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
BIOGRAPHY

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.

NET WORTH STATISTIC
2015

$1 Billion

2016

$1.8 Billion

2018

$1.8 Billion

TIMELINE
2016

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

2015

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

2014

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

2013

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

2012

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

2011

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

2010

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

2009

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

2008

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

2007

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

2006

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

2005

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

2004

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

2003

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

1994

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

1985

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

1980

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

1962

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

(3.4/121 votes)
Related Person
Arthur Irving’s profile picture
Arthur Irving
Net Worth is $3.58 Billion
Sid Bass’s profile picture
Sid Bass
Net Worth is $3.31 Billion
David Rockefeller, Sr.’s profile picture
David Rockefeller, Sr.
Net Worth is $3.3 Billion
Ronald McAulay’s profile picture
Ronald McAulay
Net Worth is $3.29 Billion
Karel Komarek’s profile picture
Karel Komarek
Net Worth is $3.22 Billion
Lynn Schusterman’s profile picture
Lynn Schusterman
Net Worth is $3.2 Billion