Femi Otedola (born
1962) is a Nigerian businessman, entrepreneur philanthropist, and
chairman of Forte Oil Plc, an importer of fuel products. He is also the
founder of Zenon Petroleum and Gas Ltd, and the owner of a number of other businesses
across shipping, real estate and finance. He is the second Nigerian after Aliko
Dangote to be included on the Forbes list of dollar-denominated
billionaires. He has recently invested in power generation as part of the
liberalisation of the sector in Nigeria.
He hails from Oyo state
in Nigeria. In 2003, Otedola secured the finance to set up Zenon Petroleum and
Gas Ltd, a Petroleum Products Marketing And Distribution Company. 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, CocaCola, Nigerian
Breweries, MTN, Unilever, Nestle and Guinness.
In January 2006, Femi
Otedola was appointed as a non-executive director of Transnational
Corporation of Nigeria Plc, a multi-sectoral conglomerate established in 2004
by then President Obasanjo until February 2011.
In March 2009, Femi
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 1994, Femi Otedola established CentreForce Ltd,
specialising in finance, investments and trading. He is also the owner of
Swift Insurance.
Otedola currently
serves as 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 was the first of its kind in
Africa.
Femi Otedola has also
made a number of real estate investments, including a N2.3 billion acquisition
in February 2007 by Zenon of Stallion House in Victoria Island Lagos.
The following month he was appointed chairman of the Transcorp Hilton Hotel in Abuja and
tasked with driving its expansion and upgrade to a seven star facility. He
is the owner of FO Properties Ltd. Femi Otedola has been reported to be a
major financier of the People's Democratic Party.
Without much ado Femi
Otedola is one of the most successful business men in Nigeria who has
transformed his establishments into multimillion worth brand with his reputable
entrepreneurial skills.