Femi Otedola is arguably one of the richest person in Africa and one of the most talked about businessman in Nigeria. He is the chairman of Forte Oil Plc, and other number of business interests. He is believed by many to be the third richest man in Nigeria after Aliko Dangote and Mike Adenuga. Is Femi Otedola net worth going up or down following the fall of oil price in the global market? Lets find out -
Femi Otedola Net Worth
Femi Otedola net worth is currently estimated to be $2.5 billion. In 2007 Otedola Company Zenon acquried a 28.7% controlling stake in Africa Petroleum(AP) and later that year he personally acquired a further 29.3 per cent of the company for N40 billion totaling 55.3%. He made a staggering profit from the company from N36 billion to N217 billion in six months.
Full Name: Femi Otedola
Net Worth: $2.5 Billion
Occupation: Businessman, Investor
Femi Otedola hails from Oyo State and was born in 1962 into the family of the late Sir Michael Otedola, a former Governor of Lagos State who served between 1992 to 1993. He was running the family's printing press in the late 80's before identifying opportunity in oil market. Otedola is happily married to Nana and together they have three daughters and a son.
In 2003 Otedola secured finance to set up Zenon Petroleum and Gas Ltd a company was into petroleum products marketing and distribution and in 2005 his company became a major suppliers of diesel product to big companies in the country including Dangote Group, Cadbury, Coca Cola, Nigerian Breweries, MTN, Unilever, Nestle and Guinness.
As part of its re-branding effort, the company changed the name from Africa Petroleum to Forte Oil Plc and in September 2015 Forte Oil sold 17 per cent of its equity to Swiss commodity trader Mercuria Energy Group, giving Forte access to global commodity markets, the deal was estimated to be around $200 million.
Femi Otedola's other investment includes Centre Force Ltd, a company specializing in finance, investments and trading. He is also the owner of Swift Insurance. Otedola is currently the 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. In 2007 his company Zenon made an aqsition of Stallion House in Victoria Island in Lagos, for a a whooping N2.3 billion from the Federal Goverment. Femi Otedola is the owner of FO Properties Ltd and was appointed the chairman of Transcorp Hilton Hotel in Abuja with a task of upgrading the hotel to a seven star hotel.