Femi Otedola (born 4 November 1962) is a Nigerian businessman, philanthropist, and former chairman of Forte Oil PLC, an importer of fuel products. Otedola is the founder of Zenon Petroleum and Gas Ltd, and the owner of a number of other businesses across shipping, real estate, and finance. He has recently invested in power generation as part of the liberalization of the sector in Nigeria.
Otedola was born in Ibadan, the capital of Oyo State, southwest Nigeria, into the family of the late Sir Michael Otedola, Governor of Lagos State from 1992 to 1993.
Forte’s improved financial position and diversification into power generation resulted in a 1,321 percent rise in its share price during 2013. The first half of 2014 saw the company’s pre-tax profit more than double year-on-year to N4.19 billion ($25.7 million). Revenue growth for the whole year was 33 percent. In November 2014, Otedola returned to the Forbes rich list having dropped off it following the fall in share price during 2009.
In September 2015 Forte Oil sold 17 percent of its equity to Swiss commodity trader Mercuria Energy Group, giving Forte access to global commodity markets. The deal was thought to have given Otedola an estimated $200 million. In 2019, Femi Otedola sold Forte Oil Plc and announced plans to change focus from oil to power with his company, Geregu Power Plc.
Femi Otedola Net Worth (2021)
Femi Otedola is a Nigerian billionaire businessman, philanthropist, and former chairman of Forte Oil PLC with an estimated net worth of $1.8B (N653,400,000,000 or N653 billion), according to Forbes.