Femi Otedola

Femi Otedola: Nigerian Billionaire, Entrepreneur, and Philanthropist Femi Otedola (born November 4, 1962) is a Nigerian businessman, philanthropist, and former chairman of Forte Oil PLC (now Ardova Plc). He is one of Nigeria's most recognized billionaires, primarily known for his extensive investments in the energy sector, particularly in petroleum products marketing, as well as ventures in power generation, shipping, and real estate. Early Life and Education Oluwafemi Otedola was born in Ibadan, Oyo State, Nigeria, into the family of Sir Michael Otedola, who served as Governor of Lagos State from 1992 to 1993. His upbringing provided a foundation for his later ventures in business. He completed his secondary education at Olivet Baptist High School in Oyo State. Although widely known for his business acumen, details regarding his higher education are less prominent, but his career trajectory began in his early twenties. Career Progression and Business Ventures Otedola's career began in the early 1980s, initially through his family’s printing business. He later shifted his focus to trading and, eventually, the lucrative Nigerian oil and gas industry. His major breakthrough came with the establishment of Zenon Petroleum and Gas Ltd in 2003. Zenon rapidly became a leading supplier of diesel fuel to major Nigerian corporations, including manufacturing companies, power plants, and cement conglomerates. In 2007, Otedola acquired a controlling stake in African Petroleum, one of Nigeria’s oldest and largest petroleum marketing companies. He subsequently rebranded the company to Forte Oil PLC. Under his leadership, Forte Oil underwent a significant transformation, expanding its operations across the downstream, upstream, and power generation sectors of the Nigerian energy landscape. He expanded the company’s retail presence and invested heavily in infrastructure. Major Achievements and Divestment In 2013, Forte Oil became the first Nigerian energy company to successfully attain ISO 9001 certification. Otedola’s strategic leadership was instrumental in turning the company around, leading to its inclusion in the F\*\*tse global index in 2014. One of his most notable achievements was the strategic divestment from Forte Oil. In 2019, Otedola sold his 75% stake in Forte Oil’s refining and marketing business, marking a major pivot in his investment strategy to focus more on the power generation sector, particularly Geregu Power PLC. Current Status and Philanthropy Femi Otedola currently serves as the Executive Chairman of Geregu Power PLC, one of Nigeria's leading power generation companies. His focus has been on scaling power infrastructure to address Nigeria’s energy deficit. Otedola is also a dedicated philanthropist, known for large-scale donations to education, health, and poverty alleviation initiatives. His notable contributions include a substantial endowment to the Save the Children Fund in Nigeria and major financial support for various educational institutions. He is recognized as a major influencer and advocate for business ethics in Nigeria.