Femi Otedola Net Worth And Biography – Otedola is a well-known Nigerian entrepreneur who has amassed a lot of wealth to himself via his exploits in the country’s business world. He is the chairman and chief executive officer of Forte Oil PLC, and he keeps spreading his tentacles by investing in various sectors. He is one of the richest persons in Nigeria and is also a popular philanthropist who keeps giving out his money to better the cause of humanity.
Femi Otedola Net Worth In Dollars/Naira 2020
- Full Name: Femi Otedola
- Date of Birth: 4th of November, 1962
- Nationality: Nigeria
- Ethnicity: Yoruba
- Place of Birth: Ibadan, Oyo State
- Occupation: Entrepreneur
- Networth: $550million
Some rich people are only well-known in their immediate environment and their popularity didn’t extend to their state. Some others are famous just in the State they are based and aren’t known across the country. However, there are some rich folks in the country who are not only popular across Nigeria, but their popularity also extends to other African countries. One of such persons is Mr. Femi Otedola – who is also the dad of a well-known entertainer known as DJ Cuppy.
Through hard work and consistency, he has been able to press confidently forward and has built a big and wealthy empire through his business. Although he encountered various personal challenges along the way, he has been able to persevere and held on appropriately to get to his current state in life. Therefore, his life has become an encouragement to various persons in the country – particularly those that are interested in building their own businesses.
Of course, a person like Femi might be regarded as a success, but that doesn’t mean he doesn’t experience difficult situations too. When we consider certain things, we can say he could have increased in wealth if certain things have moved in his direction. For instance, he made known how, at a certain time, with over 90 percent of the diesel market on his fingertips, oil prices suddenly plummeted and he lost a huge amount of money.
However, despite issues like this, Mr. Otedola remains one of the richest persons in Nigeria. In fact, he is regarded as a billionaire, and he keeps trying to invest in more fruitful ventures to grow his wealth. Therefore, a person like this can actually give practical insight into what it takes to run a successful business especially in an environment like Nigeria.
Now, let’s do some more digging into what concerns him.
Femi Otedola Background
He came to the world in 1962 and was born in Ibadan, Oyo State in western Nigeria. Well, we agree that he was born into a well-to-do home and was raised with a silver spoon – which gave him an approximate advantage in life.
The name of his parents is Michael Otedola and lady Doja. His father had been a Governor in Lagos State (even though his tenure wasn’t too long). However, they ensured their boy was educated.
Femi picked a degree at the prestigious Obafemi Awolowo University Ile-Ife and when he decided to marry, got knitted with Mrs. Nana Otedola. Their union has produced four children who are doing fine for themselves.
Femi has grown in wealth and has acquired various houses in several parts of the world – including Abuja, London, New York City, Dubai, and Lagos.
Femi Otedola Net Worth 2020 In Dollars And Naira
Obviously, it is no easy task to identify the exact worth of certain persons due to several reasons. For Mr. Femi Otedola, since he keeps spreading his tentacles around various industries and sectors, it isn’t too easy to recognize how much he has. Nevertheless, according to Forbes, he was pegged at $550million some months ago.
Converting 550 Million dollars to naira at the current rate of 360 dollar per naira, Femi Otedola Net Worth in Naira is 198,895,000,000.00 Naira, that’s 198 billion naira plus.
Femi Otedola Early Career
He didn’t obviously reach the place he currently is on a single day, but he also started from scratch, and he keeps building himself one step at a time. It started as far back as in the 1980s. Femi acquired some necessary experiences with the Otedola’s printing business, and along the lines, decided to go into oil and gas – a step that changed his fortunes.
The billionaire is said to have felt that the industry was a viable one for him, and he ended up founding Zenon Petroleum Oil and Gas Limited in 2003.
The firm is a pretty big one which he splashed heavy money on – they have 147,000MT storage capacity and are with what it takes to supply fuel to various other large firms in the country.
The company, after some time, took the big step to acquire a 28.7% share in African Petroleum Limited. Mr. Femi, after the acquisition, became the Chairman and Chief Executive Officer of African Petroleum Limited due to the huge shares his firm have in the company.
After some time, he moved on to get another 29.3% share of African Petroleum Limited and he eventually became the largest shareholder in the company.
The board decided to pick the name Forte Oil Plc and they ensure the company withnessed reasonable upgrading that’s pushed the to another height. The management ensured they allow improvements, and they appropriately utilized technology to propel the company which gets to gain access to the global market.
Additionally, he is the boss of SeaForce Shipping Company Limited which plays in the shipping industry and has also taken steps to push himself higher by putting his money in the Financial Industry also. Right now, Femi also holds a big stake in both Zenith Bank and United Bank of Africa (UBA).
In terms of properties, he can’t be ignored. He obviously enjoys the industry and hasn’t stopped buying properties in various places in the world. Some years before now, he splashed up to 2.3 billion Naira to buy a real estate from the government. Taking such a big step earned him attention, and it also sees the expansion of his portfolio.
Femi Otedola’s Philanthropic Gestures
Femi, like some other billionaires, gives out part of their wealth to serve various purposes. For instance, he contributed massively towards the completion of the Numerical Ecumenical Centre back then in year 2005.
Femi also gave massively to Michael Otedola’s University scheme which is said to have positively affected tons of students. According to reports, 200 million Naira of the institution’s Scheme fund was given by Femi’s firm in 2005.
Being a man interested in seeing to the reality of a more secured Lagos State, he donated some whopping N200 million to the State Security Trust Fund back then in year 2007.
As he spread his tentacles as far as business is concerned, he also tries to touch different people with his money. Apart from giving to the promotion of University education, he has also given his money to the progress of Otedola College of Primary Education.
Additional, Femi Otedola has given some money to The Faculty of Agriculture at University of Port-Harcourt (80 million Naira to the faculty).
Additionally, the man was the chief launcher at Augustine University Fundraising and Founders day. In that event, he made these promise you donate a whopping 500 million Naira to make a fully furnished faculty of Engineering.
Femi Otedola’s Companies
Here are some of Femi Otedola’s firms:
- CentreForce Limited
- Swift Insurance
- Forte Oil (Sold)
- Zenon Petroleum and Gas Limited
- Gegeru Power Plc
Additionally, it should be noted that he has other shares in other firms both here in Nigeria and outside of the country.
Femi Otedola’s Appointments
Due to his achievements, he has been able to gain relevant appointments both inside and outside the country, including:
- South Africa commercial relationship develop committee member (in the year 2004)
- Non-executive director of Transnational Corporation of Nig. Plc (this was between 2006 and 2011)
- Chairman, Transcorp Hilton Hotel, Abuja. (in the year 2007)
- Nigerians National Economic in 2011. (he was there as a Management Team member)
That’s all on Femi Otedola Net Worth 2020.
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