Femi Otedola Net Worth: Age, Biography, Lifestyle, Family, and More (2023)

Femi Otedola is a Nigerian businessman and philanthropist who has made a name for himself in the business world.

Femi Otedola’s net worth is of particular interest to many people because he has achieved great success in his business ventures and has become one of the wealthiest people in Nigeria.

His net worth also serves as an inspiration to aspiring entrepreneurs who hope to follow in his footsteps.

Femi Otedola has used his wealth to make significant contributions to various causes and charities, improving the lives of many people in Nigeria and beyond. Let’s dive deeper into Femi Otedola’s biography, Net worth, business ventures, and many more.

Femi Otedola Net Worth

Femi Otedola is one of the richest men in Nigeria and has built an impressive portfolio of assets over the years. As of 2021, Femi Otedola’s net worth is estimated to be around $1.8 billion USD. This impressive figure is a result of his successful business ventures, which include a number of investments in the energy and financial sectors.

One of Femi Otedola’s most significant assets is his property portfolio. He owns a number of properties in Nigeria and around the world, including a mansion in the prestigious Ikoyi neighborhood of Lagos. He also owns a vacation home in the United Kingdom, as well as several other properties in the country.

In addition to his properties, Femi Otedola is also known for his impressive car collection. He is the proud owner of several luxury cars, including a Rolls Royce Phantom, a Mercedes-Benz G-Wagon, and a Ferrari. His car collection is estimated to be worth millions of dollars.

Femi Otedola’s investments in the energy sector have also contributed significantly to his net worth. He is the founder of Zenon Petroleum and Gas Ltd, which is one of the largest fuel marketers in Nigeria. He also owns a stake in Forte Oil Plc, a leading integrated energy company in Nigeria.

When compared to other business moguls in Nigeria, Femi Otedola’s net worth is quite impressive. He ranks among the top 10 richest people in the country, with only a few individuals surpassing his wealth.

Early Life and Education

Femi Otedola was born on November 4, 1962, in Ibadan, Nigeria. He was born into a wealthy family and is the son of Sir Michael Otedola, a former Governor of Lagos State, and Lady Doja Otedola.

As a child, Femi Otedola was exposed to the world of business through his family’s investments in printing, real estate, and other industries. This early exposure to business and entrepreneurship would eventually shape his career path.

For his education, Femi Otedola attended the Obafemi Awolowo University in Ile-Ife, where he earned a degree in Geography. After completing his studies, he went on to work for his family’s businesses, gaining valuable experience in the world of business and entrepreneurship.

However, Femi Otedola’s true passion lay in creating his own businesses, and he eventually started his own company, Zenon Petroleum, and Gas Ltd., in 2003. The company quickly grew and became a leading player in Nigeria’s oil and gas industry, thanks to Femi Otedola’s innovative ideas and business acumen.

Today, Femi Otedola is not only known for his successful business ventures but also for his philanthropic efforts. He has made significant contributions to various causes, including education, healthcare, and poverty alleviation, and has used his wealth to make a positive impact on the lives of many Nigerians.

Business Ventures

Femi Otedola’s business ventures and investments have been a major contributor to his wealth and success. Femi Otedola’s first major business venture was Zenon Petroleum and Gas Ltd., which he founded in 2003. The company quickly became a leading player in Nigeria’s oil and gas industry, thanks to Femi Otedola’s innovative ideas and business acumen. Zenon Petroleum and Gas Ltd. specializes in the supply, storage, and distribution of petroleum products and has played a significant role in Nigeria’s energy sector.

In addition to Zenon Petroleum and Gas Ltd., Femi Otedola has also invested in a number of other companies and industries. He is a majority shareholder in Forte Oil Plc, one of Nigeria’s largest oil marketing companies, and has also invested in the power sector through his company, Geregu Power Plc.

Femi Otedola’s success in business can be attributed to his ability to identify profitable opportunities and invest in them. He has a keen eye for innovation and is always looking for ways to improve his businesses and stay ahead of the competition.

Another factor that has contributed to Femi Otedola’s success is his dedication to philanthropy. He has used his wealth to make significant contributions to various causes, including education, healthcare, and poverty alleviation. This has helped him build a positive reputation and attract new business opportunities.

Philanthropy

Femi Otedola is a passionate philanthropist who has made significant contributions to various causes, including education, healthcare, and poverty alleviation. He believes that wealth should be used to create positive change in society and has dedicated a significant portion of his resources to helping those in need.

One of Femi Otedola’s most notable philanthropic contributions was his donation of N5 billion (approximately $13 million) to the Save the Children Foundation in Nigeria. This donation was aimed at providing lifesaving assistance to children who are suffering from malnutrition, disease, and other health issues.

In addition to his contributions to the Save the Children Foundation, Femi Otedola has also made significant donations to other causes, including the Michael Otedola University Scholarship Scheme, which provides scholarships to students in Lagos State. He has also donated to the Lagos State Security Trust Fund, which supports efforts to improve security in Lagos.

He also fulfilled his pledge of paying the Super Eagles team a sum of 25,000 for the match against Algeria in the 2019 AFCON.

He also donated NGN 5 billion (approximately $14 million) to the Save the Children Fund through his daughter, DJ Cuppy’s Foundation. This is to support various intervention programs for destitute children in Nigeria’s northeast region.

Femi Otedola’s philanthropic efforts have had a significant impact on many people’s lives. His donations have helped to fund life-saving medical treatment, provide education to underprivileged children, and improve security in Lagos. He has also set an example for other wealthy individuals to follow, showing that wealth can be used to create positive change in society.

