Femi Otedola’s profile picture

Femi Otedola

Femi Otedola’s profile picture
Net worth 2018: $1.8 Billion
Industry: Energy
Country: Nigeria
BirthDay: 4 November 1962
Children: 4

Femi Otedola was bornon 4 November 1962 in Nigeria. Femi Otedola of Nigeria is the controlling shareholder of publicly traded Forte Oil, an oil marketing and power generation company. Originally a Nigerian subsidiary of British Petroleum (BP), Forte Oil has more than 500 gas stations across the country. It owns oil storage depots and manufactures its own line of engine oils. In 2013, Otedola led the company to purchase a government-owned stake in a gas-fired power plant in Kogi state in central Nigeria. In September 2015, Swiss commodities giant Mercuria said it would acquire a 17% stake in Forte Oil for $200 million; as of late February 2016 the transaction is not yet complete. Otedola's daughter, Ifeoluwa, is a popular disc jockey who goes by the moniker 'DJ Cuppy'. She was the official disc jockey during the May 2015 inauguration of Nigeria's President Muhammadu Buhari. Otedola is a fitness buff, spending at least one hour in the gym every day.


$1 Billion


$1.8 Billion


$1.8 Billion


In December 2016, Otedola was embroiled in a controversy where two Toronto based sisters - Jyoti and Kiran Matharoo - reportedly tried to extort him by cyberbullying and blackmail, claiming they had evidence of Otedola cheating on his wife that they would post on a notorious sex-scandal website


In September 2015 Forte Oil sold 17 per cent of its equity to Swiss commodity trader Mercuria Energy Group, giving Forte access to global commodity markets


In November 2014 Otedola returned to the Forbes rich list having dropped off it following the fall in share price during 2009


In February 2, 2013, Both individuals Farouk Lawan and Boniface Emenalo were charged to court by Independent Corrupt Practices and other related Commission (ICPC) their trial was at the Capital Territory High Court in Abuja to face a seven-count charge of bribery, an offense that violates Section 10 (a) (ii) of ICPC Act, 2000 and punishable under Section 10 of that same Act


The reason reported by witnesses as pertains the actions of Femi Otedola was that he wanted the name of his company removed from the list of firms indicted by Farouq Lawan's committee for abusing the fuel subsidy regime in 2012


In 2011 Femi Otedola was appointed by President Goodluck Jonathan to Nigeria's National Economic Management Team


In December 2010 African Petroleum rebranded, changing its name to Forte Oil PLC


In October 2009 Otedola announced a move to upgrade African Petroleum's liquefied petroleum gas (LPG) storage terminals in Lagos, Kano and Port Harcourt


In 2008 he donated N80 million to the Faculty of Agriculture at the University of Port Harcourt


In 2007 he was among a group of donors who gave N200 million to the State Security Trust Fund in a drive to reduce crime in Lagos State


In January 2006 Otedola was appointed a non-executive director of Transnational Corporation of Nigeria Plc, a multi-sectoral conglomerate established in 2004 by then-President Obasanjo to respond to market opportunities requiring heavy capital investment in Nigeria and across sub-Saharan Africa


In 2005 Otedola made a N300 million personal donation to the completion of the National Ecumenical Centre – Nigeria's primary place of Christian worship – in Abuja


He has served as a member of the Nigerian Investment Promotion Council (NIPC) since 2004, and the same year was appointed to a committee tasked with developing commercial relations with South Africa


Otedola has been reported to be a major financier of the People's Democratic Party and is said to have contributed N100 million to President Obasanjo's re-election expenses in 2003


In 1994 Otedola established CentreForce Ltd, specialising in finance, investments and trading


Be that as it may, new evidence provided by the persecution was very concrete as Femi Otedola was caught red handed in a video of him giving bribe and Farouk Lawan accepting itOtedola has made several donations to the Michael Otedola University Scholarship Scheme, which was established in 1985 to give underprivileged students in Lagos State access to higher education


In the late 1980s he ran the marketing for his family's printing press before going on to trade petroleum products


Otedola was born on (1962-11-04)November 4, 1962 in Ibadan, the capital of Oyo State, western Nigeria, into the family of the late Sir Michael Otedola, Governor of Lagos State from 1992 to 1993

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