Femi Otedola, a leading Nigerian entrepreneur, currently has a net worth of about $1.35 billion, placing him at number 2566 globally among billionaires. At 62 years old, he’s one of Nigeria’s wealthiest men, known primarily for his role in the energy and utilities sector.
Early Life and Background
Born on November 4, 1962, in Ibadan, Oyo State, Nigeria, Otedola hails from the Yoruba ethnic group. His father, the late Sir Michael Otedola, once served as Governor of Lagos State. Raised in a politically and economically influential family, Femi’s upbringing in Lagos exposed him to business and governance from an early age.
Business Ventures and Industry
Otedola built his fortune mainly through investments in oil, gas, and power. He founded Zenon Petroleum and Gas Ltd., which became a top importer and distributor of petroleum products in Nigeria. His leadership at African Petroleum and Forte Oil PLC (now Adrova PLC) helped expand Nigeria’s energy infrastructure.
Shifting focus from oil, he now chairs Geregu Power PLC, a major player in Nigeria’s electricity generation. Geregu Power contributes hundreds of megawatts to the national grid and attracted investments from international and local institutions, including Nigeria’s government and the Afrexim Fund.
Besides energy, Otedola owns Swift Insurance and leads SeaForce Shipping Company Ltd. His diversified portfolio also spans real estate in Lagos, Dubai, London, and Monaco, plus sizable shares in major Nigerian banks such as Zenith Bank and FBN Holdings, where he holds over 7.5%.
Career and Transitions
In the early 2000s, Zenon Petroleum secured contracts with major companies, propelling Otedola’s rise in oil marketing. By 2007, he acquired African Petroleum, rebranding it Forte Oil and expanding its footprint. The company later invested in power generation by acquiring the Geregu Power Plant during Nigeria’s energy privatization.
After selling his Forte Oil shares in 2019, Otedola focused fully on Geregu Power, taking it public on the Nigerian Exchange in 2022—the first power company listed in Nigeria.
Philanthropy
Otedola’s contributions extend beyond business. Through his foundation and personal donations, he supports education, healthcare, and relief efforts. Noteworthy projects include a scholarship scheme named after his father, significant funding to the National Ecumenical Centre in Abuja, and donations to universities.
He’s also donated large sums to organizations like Save the Children, especially for children affected by crises in northern Nigeria.
Awards and Recognitions
His efforts have earned him several honors, including the prestigious Officer of the Order of the Niger (OON) and various entrepreneurial and philanthropy awards from Nigerian media outlets and organizations.
Controversies and Public Challenges
Otedola has faced scrutiny, notably a 2012 bribery allegation involving a fuel subsidy probe, and a high-profile legal dispute with two Toronto-based sisters over alleged extortion attempts. Despite these issues, he maintains influential roles, such as a non-executive director at Transnational Corporation of Nigeria and chairman of the Transcorp Hilton Hotel in Abuja.
Recent Financial Trends and Business Developments
Otedola’s net worth saw a decline from $2.1 billion in 2024 to $1.7 billion in 2025. Factors include Nigeria’s currency devaluation and challenges in the energy sector. Nonetheless, Geregu Power continues expanding capacity and exploring renewable energy projects to align with Nigeria’s shift toward sustainable power solutions.
His stake in FBN Holdings also grew, consolidating his presence in the financial sector and supporting bank growth initiatives.
Personal Life and Family
Married to Nana Otedola, he is a father of four, including Florence “DJ Cuppy” Otedola, a well-known professional DJ. The family maintains residences across Nigeria and abroad.
Quick Facts about Femi Otedola
- Age: 62
- Nationality: Nigerian
- Primary Industry: Energy and Utilities
- Key Companies: Geregu Power PLC, Zenon Petroleum, African Petroleum, Forte Oil PLC (Adrova), Swift Insurance, SeaForce Shipping
- Banking Stakes: Zenith Bank, FBN Holdings (over 7.5%)
- Residence: Lagos, Nigeria
- Net Worth: $1.35 billion (2025)
- Rankings: #2566 globally, #4 in Nigeria
Timeline Highlights
- 1962: Born in Ibadan, Nigeria
- 2004: Joined Nigerian Investment Promotion Council
- 2007: Acquired African Petroleum, rebranding as Forte Oil
- 2013: Invested in Geregu Power during power sector privatization
- 2019: Fully exited Forte Oil to focus on power generation
- 2022: Geregu Power listed on Nigerian Exchange
- 2024: Expanded Geregu Power capacity and explored renewables
Femi Otedola stands as a key figure driving Nigeria’s energy and financial services development.
Article updated 3 months ago. Content is written and modified by multiple authors.