Femi Otedola Personal Life, Family, and Relationship 

Femi Otedola was born on November 4, 1962, in Ibadan, Nigeria. He comes from a family of successful businessmen, with his father, Sir Michael Otedola, serving as the Governor of Lagos State from 1992 to 1993.

Femi Otedola is married and has four children. His daughter, Florence Otedola, is a popular Nigerian DJ and musician who goes by the name DJ Cuppy. Femi Otedola is known for being a devoted family man and has spoken publicly about the importance of family in his life.

When he’s not running his businesses or engaging in philanthropic activities, Femi Otedola enjoys a range of hobbies and interests. He is an avid collector of art and has a personal art collection worth millions of dollars. He is also a sports enthusiast and is particularly interested in football. In fact, he was the Chairman of the Board of Directors for the Nigerian Football Association from 2010 to 2014.

In addition to his love for art and sports, Femi Otedola is also passionate about environmental issues. He has spoken publicly about the importance of sustainable development and has invested in companies that are working to address environmental challenges.

About Femi Otedola Children 

Femi Otedola has four children from two women:

• Tolani Otedola
• Florence Ifeoluwa
• Elizabeth Temi, and
• Fewa

Tolani Otedola is the first child of Femi Otedola. She is the only child of Femi’s first ex-lover, Olayinka Odukoya. It was alleged that after the birth of Tolani Otedola, Femi’s mother had refused her son to marry Tolani’s mother, Olayinka. Femi Otedola later left Olayinka and got married to Nana Otedola.

Tolani Otedola is a singer and songwriter. She keeps a low profile, unlike her other two sisters.

Fewa, the son of Femi Otedola, was diagnosed with an autism disorder at birth.

Florence Otedola, aka DJ Cuppy, is a DJ, music producer, and tourism ambassador for Nigeria. She was also the official disc jockey during the May 2015 inauguration of Nigeria’s President Muhammadu Buhari.

DJ Cuppy’s younger sister, Temi Elizabeth, is a fashion blogger and aspiring designer. 

Otedola has homes in Lagos, London, Abuja, Dubai, and New York City. 

Femi Otedola’s Companies

Femi Otedola is an industrious Nigerian, and he owns a good number of companies in Nigeria. Below is a list of Otedola’s companies:

• Zenon Petroleum and Gas
• Forte Oil
• CentreForce Limited
• Geregu Power Plc

Zenon Petroleum and Gas

Femi Otedola is the CEO of Zenon Petroleum and Gas Limited, a petroleum product marketing and distribution company, in 2003. Zenon is the supplier of fuel to major manufacturers in the country, including Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestle, and Guinness.

Zenon also invested across the financial sector, becoming the largest shareholder in several Nigerian banks, including Zenith Bank and United Bank for Africa (UBA). As well as diesel, Zenon also became an important player in the kerosene market.

Forte Oil

In December 2010, African Petroleum rebranded. Its name was changed to Forte Oil PLC. Otedola carried out a restructuring of the business and focused on technology and improving corporate governance. As a result, forte Oil returned to profitability in 2012.

Forte Oil has over 500 gas stations across the country. In addition, it owns oil storage depots and manufactures its line of engine oils.

In March 2009, Otedola became the second Nigerian after Aliko Dangote to appear on Forbes’ list of dollar-denominated billionaires, with an estimated net worth of $1.2 billion.

He made the Forbes list after he was appointed chairman of Africa Petroleum by acquiring a controlling stake in the business.

Facts About Femi Otedola 

• Femi Otedola was born on November 4, 1962, in Ibadan, Nigeria.

• He is the son of Sir Michael Otedola, a former Governor of Lagos State.

• He is the founder and CEO of Zenon Petroleum and Gas Ltd, one of the most prominent fuel marketers in Nigeria.

• Femi Otedola is also the founder of Forte Oil Plc, a leading player in Nigeria’s downstream oil and gas sector.

• He is the father of three daughters, including popular Nigerian DJ, DJ Cuppy.

• Femi Otedola Net worth is around $1.8 billion USD, making him one of the wealthiest people in Nigeria.

• Femi Otedola is also a sports enthusiast and has been a major sponsor of the Nigerian national football team, the Super Eagles.

• He was awarded the Nigerian National Honour of Commander of the Order of the Niger (CON) in 2011.

• Femi Otedola is a member of the Order of Merit of the Italian Republic, one of Italy’s highest honors.

• He has also served as the chairman of the Transcorp Hilton Hotel in Abuja, Nigeria.

• In March 2009, Otedola became the second Nigerian after Aliko Dangote to appear on Forbes’ list of dollar-denominated billionaires, with an estimated net worth of $1.2 billion.

• Femi Otedola is a shareholder in various companies within and outside Nigeria.

Conclusion 

Femi Otedola is a highly respected business mogul, philanthropist, and entrepreneur whose impact on the Nigerian business world cannot be overstated. His numerous business ventures, including Zenon Petroleum and Gas Ltd and Forte Oil Plc, have made him one of the wealthiest people in Nigeria and a significant contributor to the country’s economy.

In terms of his net worth and assets, Femi Otedola’s success results from his diversified portfolio of investments, including properties, cars, and energy sector holdings. His net worth of USD 1.3 billion is a testament to his business acumen and financial success.

Femi Otedola is highly respected in the Nigerian business community and has been recognized for his leadership and contributions to the growth of the country’s economy. 

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