Glusea brings to you Femi Otedola net worth
Femi Otedola net worth 2021 is $2 billion. Femi Otedola is a Nigerian businessman, philanthropist, and former chairman of Forte Oil PLC, an importer of fuel products.
As of 2021 Femi Otedola net worth is $2 billion.
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Femi Otedola Profile
Otedola was born on 4th November 1962 in Ibadan, the capital of Oyo State, south west Nigeria, into the family of the late Sir Michael Otedola, Governor of Lagos State from 1992 to 1993.
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.
In 2003, having identified an opportunity in the fuel retail market, Otedola secured the finance to set up Zenon Petroleum and Gas Ltd, a petroleum products marketing and distribution company.
In 2004 he invested N15 billion in downstream infrastructure development and acquired storage depots at Ibafon, Apapa as well as four cargo vessels, amounting to a combined total storage capacity of 147,000 metric tonnes.
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The same year he acquired a fleet of 100 DAF fuel-tanker trucks for N1.4 billion
By 2005, Zenon controlled a major share of the Nigerian diesel market, supplying fuel to most of the major manufacturers in the country including Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestle and Guinness.
In 2007, Otedola was appointed chairman and chief executive of Africa Petroleum through the acquisition of a controlling stake in the business.
In December that year he personally acquired a further 29.3 per cent of the company for N40 billion. A merger of this personal holding with Zenon’s brought Otedola’s total stake to 55.3 per cent.
In December 2010, African Petroleum re-branded, changing its name to Forte Oil PLC.
Otedola carried out a restructuring of the business, focusing on technology and improved corporate governance.
Otedola established CentreForce Ltd, specialising in finance, investments and trading. Otedola is also the owner of Swift Insurance.
Otedola is chief executive and president of SeaForce Shipping Company Ltd and was at one point Nigeria’s largest ship owner after extending control over the distribution of diesel products.
One of his ships, a flat bottomed bunker vessel with a storage capacity of 16,000 metric tonnes, was the first of its kind in Africa.
Femi Otedola Net Worth
According to Forbes, Femi is worth $ 1. 8 Billion making him one of the richest men in Africa.
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