Otedola Net Worth & Profile
|Otedola Net Worth||$1.8 billion US dollars|
|Also known as||–|
|Age||4 November 1962 (58 years)|
|State of Origin||Ibadan, Oyo State|
|Source of Wealth||Oil and Gas, Utilities|
Otedola was born on the 4th of November 1962 in Ibadan, the capital of Oyo State, southwest Nigeria. He was born into the family of the late Sir Michael Otedola, Governor of Lagos State from 1992 to 1993.
Femi Otedola’s first daughter, Tolani was born to Otedola and his former lover, Olayinka Odukoya. Later, Femi married Nana Otedola and had two more daughters—Florence Ifeoluwa and Elizabeth Temi—and a son, Fewa. Florence Otedola, well known as DJ Cuppy, is a DJ and music producer, as well as a tourism ambassador for Nigeria. Her younger sister, Temi, is an actress, a style blogger, and an aspiring designer. Otedola has homes in Lagos, Abuja, Dubai, London, and New York City. Otedola’s net worth is estimated to be about $1.8 billion USD.
Femi Otedola Career
Otedola established CentreForce Ltd, which specialized in finance, investments and trading in 1994. He is also the owner of Swift Insurance.
Otedola is chief executive and president of SeaForce Shipping Company Ltd and was at one point Nigeria’s largest ship owner after extending control over the distribution of diesel products. One of his ships, a flat-bottomed bunker vessel with a storage capacity of 16,000 metric tonnes, was the first of its kind in Africa.
Seeing an opportunity in the fuel retail market, Otedola secured the finance to set up Zenon Petroleum and Gas Ltd, a petroleum products marketing and distribution company In 2003. The same year he acquired a fleet of 100 DAF fuel-tanker trucks for N1.4 billion.
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 In March 2007. Later that year Zenon acquired a 28.7 percent stake in African Petroleum, one of Nigeria’s largest fuel marketers. Otedola was also appointed chairman and chief executive of Africa Petroleum through the acquisition of a controlling stake in the business the same year.
In March 2009, Otedola became the second Nigerian after Aliko Dangote to appear on the Forbes list of dollar-denominated billionaires, with an estimated net worth of $1.2 billion. In October 2009, Otedola announced a move to upgrade African Petroleum’s liquefied petroleum gas (LPG) storage terminals in Lagos, Kano, and Port Harcourt.
African Petroleum rebranded, changing its name to Forte Oil PLC in December 2010. Forte Oil returned to profit in 2012.
Zenon was among a number of companies named in a report into an alleged fuel subsidy scam In 2012. According to the report Zenon owed the government $1.4 million. In 2013, as part of the Federal Government’s push to liberalize Nigeria’s ailing power sector, 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 percent rise in its share price in 2013. The first half of 2014 saw the company’s pre-tax profit more than doubled year-on-year to 4.19 billion naira ($25.7 million). Revenue growth for the whole year was 33 percent. In November 2014, Otedola returned to the Forbes rich list having dropped off it following the fall in share price in 2009.
Forte Oil sold 17 percent of its equity to Swiss commodity trader Mercuria Energy Group in September 2015, giving Forte access to global commodity markets. The deal was thought to have given Otedola an estimated $200 million. In 2019, Femi Otedola sold Forte Oil Plc and announced plans to change focus from oil to power with his company, Geregu Power Plc.
Otedola Net worth Index
- 2009 – $1.2B
- 2015 – $1B
- 2016 – $1.8B
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