Femi Otedola is one of the few multi-millionaires in Nigeria that can be categorised as being a self-made business mogul, with no huge inheritance or known government support.
Therefore, how he was able to achieve this feat and utilise his wealth are something of interest to many.
Otedola is the chairman of Forte Oil Plc, formerly known as African Petroleum, and the company has over 500 gas stations across Nigeria.
On records, Otedola was the second Nigerian after Dangote to make the Forbes list of billionaires, but he is currently not on the list due to fall in price of forte oil shares on the Nigerian Stock Exchange (NSE).
After completing his education at Obafemi Awolowo University in 1985, Otedola took charge of his marketing responsibilities for his father’s print business. While doing this, he was able to build a brand for himself.
In 2003, he delved into oil and gas business and founded Zenon Petroleum Limited. And as an experienced marketer, Femi Otedola chose to focus on marketing and distribution of petroleum products.
In two years (by 2005), Zenon has owned a controlling share of the Nigerian diesel market. Also, the company had acquired three cargoes named after his father, mother and wife - MT Sir Michael, MT Lady Doja, and MT Nana.
In the same year, Zenon took a syndicated loan of US$1.5 billion from ten commercial banks in Nigeria to buy the largest motor spirit storage facility in Africa. 55.3 percent shares in African Petroleum Plc (at different times) was also acquired in 2005 to become the largest shareholder in the company.
The company is currently a major supplier of diesel to companies like Dangote Group, Cadbury, Coca-cola, Nigerian Breweries, MTN, Unilever, Nestle and Guinness.
Otedolas other investments
Femi Otedola is also reported to be a major shareholder in Zenith Bank Plc and United Bank for Africa (UBA). In 2013, his company, forte oil, acquired a power plant for $132 million.
In 2015, Otedola sold 17% stake in his company to Mercuria Energy Group- a Swiss commodity trader and was reported to have made above $200 million from the deal.
Otedola also own a shipping company - SeaForce Shipping Company Ltd, and this company was once referred to as Nigeria’s largest shipping company.
The Real Estate market didn't escape his interest as he is reported to have huge investments in the sector. He is the owner of the Stallion House in Victoria Island, and many luxurious estates across the country.
Femi Otedola is reported to currently worth little above $550 million. This is as a result of losing more than half of his wealth to drop in stock price of Forte Oil and a blow by forex crisis in Nigeria.
In November 2016, Otedola’s wealth dropped from $1.8 billion to $550 million in few days. Thus, pulling him off the list of the billionaires.