Femi Otedola
Olufemi Peter Otedola | |
|---|---|
| Born | November 4, 1962 Ibadan, Oyo State, Nigeria |
| Occupation(s) | Entrepreneur, philanthropist |
| Years active | 1994–present |
| Known for | Chairman of Forte Oil PLC; Executive chairman at Geregu Power PLC; Founder of Zenon Petroleum and Gas Ltd |
Olufemi Peter Otedola (born 4 November 1962) is a prominent Nigerian entrepreneur and philanthropist. He formerly served as chairman of Forte Oil PLC and currently holds the position of executive chairman at Geregu Power PLC.
Otedola initially accumulated wealth through commodities trading before divesting his interests in Forte Oil to concentrate on the energy industry. He leads Geregu Power, a company specializing in power generation, where he retains a majority ownership exceeding 70%. Between 2022 and 2023, he strategically reduced his holdings from above 95% to invite institutional investors such as the Nigerian government, the Afrexim Fund for Export Development in Africa, and China’s State Grid Corporation.
His assets extend to real estate holdings in Lagos, Dubai, London, and Monaco, alongside substantial equity positions in Zenith Bank and FBN Holdings. Otedola is also the founder of Zenon Petroleum and Gas Ltd and maintains business interests spanning shipping, real estate development, and financial services.
Early life
Otedola was born in Ibadan, Oyo State, as the son of the late Sir Michael Otedola, who governed Lagos State from 1992 to 1993. He belongs to the Yoruba ethnic group.
Personal life
Femi Otedola’s eldest daughter, Tolani, is a vocalist from his previous marriage to Olayinka Odukoya. Subsequently, he married Nana Otedola; together they have two daughters—Florence Ifeoluwa and Elizabeth Temi—and one son named Fewa. Florence, popularly known as DJ Cuppy, is recognized as a DJ, music producer, and ambassador for Nigerian tourism. Her sister Temi pursues careers in acting, fashion blogging, and design. Otedola owns residences across Lagos, Abuja, Dubai, London, and New York City. As of 2025, his net worth is estimated by Forbes at US$1.7 billion.
Zenon Petroleum and Gas
In 2003, Otedola established Zenon Petroleum and Gas Ltd to tap into Nigeria’s fuel retail sector. As both owner and chairman, he committed N15 billion in 2004 towards downstream infrastructure development, securing storage depots located in Ibafon and Apapa, along with acquiring four cargo vessels with a combined capacity of 147,000 metric tons. Additionally, he purchased 100 DAF fuel-tanker trucks valued at N1.4 billion.
By 2005, Zenon had become a dominant supplier in Nigeria’s diesel market, servicing leading manufacturers such as Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestle, and Guinness. In March 2007, a consortium of ten banks approved a US$1.5 billion syndicated loan aimed at financing Africa’s largest premium motor spirit storage facility. That same year, Zenon acquired a 28.7% ownership stake in African Petroleum, one of Nigeria’s premier fuel marketers. The company further expanded its influence by becoming a major shareholder in Nigerian financial institutions including Zenith Bank and United Bank for Africa (UBA), while also entering the kerosene market.
In 2012, Zenon became involved in a fuel subsidy probe over allegations that it owed $1.4 million to the government. During this period, legislator Farouk Lawan was recorded soliciting a $500,000 bribe from Otedola to exclude Zenon from the investigation list; however, Otedola reported Lawan’s conduct to security authorities which resulted in a sting operation. Subsequently, Lawan faced corruption charges in February 2013.
African Petroleum
In 2007, following the acquisition of a controlling interest, Otedola took on the roles of chairman and CEO at African Petroleum. Within the same year, he expanded his ownership by purchasing an additional 29.3% stake for N40 billion, combining it with Zenon's shares to achieve a majority holding of 55.3%.
After his involvement, African Petroleum's stock value experienced a significant increase, with the company's market capitalization rising from N36 billion to N217 billion over a six-month period. In 2008, addressing issues related to kerosene supply and pricing, the firm introduced a program that offered fuel at N50 per litre through a network exceeding 500 service stations nationwide.
By March 2009, Otedola had become Nigeria’s second individual to appear on the Forbes list of dollar billionaires, boasting an estimated net worth of $1.2 billion. Later that year, in October, he revealed intentions to modernize African Petroleum’s LPG storage facilities located in Lagos, Kano, and Port Harcourt.
Nonetheless, the global oil price downturn and financial crisis of 2008–09 resulted in the company posting a loss for the year 2009.
Forte Oil
In December 2010, African Petroleum underwent a rebranding to become Forte Oil PLC. Under Otedola’s leadership, the company was restructured with a focus on technology integration and enhanced corporate governance practices, which facilitated a return to profitability by 2012.
