About Femi Otedola Assets & Biography, Net Worth 2021

About Femi Otedola Assets & Biography, Net Worth 2021

Femi Otedola is arguably one among the prominent, and well-respected individuals in Nigeria today thanks to the enormous strides to industrialization and wealth creation which he has affected in several industrial sectors in Nigeria.

While Femi Otedola Net Worth is that the major reason why most of the people mention him as an individual , and what he has been ready to achieve as a private makes him such an exceptional figure within the Nigerian community.

Femi Otedola may be a rich entrepreneur, industrialist, and investor who has consistently been at the forefront of the economic sector for over 3 decades.

Today, Femi Otedola is on the list of the highest 10 richest men in Nigeria and he has made wonderful contributions to the progress of the Nigerian economy through a huge number of companies in his name.

Femi Otedola Net Worth is simply the natural consequence of the large contributions which he has added to the Nigerian economy over the years.

Through this text , we’ll explore everything to understand about Femi Otedola’s biography, business career, and his achievements.

Femi Otedola Net Worth 2021 & Awards

Today, supported Forbes Figures, Femi Otedola is worth approximately $1.8 Billion dollars. Here are a number of his career highlights:

Achievements:

  1. 2019 African Leadership Magazine’s Philanthropist of the year.
  2. Silverbird 2019 Man of the Year
  3. 2020 ThisDay Philanthropist of the last decade

Femi Otedola’s Biography & youth

Femi Otedola was born on the 4th November 1962 to the family of the previous governor of Lagos State, Sir Michael Otedola.

Despite being born and raised in Ibadan, Oyo state, Femi Otedola may be a native of Lagos state where his father once served as Governor.

Few details are available of Femi’s childhood, given the very fact that he’s not a private to offer media appearances on a frequent basis.

Femi attended Olivet Baptist highschool located in Tobacco Oyo state for his lyceum education, while he Underwent tertiary education at the Obafemi Awolowo University in Osun state.

He is the daddy of 4 children, including DJ Cuppy, one among Nigeria’s most prominent DJs, although, not on the list of the highest ten richest musicians in Nigeria.

Career

After the conclusion of his tertiary education, Femi immediately put his brain and skills to figure . This allowed him discover the hidden lucrative potential of fuel retail market back within the summer of 2003.

He then swiftly moved to urge the funds to take a position during this business by establishing Zenon petroleum and Gas limited. This company majorly deals within the marketing of crude products like Gasoline, diesel, Kerosene, and LPG.

In no time, Femi Otedola Net Worth inevitably got a big boost which allowed him to take a position a staggering N15 billion in downstream infrastructure development within the following year.

This allowed Femi to secure a storage depot located in Apapa, equipped with four cargo vessels which had a volume capacity of 147,000 metric tons.

Later that year, he also secured an enormous assembly of up to 100 DAF trucks worth up to N1.5 billion. These series of acquisition outlined the extraordinary profit which Femi made within the downstream sector only one year in.

By the top of the subsequent year, Zenon had become an enormous player within the Nigerian diesel market and downstream sector overall.

He secured contracts to provide fuel to large corporations in Nigeria, including the likes of Dangote group, Coca-Cola, Cadbury, MTN, Nigerian breweries, Nestle, Guinness then on.

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You would agree that these were major players within the Nigerian commercial industry, and these moves would bring many capital gains for his business.

In March 2007, it had been announced that ten banks had approved a syndicated loan of US$1.5 billion (N193.5 billion) to Zenon as capital to create the most important premium motor spirit storage facility in Africa.

Within an equivalent year, Zenon bought a 29% stake into the most important fuel marketing company in Nigeria; African Petroleum. Most of the loans acquired turned to a series of investments for Femi.

Some of these investments include Zenith bank, and United Bank for Africa (UBA). additionally to his investment in diesel, Zenon also foraged into Kerosene marketing.

After his huge investment into the corporate , Femi was appointed chairman and chief executive of Africa Petroleum as he acquired the most important stake within the company.

