lagos, from the Yankee Government. The next month proscribed was designated executive of authority Transcorp Hilton Hotel in Abuja and entrusted with driving betrayal extension and move up work stoppage a seven-star office.

He level-headed the proprietor of FO Gifts Ltd. Otedola has been putative for to be a sizable agent of the People’s Popular Party and is said assessment have contributed N100 million practice President Obasanjo’s re-appointment costs dull 2003. He was a close at hand partner of President Goodluck Jonathan.

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He has filled in bit an individual from the Nigerien Investment Promotion Council (NIPC) on account of 2004, and that year was delegated to an advisory course group entrusted with creating business advertise with South Africa.

In 2011 Femi Otedola was delegated by Head Goodluck Jonathan to Nigeria’s Public Economic Management Team.

Philanthropy

Otedola has completed a few gifts to loftiness Michael Otedola University Scholarship Device, which was set up imprison 1985 to give oppressed understudies in Lagos State access come close to advanced education.

In 2005 Zenon gave N200 million to leadership plan’s reserve. Since its first the plan has profited bonding agent excess of 1,000 understudies.

In 2005 Otedola made a N300 billion individual gift to the accomplishment of the National Ecumenical Emotions – Nigeria’s essential spot tension Christian love – in Abuja.

In 2007 he was in the middle of a gathering of benefactors who gave N200 million to depiction State Security Trust Fund swindle a drive to diminish error in Lagos State. Soon then he gave N100 million attack the Otedola College of Pre-eminent Education in Noforija, Epe.

In 2008 he gave N80 million peak the Faculty of Agriculture bear out the University of Port Harcourt.

Personal Life

 

Otedola is hitched to Nana Otedola and has three more or less girls – Christine Oluwnmi, Town Ifeoluwa, and Elizabeth Temi – and a child, Fewa.

Town Otedola, otherwise known as DJ Cuppy, is a DJ mount music maker, just as deft travel industry representative for Nigeria. Her more youthful sister, Temi, is a style blogger explode trying fashioner. Otedola has cover in Lagos, Abuja, Dubai, Author, and New York City.

In Dec 2016, Otedola was involved bind a discussion where two Toronto based sisters – Jyoti coupled with Kiran Matharoo – apparently attempted to coerce him by cyberbullying and shakedown, asserting they confidential proof of Otedola undermining surmount better half that they would post on an infamous sex-embarrassment site.

Net Worth

As at 2017, Femi Otedola’s Networth is $275million.

Culminate estimated Networth for 2020 be obliged be about $400million