|Date of Birth:
|November 4, 1962 (61 years old)
|5 ft 6 in (1.68 m)
What is Femi Otedola’s net worth? How does Femi Otedola make his money? Below is the current net worth of Femi Otedola and how Femi Otedola makes his money.
What is Femi Otedola Net Worth?
Femi Otedola is a Nigerian Billionaire and philanthropist who has a net worth of $1.8 billion. He founded Zenon Petroleum and Gas Ltd and was the former chairman of Forte Oil PLC an oil marketing and power generation company.
In the year 1962, on 5 November Otedola was born in Ibadan, southwest Nigeria, into the family of the late Sir Micheal Otedola former Lagos state Governor from 1992 to 1993.
Femi was enrolled in the University of Lagos Staff School and later furthered his education at the Obafemi Awolowo University.
Otedola is happily married to Nana Otedola and they are blessed with four children Tolani, Florence Ifeolowa, Elizabeth Temi, and Fewa the only son.
Femi Otedola of Nigeria is the controlling shareholder of an oil marketing and power generation company widely known as Forte Oil, which was originally a subsidiary of British Petroleum (BP).
Across the globe, Forte Oil has more than 500 gas stations.
In 2003, Otedola succeeded in securing funds to set up a petroleum products marketing and distribution company named Zenon Petroleum and Gas Ltd. He saw this as an opportunity in the fuel market for retail.
In 2004, Otedola the chairman of Zenon invested N15 billion in downstream infrastructural development and acquired storage depots at Ibafon, Apapa.
Around 2007, Otedola was assigned the role of chief executive and chairman of Africa Petroleum by acquiring a controlling share in the business.
In December of that year, he acquired 29.3 percent of the company for himself at N40 billion. Otedola’s total stake climbed to 55.3 percent after purchasing a merger of his personal holdings with Zenon.
Later in December 2010, African Petroleum change its brand name to Forte Oil PLC.
Otedola paid attention to improving corporate governance, and technology in other to restructure the business. He also specialized in investments, trading and finances by establishing CentreForce Ltd. Otedola is also the sole owner of Swift Insurance.
Otedola is chief executive and head of SeaForce Shipping Company Ltd, he was Nigeria’s largest ship owner after extending control over the distribution of diesel products.
One of his ships was the first of its kind in Africa and had a flat-bottomed bunker vessel with a storage capacity of 16,000 metric tonnes.
Femi Otedola gave 25,000 dollars in 2019 AFCON to the Super Eagles in the match against Algeria as a fulfillment of his pledge.
Michael Otedola University Scholarship Scheme, established in 1985 has helped underprivileged students gain access to tertiary education in Lagos state and has enjoyed numerous donations from Otedola.
He also donated Zenon N200 million to the scheme’s fund in 2005. Since its formation, over 1,000 students have benefited from the scheme.
In 2005, Otedola made an N300 million personal donation to the completion of the place of Nigerian Christian worship in Abuja known as the National Ecumenical Centre.
In 2007, he was one among a group of donors who gave N200 million for a drive to reduce crime in Lagos State by the State Security Trust Fund.
Later that year he went ahead to donate N100 million to the Otedola College of Primary Education in Noforija, Epe.
In 2008 he also donated N80 million to the Faculty of Agriculture at the University of Port Harcourt.
Otedola has a luxury private jet posted in a video that went viral showing the interior designs.
He owns a fleet of cars including;
Mercedes-Benz AMG G63 worth N73 million.
G-Wagon costing N53 million.
Mercedes SLR McLaren worth N250 million.
Rolls-Royce Phantom 7
Phantom 8 sedans,
He went ahead to purchase three Ferarri Portofino worth over 80 million for his three daughters.
Otedola has numerous houses in different locations which include London, New York City, Lagos, Abuja, and Dubai.
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