Femi Otedola
| Femi Otedola | |
|---|---|
| Born |
November 4, 1962 Ibadan, Oyo State, Nigeria |
| Residence | Lagos, Lagos State, Nigeria |
| Nationality | Nigerian |
| Occupation | Chairman of Forte Oil PLC |
| Net worth | US$1.85 billion (2016) |
| Spouse(s) | Nana Otedola |
| Children | 4 |
| Parent(s) | Sir Michael Otedola |
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.
Otedola was born on November 4, 1962 in Ibadan, the capital of Oyo State, western Nigeria, into the family of the late Sir Michael Otedola, Governor of Lagos State from 1992 to 1993.
In the late 1980s he ran the marketing for his family’s printing press before going on to trade petroleum products.
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 per cent stake in African Petroleum, one of Nigeria’s largest fuel marketers. 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.
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Wikipedia