They say money makes the world go round and Femi Otedola is one of them. The Oyo state born oil magnate buoyed by his astute business principles and philosophy has had his share of challenges before attaining success. In this post, we will be harping on Femi Otedola’s net worth, his full biography, his comapnies, houses and cars, it would be most interesting for those who do not have first hand information about his immediate family and lastly, his properties (landed properties and houses) cars.
Not many are aware about his rise to riches, I will be breaking down this one after the other.
Firstly, Femi Otedola is the first son of former Lagos state Governor Mr. Michael Otedola.
Secondly, Femi Otedola was born 4th of November 1962 in Ibadan, Oyo state capital city. A graduate of OAU, Ile-ife Osun state, married to Nana Otedola, they are currently blessed with four (4) children Florence Otedola popularly known as DJ Cuppy (Pepsi Ambassador), Temi Otedola (Mr Eazi’s girlfriend) and Olawunmi Christy Otedola) and his only son (Fewa Otedola).
What You Stand To Learn From The Topic: Femi Otedola’s Net Worth and Biography
- Femi Otedola’s Net Worth in 2023
- Femi Otedola’s Forecasted Net Worth
- Femi Otedola’s Full Biography
- Femi Otedola’s father
- Femi Otedola’s Real Age
- List of Femi Otedola’s Businesses
- Femi Otedola’s Family (Wife and Kids)
- Femi Otedola’s Houses and Cars in Nigeria, United Kingdom and United States of America
Summary of Femi Otedola’s Biography
|Date and Place of Birth||November 4, 1962 (age 59)|
|Ibadan, Oyo State, Nigeria|
|Place of Residence||Ikoyi Lagos, Nigeria.|
|Occupation||Chairman of Forte Oil PLC, Swift Insurance, FO Properties, Amperion Ltd|
Chairman First Bank of Nigeria (acquired in October, 2021)
|Net worth||See the end of the post.|
|His Wife||Nana Otedola|
|Children||Florence “DJ Cuppy” Otedola|
|Olawumni Christy Otedola|
Femi Otedola’s Net Worth Houses And Cars
Talking about Otedola’s Net worth cannot be complete without the inclusion of Nigeria’s former president, Chief Olusegun Obasanjo’s administration. In one of our posts where we discussed about Dr Deji Adeleke’s net worth and biography, we stated categorically about having a link with either the state or Federal government for you to become successful because they (FG) implements policies which has the possibility to make or mar your business activities.
Truth be told, you cannot run a successful business if you are an enemy of the government, again, successful business men are not good politicians by nature just like politicians are not natural business men, on very rare occasions do this happen.
One attribute common among Nigerian billionaires is their involvement in supporting any running incumbent government, they never actively participate in the real politics, they are neutral players in the polity, they do not sell their loyalty to a particular political party and such move has kept them afloat and soaring and as well gathered friends in government.
Dangote is a perfect example, Davido’s father is another and we can keep the list going on and on.
The name Femi Otedola when mentioned sends frenzy to many independent importers of oil product. Major independent oil marketers can relate to this, he made his mark during Olusegun Obasanjo administration where he sponsored OBJ’s presidential ambition in 1999 with a whooping 150,000,000 Million naira upon securing is release from the prison.
As payback for his (Femi Otedola) kind gestures, OBJ made passed a policy making Femi Otedola’s company (Zenon Oil) the sole importer of petroleum products in Nigeria, at that point, Zenon Oil dictated the price of oil products not just in Nigeria but across western Africa, he benefited massively from oil subsidy grants at that time, and Femi Otedola’s net worth skyrocketed to an all-time high, this got the attention of Forbes therefore making him the second richest man in Nigeria just after Alhaji Aloko Dangote in 2007.
Femi Otedola’s Companies
1. Zenon Petroleum and Gas:
Founded in 2003 (still during OBJ’s administration), the company has its Depot at Ibafon, Apapa Lagos. He was the major supplier of Diesel products across major manufacturing companies in Nigeria like Dangote Group, Guinness Nigeria, Coca-Cola, Cadbury, MTN Nigeria, ND Plc (Nigerian Breweries), Unilever and Nestle.
