About Femi Otedola
He is an Entrepreneur, a nigerian business man and a great philantropist and IS listed "3rd richest man in Nigeria and 16th richest man in Africa by FORBES 2016
He is the 2nd Nigerian after Dangote to be included in the forbes list of dollar denominated billionaires and has recently invested in the Power sector of Nigeria
BIOGRAPHY
Born to a former governor of Lagos state "late Sir Michael Otedola" in 1962 in Ibadan, the capital of Oyo State, western Nigeria. In the late 1980s he ran the marketing for his family’s printing press before going on to trade petroleum products.Femi Otedola is married to Nana Otedola and has three daughters – Christine Oluwnmi, Florence Ifeoluwa and Elizabeth Temi – and a son, Fewa.
Florence Otedola, aka DJ Cuppy, is an international DJ and music producer, as well as a tourism ambassador for Nigeria.Her younger sister, Temi, is a style blogger and aspiring designer. Femi Otedola has homes in Lagos, Abuja, Dubai, London, and New York.
BUSINESS
In December 2010 African Petroleum rebranded, changing its name to Forte Oil Plc. Femi Otedola carried out a restructuring of the business, focusing on technology and improved corporate governance. Forte Oil returned to profit in 2012.In 2013, as part of the Federal Government’s push to liberalise Nigeria’s ailing power sector, Femi Otedola financed 57% of Forte Oil subsidiary Amperion Ltd, which acquired the 414 MW Geregu Power Plant for $132 million.
Forte’s improved financial position and diversification into power generation resulted in a 1,321 per cent rise in its share price during 2013. The first half of 2014 saw the company’s pre-tax profit more than double year-on-year to 4.19 billion naira ($25.7 million).
Revenue growth for the whole year was 33 per cent. In November 2014 Otedola returned to the Forbes rich list having dropped off it following the fall in share price during 2009. In September 2015 Forte Oil sold 17 per cent of its equity to Swiss commodity trader Mercuria Energy Group, giving Forte access to global commodity markets. The deal was thought to have given Femi Otedola an estimated $200 million.
As owner and chairman of Zenon, in 2004 he invested N15 billion in downstream infrastructure development and acquired storage depots at Ibafon, Apapa as well as four cargo vessels, amounting to a combined total storage capacity of 147,000 metric tonnes. The same year he acquired a fleet of 100 DAF fuel-tanker trucks for N1.4 billion.
By 2005 Zenon controlled a major share of the Nigerian diesel market, supplying fuel to most of the major manufacturers in the country including Dangote Group, Cadbury, Coca Cola, Nigerian Breweries, MTN, Unilever, Nestle and Guinness.
In March 2007 it was announced that ten banks had approved a syndicated loan of US$1.5 billion (N193.5 billion) to Zenon as working capital to build the largest premium motor spirit storage facility in Africa.
Later that year Zenon acquired a 28.7 per cent stake in African Petroleum, one of Nigeria’s largest fuel marketers. Zenon also invested across the financial sector, becoming the largest shareholder in a number of Nigerian banks including Zenith Bank and United Bank for Africa (UBA). As well as diesel, Zenon also became an important player in the kerosene market.
Femi Otedola remains one of Nigeria’s richest men, with a net worth of 1.8 billion dollars. He is ranked "1016th" richest in the WORLD. No doubt he is an ACHIEVER
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