Later that year, he acquired a further 29% stake of the corporate worth over N40 billion. In total, Otedola had a stake of quite 55% within the African petroleum limited. Wouldn’t you agree that this achievement would have had an enormous impact oo.

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Two years after acquiring a controlling stake in African petroleum, Femi Otedola Net Worth skyrocketed such a lot that he became the second Nigerian to form an appearance on Forbes list of billionaires, behind Dangote.

In 2009, the corporate decided to perform an upgrade on the LPG storage terminals across Lagos, kano, and Port Harcourt. However, the drop by oil prices therein year meant that the business would suffer record losses within the end.

In a bid to revive the corporate , African petroleum was rebranded and it had been renamed to Forte Oil Plc. The rebranding process involved business restructuring, employing more tech-related solutions, also as corporate governance. Within two years, the corporate returned to profit, outlining effective changes within the company.

Zenon became embroiled in controversy back in 2012 when it had been reported that it had been among a couple of companies which were involved in fuel subsidy scams.

Going by the report, it might mean that Zenon owed the federal up to $1.4 million. Videotapes also leaked which showed Femi Otedola offering to bribe Farouk Lawan with a complete sum of $500,000 which can be paid in six installments so as for the Nigerian legislator to get rid of the company’s name from such a blacklist. This terribly affected Otedola’s figure and outlook within the business space.

In 2013, as a part of the Federal Government’s push to liberalize Nigeria’s ailing power sector, Otedola financed 57% of Forte Oil subsidiary Amperion Ltd, which acquired the 414 MW Geregu power station for $132 million.

Following the successful diversification and return to profit of Forte oil, the share price of the corporate boomed at a staggering 1,321%. This allowed the corporate reap profits reaching a huge $25.7 million before tax, which is double the profit earned the year before.

How Femi Otedola spends His Money

For a billionaire with Femi Otedola net worth, living a luxury life isn’t so expensive. He owns a mansion worth over $10 million in Ikoyi Lagos State.

He also has residences across the country, most significantly in locations of his business of which are Abuja, Port Harcourt, Enugu,, also as Kano state.

Additionally, he owns mansions outside of the country in London, New York, Dubai, and Monaco as revealed by his daughter, DJ Cuppy.

Everyone would agree that Femi Otedola isn’t much of an outside person, he has quality in luxury. He posses a fleet of luxury cars which is fitting for a person of his status.

These include a variety Rover, a Mercedes-Benz AMG G63, a G-Wagon, a Mercedes SLR McLaren, a Rolls-Royce Phantom; all of which are worth up to $2 million.

He also flexed his financial muscle  when he purchased exotic cars (Ferrari) for both his daughters Temi Otedola and DJ Cuppy.

In one among our favourite Femi Otedola quotes, he once said; “I grew up in poverty, but I always saw it as a challenge. the great thing is that you simply can surmount a challenge if you’re willing to pay the worth . the worth is tough work.”

His life’s achievement, growth of his businesses is proof of what he said. Work hard, the luck will smile at you.

Life Lessons

  • Seizing opportunities once they come can make the difference between success and failure in business.
  • Sometimes, failure is inevitable in business. However, this is often a sign that you simply are taking risks to realize success. The absence of trying is worse than failure.
  • Investing money is far more important than saving. This way, money works for you even once you aren’t actively involved in said business.

Summary of Femi Otedola Net Worth

Femi has been ready to express his expertise on business decisions and investment, especially through the oil and gas sector. This brought him exponential profits, simultaneously adding to his wealth pool.

Femi Otedola Net Worth in more than $1.8 billion is because of the innovative mind and business strategy which he has exploited over the years within the business industry.

Femi Otedola net worth?

Femi Otedola Net Worth 2021: $1.8 Billion
Full Name: Femi Otedola
Born: November 4, 1962
Country of Origin: Nigeria
State of Origin: Oyo state
Religion: Christian
Education: Obafemi Awolowo University – OAU
Source of Wealth: Oil & Gas stations, Shares Investments
Major Company: Forte Oil

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