Femi Otedola is currently on Vacation in Marrakesh, Morrocco as he celebrates his 56th Birthday
Femi Otedola (born November 4, 1962) is a Nigerian businessman, entrepreneur, philanthropist, and chairman of Forte Oil PLC, an importer of fuel products.
Otedola 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 has recently invested in power generation as part of the liberalisation of the sector in Nigeria.
Otedola was born in Ibadan, the capital of Oyo State, south-west Nigeria, into the family of the late Sir Michael Otedola, Governor of Lagos State from 1992 to 1993.
In 2003, having identified 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.
As owner and chairman of Zenon, 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, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestle and Guinness.
In March 2007, 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.
Later that year Zenon acquired a 28.7 percent stake in African Petroleum, one of Nigeria’s largest fuel marketers.
He is the second Nigerian after Aliko Dangote to be included on the Forbes list of dollar-denominated billionaires with an estimated net worth of $1.2 billion.
Zenon also invested across the financial sector, becoming the largest shareholder in a number of Nigerian banks including Zenith Bank and United Bank for Africa (UBA). As well as diesel, Zenon also became an important player in the kerosene market.
In 2012, Zenon was among a number of companies named in a report into an alleged fuel subsidy scam. According to the report Zenon owed the government $1.4 million.
It subsequently emerged that Otedola had previously reported Lawan’s harassment and demands for bribes to the State Security Services, who had orchestrated a sting operation. Lawan was charged with corruption in February 2013.
Otedola has made several donations to the Michael Otedola University Scholarship Scheme, which was established in 1985 to give underprivileged students in Lagos State access to higher education.
In 2005 Zenon donated N200 million to the scheme’s fund. Since its inception, the scheme has benefited more than 1,000 students.
In 2005, Otedola made a N300 million personal donation to the completion of the National Ecumenical Centre—Nigeria’s primary place of Christian worship—in Abuja.
In 2007 he was among a group of donors who gave N200 million to the State Security Trust Fund in a drive to reduce crime in Lagos State.
Later that year he donated N100 million to the Otedola College of Primary Education in Noforija, Epe.
In 2008 he donated N80 million to the Faculty of Agriculture at the University of Port Harcourt.
He is also the CEO and President of Zenon Petroleum and Gas Limited. The company supplies fuel to most of the major manufacturers in the country including Coca Cola, MTN, Nestle, Unilever, Dangote Group and Nigerian Breweries.
Otedola is married to Nana Otedola and has three daughters – Christine Olawunmi, Florence Ifeoluwa, and Elizabeth Temi—and a son, Fewa.
Florence Otedola, aka DJ Cuppy, is a DJ and music producer, as well as a tourism ambassador for Nigeria. Her younger sister, Temi, is a style blogger and aspiring designer.
Otedola has homes in Lagos, Abuja, Dubai, London and New York City.