Femi Otedola is a Nigerian based billionaire, business man and the Chairman of Forte Oil Plc and Zenon Petroluem gas, as well as an array of other businesses that cut across shipping, real estate and finance. He comes second place among dollar-rated billionaires, after Aliko Dangote according to Forbes list.
Otedola was born on the 4th of November, 1962 in Oyo state, Ibadan western Nigeria, to the family of the late Sir Micheal Otedola, the past Governor of Lagos State who was in service to the nation between 1992 and 1993.
In his early life, he was in charge of marketing for his family printing press business. This gave him the requisite business skills that got him ready for the challenges ahead.
In 200 3, he ventured into fuel retail business after discovering the huge profitable potential of this sector. That same year he started Zenon Petroleum and Gas. In 2004, he invested N15 billion naira in the capital expansion of the company. This included the acquisition of storage depots, cargo vessels, which amount to a total storage capacity of 147,000 metric tonnes.
By 2005 Zenon Pretroleum became a major supplier to top companies in Nigeria which include Dangote Group, Cadbury, Coca Cola, Nigeria Breweries, MTN, Unilever, Nestle and Guiness.
In 2007 Femi Otedola had a large controlling stake in African Petroluem and was appointed chairman and chief executive. The share prices rose exponential since his entry, market capitalisation peaked from N36 billion to N217 billion in six months. In December 2010 African Petroleum rebranded its name to Forte Oil Plc. Otedola restructed the business, in areas of technology and improved corporate governance.
Femi Otedola as at 2015 is worth $1.8 billion. He is married to Nana Otedola and he is blessed with four children.