Femi Otedola

Femi Otedollar is a Nigerian businessman, philanthropist, former CEO of Forte Oil Plc and importer of fuel products. Femi Otedollar is the father of Nigerian popular Disc Jockey, DJ Cuppy.

According to Forbes records, Femi Otedola’s net worth is currently estimated at $1.8 billion.

Femi Otedollar was born on November 4th, 1962 in Ibadan to Michael Otedola and Lady Doja. Femi’s father, Sir Michael Otedola, served as the former Governor of Lagos State from 1992 to 1993. Femi Otedollar is the father of Zenon Petroleum and Gas Ltd. He owns several other businesses in the shipping, real estate and financial sectors. He recently invested in power generation as part of the liberalization of the Nigerian sector.

Also known as a fitness enthusiast, Femi Otedola spends at least an hour of his day in the gym.

Early Life

Otedola was born in Ibadan, the capital of Oyo state in southwestern Nigeria, into the family of the late Sir Michael who served as Governor of Lagos State from 1992 until 1993.

Femi Otedola was a student of the University of Lagos Staff School. He continued his education in 1985 at the prestigious Obafemi Awolowo University in Osun State, where he earned his first degree.

After school, he began working as associate in marketing at his family’s printing business.

Private Life

Before Femi Otedola became a millionaire, he fell in love with Olayinka Odukoya while working in his family’s printing shop.

The two loved each other and did everything together, but their relationship didn’t lead to marriage. The reason was that Femi’s mother was against the union.

Olayinka became pregnant, but her mother adamantly did not welcome her. Their relationship birthed Tolani.

Femi Otedola’s eldest daughter Tolani is a singer. She was born to Femi Otedola and his former lover Olayinka Odukoya. Femi later married Nana Otedola and had two daughters, Florence Ifeoluwa and Elizabeth Temi, and a son, Fewa. Florence Otedola, also known as DJ Cuppy, is a DJ, music producer and tourism ambassador for Nigeria. Her sister Temi is an actress, style blogger and aspiring designer. Otedola owns homes/properties in Lagos, Abuja, Dubai, London and New York.

Femi Otedola has her four children with two women.

Femi Otedollar’s eldest daughter, Tolani, is the only child of Femi’s first ex-lover, Olayinka Odukoya. Tolani Otedola is a singer cum songwriter. Unlike her other two sisters, she likes to keep a low profile.

After Tolani Otedola’s birth, Femi’s mother allegedly refused to allow her son to marry Tolani’s mother Olayinka. Femi Otedola later left Olayinka and married Nana Otedola.

Fewa, Femi Otedola’s son, was diagnosed with autism at birth.

Florence Otedola, also known as DJ Cuppy, is a Nigerian DJ, music producer, and tourism ambassador. She was also the official disc jockey during the inauguration of President Muhammadu Buhari of Nigeria in May 2015.

DJ Cuppy’s sister, Temi Elizabeth, is a style blogger and aspiring designer. Femi Otedola has homes/properties in Lagos, Abuja, Dubai, London and New York. Recently, there were reports that she was making her acting debut in Kunle Afolayan’s upcoming film, Citation.

Fuel Marketing

Zenon Petroleum and Gas

In 2003, seeing an opportunity in the fuel retail market, Otedola secured funding to form his Zenon Petroleum and Gas Ltd, a marketing and distribution company for petroleum products.

As owner and chairman of Zenon, he invested his N15bn in downstream infrastructure development in 2004, including Ibafon, Apapa and storage with a total storage capacity of 147,000 tonnes across four freighters. In the same year, he acquired 100 DAF fuel tankers for N1.4 billion.

By 2005, Zenon had a large share of the Nigerian diesel market, fueling most of the country’s major manufacturers, including Dangote Group, Cadbury, Coca-Cola, Nigeria He Brewery, MTN, Unilever, Nestlé and Guinness.

