Femi Otedola Net Worth 2024

Femi Otedola net worth 2024 is $2 billion. Femi Otedola  is a Nigerian businessman, philanthropist, and former chairman of Forte Oil PLC, an importer of fuel products.

As of 2024 Femi Otedola net worth is $2 billion.

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Femi Otedola Profile

Otedola was born on 4th November 1962 in Ibadan, the capital of Oyo State, south west Nigeria, into the family of the late Sir Michael Otedola, Governor of Lagos State from 1992 to 1993.

Otedola is the founder of Zenon Petroleum and Gas Ltd, and the owner of a number of other businesses across shipping, real estate and finance.

Fuel marketing

In 2003, having identified an opportunity in the fuel retail market, Otedola secured the finance to set up Zenon Petroleum and Gas Ltd, a petroleum products marketing and distribution company.

 In 2004 he invested N15 billion in downstream infrastructure development and acquired storage depots at Ibafon, Apapa as well as four cargo vessels, amounting to a combined total storage capacity of 147,000 metric tonnes.

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The same year he acquired a fleet of 100 DAF fuel-tanker trucks for N1.4 billion

By 2005, Zenon controlled a major share of the Nigerian diesel market, supplying fuel to most of the major manufacturers in the country including Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestle and Guinness.

Femi Otedola net worth 2024 $ 1. 8 Billion

African Petroleum

In 2007, Otedola was appointed chairman and chief executive of Africa Petroleum through the acquisition of a controlling stake in the business.

In December that year he personally acquired a further 29.3 per cent of the company for N40 billion. A merger of this personal holding with Zenon’s brought Otedola’s total stake to 55.3 per cent.

Forte Oil

In December 2010, African Petroleum re-branded, changing its name to Forte Oil PLC.

Otedola carried out a restructuring of the business, focusing on technology and improved corporate governance.

Otedola established CentreForce Ltd, specialising in finance, investments and trading.  Otedola is also the owner of Swift Insurance.

Otedola is chief executive and president of SeaForce Shipping Company Ltd and was at one point Nigeria’s largest ship owner after extending control over the distribution of diesel products.

 One of his ships, a flat bottomed bunker vessel with a storage capacity of 16,000 metric tonnes, was the first of its kind in Africa.

Femi Otedola Net Worth

According to Forbes, Femi Otedola net worth 2024 $ 1. 8 Billion making him one of the richest men in Africa.

Philanthropy

Otedola 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 2005 Zenon donated N200 million to the scheme’s fund. Since its inception the scheme has benefited more than 1,000 students.

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.

 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.

Later that year he donated N100 million to the Otedola College of Primary Education in Noforija, Epe. In 2008 he donated N80 million to the Faculty of Agriculture at the University of Port Harcourt.

Femi Otedola fulfilled his pledge of 25,000 dollars to the Super Eagles in the match against Algeria in the 2019 AFCON

Femi Otedola Cars

With a net worth of $1.85 billion, it would not be a struggle to buy the latest most expensive car in the world. According to Carmart.ng, Among the cars owned by the successful businessman include; BMW series, Roll Royce Phantom Mercedes-Benz AM 63, AG Wagon.

Femi Otedola is a also a proud owner of a private jet and a Yacht

Femi Otedola Houses

Femi owns several houses in Nigeria and abroad. He has houses in Lagos, Port Harcourt, Ikoyi, Enugu and Kano

How Otedola became a billionaire?

Aside from the petroleum sector and financial sector, he acquired a lot of properties all over the world making him a real estate investor. All of these businesses together are responsible for Otedola’s wealth that he and his family enjoy today

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Source: Glusea