Olufemi Peter Otedola is a Nigerian billionaire businessman, popularly known as Femi Otedola. He is the former chairman of Forte Oil PLC and the founder of Zenon Petroleum and Gas Ltd.
Femi Otedola Biography
Femi Otedola was born on November 4, 1962, in Ibadan, Nigeria. Otedola’s father, the late Sir Michael Otedola, served as governor of Lagos State from 1992 to 1993.
His father was an educated man who worked hard to see his family grow. He was involved in the early political history of Nigeria.
The late Sir Michael Otedola was appointed Information Officer of Western Nigeria and Editor of Western Nigeria. He also worked for Western Nigeria Broadcasting Service and Mobil Oil Group of Companies.
The man we know today as Otedola must have followed in his father’s footsteps in business since he was exposed to business management and politics at a young age.
Femi Otedola’s mother, Lady Doja Otedola, was the former first lady of Lagos State during the tenure of her husband. She celebrated her 89th birthday in April 2021, and in April 2024, she turned 92 years old.
Otedola grew up with three brothers named Ayokunle, Rotimi, and Muyiwa and two sisters named Lola and Tola. This means he has five siblings.
Femi Otedola Education
Otedola grew up in a well-educated family, and he is no exception. He studied at Olivet Baptist High School in Ibadan before studying at Obafemi Awolowo University, Ile-Ife.
Career
Long before going into the petroleum business, Femi Otedola worked for his father’s printing press company in the ’80s. He worked here while studying at Obafemi Awolowo University, and the experience shaped him into the successful entrepreneur we know today.
Femi started to create several companies at a young age, and this has brought him to the position of one of the richest men in Nigeria and Africa.
Otedola identified a huge opportunity in the retail market, and this led him to venture into the oil and gas sector. In 2003, he founded Zenon Petroleum and Gas Ltd., a company that focuses on the marketing and distribution of petroleum products.
From 2005 to 2007, his company, Zenon, had breakthroughs after it acquired a loan of $1.5 billion from 10 banks in Nigeria. The loan was used to build the largest storage for motor spirits in Africa.
Zenon also acquired a 28.7 percent stake in African Petroleum during this period. African Petroleum was one of Nigeria’s largest fuel marketers until it was rebranded as Forte Oil PLC in 2010.
Forte Oil PLC was vital in making Femi Otedola the billionaire he is today. Otedola sold the company in 2019 and switched focus to the power sector after announcing his company, Geregu Power Plc.
How Did Femi Otedola Make His Money?
Femi Otedola made his money from his investment in the oil and gas sector in Nigeria. Otedola started with Zenon Petroleum and Gas and grew his wealth with Forte Oil PLC before venturing into the power sector.
List of Femi Otedola’s Businesses and Companies
Here is a list of businesses and companies founded by Otedola.
- Zenon Petroleum and Gas Limited
- CenterForce Limited
- Forte Oil
- Geregu Power Plant
- SeaForce Shipping Company Limited
- Swift Insurance
- F.O. Transport Nigeria Limited
- Atlas Shipping Agency
- FO Properties Limited
Femi Otedola’s Wife
Femi Otedola is married to Nana Otedola, and they have three children together: Temiloluwa Elizabeth Otedola, Florence Ifeoluwa Otedola, and Fewa Otedola.
His wife, Nana, was born on August 2, 1966, in London. Their wedding was private, and they welcomed their first child, a daughter named Florence Otedola, popularly known as DJ Cuppy, on November 11, 1992.
Femi Otedola’s First Wife
Before his marriage to Nana, Femi Otedola was married to Olayinka Odukoya. Together, they welcomed their first child, Olawunmi Christy Otedola, aka Tolani, a talented singer, on April 21, 1986.
Femi was still selling stationery in the Iponri area of Lagos when he met Olayinka, and they had Christie afterwards.
Olayinka revealed during an interview with the Daily Post that she got pregnant for Femi the second time after his marriage to Nana, but lost the pregnancy seven months later.
Femi Otedola Children
Otedola has four children: Tolani, DJ Cuppy, Temi, and Fewa. Each of his children is making their mark in various fields, from music to fashion and entertainment.
His first daughter, Tolani, is a musician who is making waves in the Nigerian music industry. His second daughter, DJ Cuppy, is a Nigerian disc jockey and producer who is also popular in the entertainment industry.
Temi, the third daughter of the billionaire businessman, is a Nigerian actress and blogger. She is also married to a musician known as Mr Eazi.
Fewa Otedola is the only son of Femi Otedola. His life is private, unlike that of his popular sisters. Fewa, who is autistic, was born on June 2, 2000.
House
Surely, the residences of a billionaire like Otedola should showcase his wealth. Sometime in 2023, his daughter, DJ Cuppy, posted a video that showed us a glimpse of his luxury home.
The video showed the entrance, living room, kitchen, and more parts of Femi Otedola’s house.
Otedola has homes like this in Lagos, Abuja, Dubai, London, and other parts of the world.
Femi Otedola Net Worth
According to Forbes, Otedola’s net worth is $1.6 billion as of 2024. This makes him one of the richest people in Nigeria and Africa.
FAQs
How old is Femi Otedola?
Femi Otedola is 62 years old as of 2024. He was born on November 4, 1962.
How many wives does Femi Otedola have?
Femi Otedola is married to Nana Otedola.
How many children does Femi Otedola have?
Femi Otedola has four children: Tolani, DJ Cuppy, Temi, and Fewa.
Where is Femi Otedola from?
Femi Otedola is a native of Ibadan, Oyo State, Nigeria.
What did Femi Otedola study?
Femi Otedola studied at Olivet Baptist High School and Obafemi Awolowo University.