In March 2007, 10 banks approved a US$1.5 billion (N$193.5 billion) syndicated loan to Zenon to provide working capital for the construction of Africa’s largest luxury automobile gasoline storage facility. That same year, Zenon got 28.7% stake in African Petroleum, one of Nigeria’s biggest fuel marketers. Zenon has 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). In addition to diesel, Zenon has also become a significant player in the kerosene market.

In 2012, Zenon was one of many companies named in a report on alleged fuel subsidy fraud. According to reports, Zenon owed the government $1.4 million. In addition, Farouk Lawan, the Nigerian legislator who created the report, was filmed raising $500,000, which is said to total $3 million, to remove Zenon from the list. It was reported that it was later revealed that Otedola had previously reported harassment and requests for bribes to the National Security Agency, which was organizing covert operations. Lawan was indicted for corruption in February 2013.

African Oil

In 2007, Otedola was appointed Chairman and CEO of Africa Petroleum by acquiring control of the company. In December of the same year, he personally acquired another 29.3% of the organization for N40 billion. This personal interest combined with Zenon’s interest brought Otedola’s overall interest to 55.3%.

After Otedola entered the African Petroleum company, the stock price soared and the market capitalization increased from N36 billion to N217 billion in six months. In response to public concerns about pricing, we launched an initiative to saturate. We sell kerosene at N50 per liter at more than 500 petrol stations across Nigeria. In March 2009, Otedola became the second Nigerian to join the Forbes list of dollar billionaires with an estimated net worth of US$1.2 billion, after Aliko Dangote. Femi Otedola, in October 2009, declared his intent to make modern African Petroleum’s liquefied petroleum gas (LPG) storage terminals in Lagos, Kano and Port Harcourt, posting a loss for 2009.

Forte Oil

In December 2010, African Petroleum rebranded and changed its name to Forte Oil PLC. Otedola reorganized the company, focusing on improving technology and corporate governance. Forte Oil became profitable in 2012. In 2013, as part of the federal government’s efforts to liberalize Nigeria’s struggling energy sector, Otedola financed 57% of Forte Oil’s subsidiary Amperion Ltd, which owns a 414 MW Acquired Geregu power plant for US$132 million.

Forte’s improving financial situation and diversification into power generation helped his share price rise 1,321% in 2013. In the first half of 2014, the company’s pre-tax profit more than doubled year-on-year to reach N4.19 billion (US$25.7 million). Revenue growth for the full year was 33%. In November 2014, Otedola rejoined the Forbes Rich List after being delisted after the stock market crashed in 2009. In September 2015, Forte Oil sold its 17% stake to Swiss commodity trader Mercuria Energy Group, giving Forte access to global commodity markets. The deal is said to have brought Otedola an estimated $200 million. In 2019, Femi Otedola announced plans to sell his Forte Oil Plc and shift focus from oil to power with his company Geregu Power Plc.

Other Investments and Positions

In 1994 Otedola founded CentreForce Ltd, which specializes in finance, investments and trading. Otedola, also owns Swift Insurance. Otedola is Managing Director and President of SeaForce Shipping Company Ltd, once Nigeria’s largest ship owner after expanding control over the distribution of diesel products. One of his ships, 16,000-tonne storage-capacity flat-bottomed bunker vessel, was the first ship in Africa.

In January 2006, Otedola was appointed in 2004 by then-President Olusegun Obasanjo to respond to market opportunities requiring significant capital investment across Nigeria and sub-Saharan Africa. He was appointed as a Non-Executive Director of the Conglomerate Nigeria Plc Transnational Corporation. He held this position until February 2011.

