Femi Otedola is a rich Nigerian businessman and wealthy philanthropist. He is the former chairman of Forte Oil PLC, a company that imports fuel products. Otedola is also the founder of Zenon Petroleum and Gas Ltd, and owns other businesses across real estate, shipping and finance sectors.
What is Femi Otedola Net Worth 2020?
Femi Otedola Net Worth 2020
In 2009, Femi Otedola became the second Nigerian after Aliko Dangote was featured in a billion dollar list known as Forbes and one of the richest emerging personalities from the African continent.
Femi Otedola has an estimated staggering net worth of $3.60 billion in 2020.
How rich is Femi Otedola? What exactly did he do and what business did he do? Let’s do some exploration together.
Femi Otedola Biography
He was born in 1962 in Ibadan State, Nigeria. He was the son of the former governor of the state of Lagos; Sir Michael Otedola who served between 1992 and 1993. He was exposed to business at a very young age because he was head of the marketing department of the printing family before leaving for the oil trade.
Femi is married to Nana Otedola and both have three daughters and a son. Among his children are Florence Otedola aka DJ Cuppy, international DJ and tourist ambassador for Nigeria and Temi – Otedola who is a fashion designer and blogger.
In 2003, he launched Zenon Oil and Gas Limited, with cash and a few additional loans, but needed very capital. Zenon Oil and Gas is actively involved in the production, marketing and distribution of petroleum and petroleum products.
In 2004, it invested N$16.4 billion in downstream infrastructure development and acquired a storage depot in Apapa, four cargo ships (147,000) metric tons, and the 100 tanker FUEL DAF.
In 2005, Zenon became the leading fuel supplier for companies such as Dangote Group, Nigeria Brewries, MTN, Unilever, Nestlé, Coca Cola and Guinness. He bought 55.3% of African oil for 14 billion n.l., shortly after being appointed president and chief executive officer of African oil by acquiring the company’s shares. In 2010, he changed the name from African Petroleum to Forte Oil.
Being a philanthropist, Femi Otedola made numerous donations to universities, hospitals, orphanages, individuals, communities and so on. In 2005, he personally donated N300Million to the center of the national ecumenical. In 2007, he donated N100 million to Otedola Primary School in Epe. In 2008, he donated N80Millions to the Faculty of Agriculture at the University of Port Hacourt.