Femi Otedola

$1.30 B

Ranked #2859 in World

About Femi Otedola

Olufemi Peter Otedola, born in Ibadan, Nigeria, on November 4, 1962, is a prominent business magnate with a portfolio that spans across petroleum, real estate, insurance, and shipping. He founded Zenon Petroleum and Gas Ltd and served as the chairman for notable companies like African Petroleum and Forte Oil PLC, now known as Adrova PLC. Currently, Otedola is the executive chairman of Geregu Power PLC and holds significant investments in Nigeria's banking sector, including Zenith Bank and United Bank for Africa, with him being the largest shareholder of First Bank PLC as of October 2021. His philanthropic efforts include substantial contributions to education and religious centers across Nigeria. However, his career has also experienced controversies, including bribery allegations in 2012 and a cyberbullying incident. Otedola has held various influential positions, including on the Nigerian Investment Promotion Council and the National Economic Management Team, underlining his pivotal role in Nigeria's economic landscape.

Born

November 04, 1962 in Ibadan, Western Region, Nigeria (now Oyo State, Nigeria)

Age

63 years

Source Of Wealth

Energy And Utilities

Industries

Energy

Citizenship

Nigeria

Residence

Lagos

Spouse

Nana Otedola

Children

4, including Florence "DJ Cuppy" Otedola, Temi Otedola

Parent

Sir Michael Otedola

Olufemi Peter Otedola was born on November 4, 1962, in Ibadan, Oyo State, Nigeria. He is a member of the Yoruba ethnic group and holds Nigerian nationality.

Femi Otedola: Family

Olufemi Otedola is the son of the late Sir Michael Otedola, a former Governor of Lagos State, and Lady Doja Otedola. He has several siblings, including Femi Otedola, a businessman and philanthropist.

Femi Otedola: Career Highlights

Olufemi Otedola is a prominent businessman and entrepreneur in Nigeria. He is the founder and former Chairman of Zenon Petroleum and Gas Ltd., a leading oil and gas company in Nigeria. He also served as the former Chairman and Chief Executive of African Petroleum and the former Chairman of Forte Oil PLC (now Adrova PLC). Currently, he holds the position of Executive Chairman of Geregu Power PLC and is the owner of Swift Insurance. Additionally, he is the Chief Executive and President of SeaForce Shipping Company Ltd.

Femi Otedola: Companies

Olufemi Otedola has a diverse portfolio of companies under his leadership. These include Zenon Petroleum and Gas Ltd., African Petroleum, Forte Oil PLC (now Adrova PLC), Geregu Power PLC, Swift Insurance, and SeaForce Shipping Company Ltd.

Femi Otedola: Major Achievements

Olufemi Otedola has achieved significant success in the business world. He is recognized for his contributions to the oil and gas industry in Nigeria and his entrepreneurial spirit. He has also made notable investments in real estate, banking, and other sectors.

Femi Otedola: Awards & Achievements

Olufemi Otedola has received numerous awards and recognitions for his achievements. These include the Officer of the Order of the Niger (OON) national honor, the Businessman of the Year award from Vanguard Newspapers, and the Entrepreneur of the Year award from ThisDay Newspapers.

Femi Otedola: Personal Life & Legacy

Olufemi Otedola is married to Nana Otedola, and they have children together. He is known for his philanthropic efforts, including establishing the Michael Otedola University Scholarship Scheme and making significant donations to various educational institutions and charitable causes.

Femi Otedola: Trivia

Olufemi Otedola has been involved in several controversies, including allegations of bribery and a cyberbullying and blackmail incident.

He also holds various non-executive positions, such as a non-executive director of Transnational Corporation of Nigeria Plc, Chairman of the Transcorp Hilton Hotel in Abuja, and a member of the Nigerian Investment Promotion Council (NIPC). Additionally, he was appointed to a committee tasked with developing commercial relations with South Africa and to Nigeria's National Economic Management Team by President Goodluck Jonathan.

Wealth History

Timeline

November 4, 1962

Olufemi Peter Otedola was born in Ibadan, Oyo State, Nigeria.

2004

Otedola was appointed to the Nigerian Investment Promotion Council (NIPC).

2004

Otedola was appointed to a committee tasked with developing commercial relations with South Africa.

2006-2011

Otedola served as a non-executive director of Transnational Corporation of Nigeria Plc.

2011

Otedola was appointed to Nigeria's National Economic Management Team by President Goodluck Jonathan.

2012

Otedola was accused of bribing Farouk Lawan, former Chairman of the House Committee on Fuel Subsidy Regime, to remove Zenon from a list of firms indicted for abusing the fuel subsidy regime.

Femi Otedola : FAQs

What is Femi Otedola's current net worth?

Femi Otedola's current net worth is $1.30 billion.

What is Femi Otedola's current global rank among billionaires?

Femi Otedola holds the 2859th position globally among billionaires.

What is Femi Otedola's current ranking within the Nigeria?

Femi Otedola holds the 4th position in Nigeria.

What was the change in Femi Otedola's net worth compared to the previous year?

Femi Otedola's net worth decreased by 321.89 million dollars compared to the previous year 2025, when his net worth was 1.62 billion dollars.

What are Femi Otedola's main sources of wealth?

Femi Otedola's main source of income comes from Energy And Utilities.

In which industry does Femi Otedola primarily operate?

Femi Otedola is primarily involved in the Energy industry.

How old is Femi Otedola?

Femi Otedola is 63 years old.

How many children does Femi Otedola have?

Femi Otedola has 4 children.

Who is Olufemi Peter Otedola and what is his nationality?

Olufemi Peter Otedola, born on November 4, 1962, in Ibadan, Oyo State, Nigeria, is a Nigerian businessman known for his investments in various sectors, including energy and shipping. He is of Yoruba ethnicity.

Can you list some key businesses and positions held by Olufemi Peter Otedola?

Olufemi Peter Otedola is the founder and former chairman of Zenon Petroleum and Gas Ltd., former chairman and chief executive of African Petroleum, former chairman of Forte Oil PLC (now Adrova PLC), current executive chairman of Geregu Power PLC, owner of Swift Insurance, and president of SeaForce Shipping Company Ltd.

What are some of Olufemi Peter Otedola's major investments?

Otedola's major investments include real estate, such as Stallion House in Victoria Island, Lagos, and significant shares in Nigerian banks like Zenith Bank and United Bank for Africa (UBA). As of October 2021, he is the largest shareholder of First Bank PLC with a 5.07% stake.

How has Olufemi Peter Otedola contributed to philanthropy?

Olufemi Peter Otedola has made significant contributions to philanthropy through the Michael Otedola University Scholarship Scheme, a N300 million donation to the National Ecumenical Centre in Abuja, N100 million to the Otedola College of Primary Education in Noforija, Epe, and N80 million to the Faculty of Agriculture at the University of Port Harcourt.

What controversies has Olufemi Peter Otedola been involved in?

Olufemi Peter Otedola was accused in 2012 of bribing Farouk Lawan to remove Zenon from a list of firms indicted for fuel subsidy abuse. He was also involved in a controversy with two Toronto-based sisters who allegedly attempted to extort him by claiming they had evidence of him cheating on his wife.