Otedola has made a number of real estate investments, including the N2.3 billion acquisition of Stallion House on Victoria Island, Lagos by Zenon in February 2007. The following month, he was appointed President of the Transcorp Hilton Hotel in Abuja, tasked with overseeing its expansion and modernization into a seven-star hotel. Femi Otedol is the founder of FO Properties Ltd. Otedola is a funder of the People’s Democratic Party, and he is said to have donated £100 million to President Obasanjo’s reelection costs in 2003. He was a close associate of President Goodluck Jonathan. He has been a member of the Nigerian Investment Promotion Council (NIPC) since 2004, the same year he was appointed to the committee responsible for developing trade relations with South Africa. In 2011, Femi Otedola was appointed to Nigeria’s National Economic Management Team by President Goodluck Jonathan.

In 2020, Forte Oil was renamed Adrova PLC.

Now in October 2021 he was announced as the largest shareholder (5.07%) of First Bank PLC.

Controversies

Bribery and Corruption

In 2012, it was reported by a credible media house that Femi Otedola had paid $620,000 in bribes to Bonifas Emenalo and Farouk Lawan, then chairman of the House Fuel Subsidies Committee “Honesty Group”. The witnesses reported that Femi Otedola wanted the name of his company to be removed from the list of firms indicted by Farouq Lawan’s committee for abusing the fuel subsidy regime in 2012 . Farouk Lawan and Boniface Emenalo risks being incarcerated if found guilty of receiving money from Femi Otedola as receiving of bribe by a government official is an offense punishable by Imprisonment. Farouk Lawan and Boniface Emenalo were charged to court on the 2nd of February 2013, by the Independent Corrupt Practices and other related Commission (ICPC) their trial was at the Capital Territory High Court in Abuja to face a seven-count charge of bribery, an offense that violates Section 10 (a) (ii) of ICPC Act, 2000 and punishable under Section 10 of that same Act.

Farouk Lawan pleaded not guilty initially, so did Boniface Emenalo; however, events at the court of law took an unforeseen turn as Boniface Emenalo eventually admitted he was guilty and, in fact, had received several bribes on behalf of Farouk Lawan. Be that as it may, new evidence provided by the persecution was very concrete as Femi Otedola was caught red-handed in a video of him giving a bribe and Farouk Lawan accepting it.

Canadian Escorts

In December 2016, Otedola was embroiled in a controversy in which two Toronto-based sisters, Jyoti and Kiran Mataloo, accused of cyberbullying and allegedly having evidence that Otedola had cheated on his wife, reportedly tried to blackmail him through blackmail. The sisters dispute Otedola’s explanation. According to her report, Jyoti met Otedola directly from college in 2008. He moved her and Kiran to Nigeria and began an affair with him. They admit that his gifts, like those from other wealthy friends, have made them rich, but they never engage in blackmail or even demand gifts.

Charities

Otedola has made several donations to the Michael Otedola University Scholarship Program, established in 1985 to provide access to higher education for underprivileged students in Lagos State.

In 2005, Zenon donated N200 million to the fund for this program. Since its inception, the program has helped more than 1,000 of her students.

In 2005, Otedola made a private donation of N300 million to complete Nigeria’s premier Christian place of worship, the National Ecumenical Center in Abuja.

In 2007, he was one of a group of donors who donated N200 million to the National Security Trust Fund to reduce crime in Lagos State. Later that year he donated N100 million to the Otedola Primary College of Education in Noforiya, Epe.

In 2008, he donated N80 million to PortHarcourt University’s Faculty of Agriculture.

Femi Otedola delivered his $25,000 promise to the Eagles at AFCON 2019 against Algeria.

He also donated 5 billion Naira (approximately US$14 million) to Save the Children Fund through his daughter DJ Cuppy’s Foundation to support various intervention programs for poor children in Northeastern Nigeria.

Net worth

Aside from his net worth of $1.8 million, Femi has luxurious homes in London, Dubai, Abuja, Lagos and New York City. He privately owns his jet and owns several of his car caravans.

The Mercedes-Benz AMG G63 is worth N73 million.

G-Wagen costs him N53 million.

The Mercedes SLR McLaren is worth N250 million.

The Rolls-Royce Phantom is worth N162million.

His BMW 6 series is worth N30 million.