Femi Otedola’s Zenon Oil largely monopolized the Oil market to an extent he crumbled and sent other independent marketers out of business. Taking advantage of his position in the market plus government backing, the oil magnate back then would import oil and fix prices below landing price knowing that as a major importer, subsidy claims would offset the backdrops, making other independent oil marketers impossible to sell off their products. He is a mean business man, when it comes to business, he has got no soft spots.
Fast forward to President Goodluck Jonathan’s administration, in a bid to drive the economy towards greater height, Femi Otedola was appointed to join Nigeria’s National Economic Management Team and this is owed to the success achieved so far in building a business empire.
2. Forte Oil (Former) African Petroleum (AP):
In 2007, Femi Otedola acquired a 29% share in African Petroleum, one of Africa’s biggest independent fuel marketers making him a major player in the company and was afterwards appointed Chairman of the company (African Petroleum) as a majority shareholder and rebranded it to the current Forte Oil.
He did not stop there, In 2013, as part of the Federal Government’s move to revive Nigeria’s failing power sector, came to the conclusion to privatize the sector, the Forte Oil CEO financed through one of Forte Oil subsidiaries, Amperion Ltd, acquired 414 Megawatts (MW) Geregu Power Plant for 47.5 billion Naira.
As an ambitious business mogul, he didn’t stop at that, he bought the idea of spreading his tentacles and by so doing, invested in the financial sector, becoming the largest shareholder in a number of Nigerian banks including United Bank for Africa (UBA) and Zenith bank in 2007.
Companies owned by Femi Otedola Includes;
- SeaForce Shipping Company Ltd
Femi Otedola (FO) Properties Ltd
5 First Bank of Nigeria (Chairman)
Femi Otedola Properties (Houses, Lands And Cars)
Aside his landed properties and state of the art structures in the popular Ikoyi, Lagos, Port-harcourt and Abuja, Femi Otedola has houses in Major cities around the world including Dubai, London and New York City where he goes for vacation alongside his wife and kids to cool off.
Femi Otedola’s Cars
The Multi-billionaire is a lover of exotic four wheels. He recently purchased for himself, a Rolls-Royce Phantom a car meant for the big and mighty. The cost of a Rolls-Royce Phantom car cost about $430,000 and despite having more than 2, he is an ardent lover of varieties. This custom built 6.8-liter V-12 engine beast in machine format cost him over $600,000, this is a perfect example of the popular saying “Food wey sweet, na money kill am”. The car is truly a beauty to behold.
His Ikoyi mansion is also filled with other powerful and luxurious cars such as the latest BMW 6 Series worth about 30million Naira, a customized Mercedes Benz G-Wagon costing over 50million Naira, Mercedes Benz S-Class series worth 25million Naira and a fleet of other exotic vehicles.
Credible sources have it that Otedola has a Yatch worth about 40million US dollars, where he hosts his business associates for both business and pleasure.
Femi Otedola’s Net Worth (2023) – $550 Million USD
According to Forbes, after going through all Femi Otedola’s properties within and outside Nigeria, his business empires, monthly and annual earnings from all investments, both direct and indirect investments, estimated Femi Otedola’s net worth to be US$550 million (198 billion Naira).
He is a close friend and ally of Africa’s and world richest black man(Alhaji Aliko Dangote) in the world, Femi Otedola does not make friends without expecting something in return. Dangote’s plan to build the biggest refinery in Africa and Femi in the picture says a lot, let us keep our fingers crossed as there’s more to this than meets the eye.
In conclusion, Femi Otedola has carved a niche for himself in Nigeria and one that is worth emulating. Thumbs up to him.
Kindly share you thoughts as regards Femi Otedola’s net worth, biography, businesses, houses and cars below via our comment section and we shall respond with our feedback.