In 2013, in line with Nigeria's power sector liberalization policies, Otedola financed 57% of Amperion Ltd—a Forte Oil subsidiary—which acquired the 414 MW Geregu Power Plant for $132 million. This strategic diversification alongside improved financial performance propelled Forte Oil’s share price to soar by 1,321% within that year. During the first half of 2014, pre-tax profits more than doubled to 4.19 billion naira ($25.7 million), while full-year revenue increased by 33%.
Otedola reappeared on the Forbes rich list in November 2014 following the company’s robust results. In September 2015, Forte Oil divested a 17% equity stake to Swiss commodity trader Mercuria Energy Group, granting access to international commodity markets and generating approximately $200 million for Otedola.
By 2019, Femi Otedola sold Forte Oil PLC and redirected his business interests from oil toward power generation through Geregu Power PLC.
Other investments and positions
Otedola established CentreForce Ltd in 1994, a company specializing in finance, investment activities, and trading operations. He is also the proprietor of Swift Insurance.
As CEO and president of SeaForce Shipping Company Ltd, Otedola became Nigeria’s largest shipowner by dominating diesel product distribution. Among his fleet was Africa’s first flat-bottomed bunker vessel with a capacity of 16,000 metric tonnes.
In January 2006, he was appointed as a non-executive director at Transnational Corporation of Nigeria Plc—a diversified conglomerate founded by then-President Olusegun Obasanjo aimed at seizing capital-intensive opportunities within Nigeria and sub-Saharan Africa—serving until February 2011.
His real estate portfolio includes Zenon’s February 2007 purchase of Stallion House in Victoria Island, Lagos for N2.3 billion. The following month, he assumed chairmanship of Transcorp Hilton Hotel in Abuja and spearheaded its upgrade into a seven-star establishment. Additionally, he owns FO Properties Ltd.
Reportedly a financial supporter of the People's Democratic Party, Otedola contributed N100 million towards Obasanjo’s 2003 re-election campaign and maintained close ties with President Goodluck Jonathan. Since 2004, he has been a member of the Nigerian Investment Promotion Council and participated in initiatives aimed at enhancing commercial relations with South Africa. In 2011, Jonathan appointed him to Nigeria’s National Economic Management Team.
In 2020, Forte Oil underwent another rebranding to become Adrova PLC.
By October 2021, Otedola had become the largest individual shareholder in First Bank PLC with an ownership stake of 5.07%.
Bribery and corruption
In 2012, reports surfaced that Femi Otedola allegedly paid a $620,000 bribe to Boniface Emenalo and Farouk Lawan, who was then serving as Chairman of the House Committee on Fuel Subsidy Regime. The payment was purportedly intended to have Otedola's company removed from a list of entities accused of fuel subsidy fraud. Both Emenalo and Lawan faced the risk of imprisonment if convicted of accepting the bribe, an offense prosecutable under the Independent Corrupt Practices Commission (ICPC) Act.
On 2 February 2013, Lawan and Emenalo were formally charged with seven bribery-related offenses at the Capital Territory High Court in Abuja. Lawan entered a plea of not guilty, whereas Emenalo initially denied the charges but subsequently confessed to guilt, admitting he had accepted several bribes on behalf of Lawan. The prosecution submitted compelling evidence including video recordings capturing Otedola handing over the bribe and Lawan receiving it.
Canadian escorts
In December 2016, Otedola became embroiled in a dispute involving two sisters from Toronto, Jyoti and Kiran Matharoo, who were accused of attempting to extort him through cyberbullying and blackmail. They claimed to possess proof of his alleged infidelity which they threatened to publish on a well-known sex scandal website. The sisters contested this narrative, explaining that Jyoti had met Otedola in 2008 shortly after completing university, accompanied him to Nigeria, and began an intimate relationship. While they acknowledged receiving gifts from Otedola and other affluent partners, they denied any involvement in blackmail or coercion.
Philanthropy
Otedola has played a major role in supporting the Michael Otedola University Scholarship Scheme, founded in 1985 to assist disadvantaged students in Lagos State. In 2005, Zenon contributed N200 million to this initiative. Since its establishment, the program has aided more than 1,000 students.
In the same year, Otedola personally donated N300 million towards finalizing construction of Nigeria’s National Ecumenical Centre located in Abuja. By 2007, he joined other benefactors in donating N200 million to the Lagos State Security Trust Fund, which focuses on crime prevention efforts. That year also saw him give N100 million to the Otedola College of Primary Education in Epe. In 2008, he provided N80 million to support the Faculty of Agriculture at the University of Port Harcourt. Furthermore, during the 2019 Africa Cup of Nations tournament, Femi Otedola fulfilled a $25,000 sponsorship commitment to Nigeria’s Super Eagles.