Are you searching for Femi Otedola net worth in Naira and US Dollars for the year 2019? Here is the exact place to find it and every other thing you need to know about oil mogul.
Femi Otedola is the current chairman of Forte Oil PLC, the owner of F.O. properties Ltd., Swift Insurance and SeaForce Shipping Company Ltd.
Let me show you everything you’d like to know about this Nigerian businessman who is among those redefining business in the country today.
Femi Otedola Net Worth
If you are searching for his current net worth, it is kind of shocking but true, Femi Otedola 2019 net worth is $300 million as of July, 2019. That’s 108.7 Billion Naira.
As of 2018, Femi Otedola was worth and $ 1.2 billion but as of July 2019, his net worth has shockingly dropped to $300million according to the information available on his Wikipedia page.
His Early Life And Childhood
Femi Otedola was born on the 4th of November 1962, at Ibadan, Oyo State, Nigeria. His father, Sir Michael Otedola was the Governor of Lagos State from 1992 to 1993.
From a very early stage, Otedola started showing a serious interest in business and his parents made sure he started learning about it as much as he can.
With his Dad’s support and guidance, he started his first business at the age of 6. This business was called FEMCO then and involved the young man taking care of their visitor’s nails and then getting paid after that.
While on this business, he learnt how to write a receipt, save as much as he can and then invest more in his business. In his viral interview about his business life, here’s what Otedola is reported to have said.
“I had my first business at the age six. It was called FEMCO. I would offer to groom my parents’ guests’ nails. Then, write a receipt and charge them for my service. They paid me too. I always had an interest in business”
Beginning Of His Success In Business
His great rise started in 2003 when he managed to raise some finance through various means to go into the Oil and Gas in Nigeria.
With this finance he raised he started Zenon Petroleum and Gas Ltd. A marketing and Distribution Company that focused only on Petroleum products.
This business venture turned out to be a great idea as it started generating huge amounts of money on a daily basis.
The more money he made from the business, the more he invested in it, expanding his reach all over the country.
Things started going very well for him and his business that in 2005, Zenon Petroleum and Gas Ltd, biggest companies in Nigeria as at that time.
Some of these companies are: MTN, Dangote Group, Coca-Cola, Guinness Nestle, Unilever, Cadbury, Nigerian breweries etc.
By 2007, he company already had enough money to invest in African Petroleum for a part of it’s controlling shares, following this acquisition, Otedola was made the chairman and CEO of African Petroleum.
Just a few months after that, he invested more money into the company again, raising his business shares in African Petroleum to 55.3%.
Otedola,s arrival yielded so much fruit to the company that same year as it saw its market capitalization rise from #36m to #217m in just six months of his arrival.
Birth Of Forte Oil & Other Investments
As part of the changes that was coming to the company since Otedola took over as the Chairman and CEO, in2010, African Petroleum rebranded and changed its name to Forte Oil PLC.
In 2013, Forte Oil diversified into Power Generation and started Amperion Ltd, a power generating company which is a subsidiary of Otedola’s oil and Gas company.
Also Read: Dangote Net Worth
Prior to establishing Forte Oil, Otedola started CentreForce Ltd, a firm that is into finance, investments and trading.
He also has other business firms like Swift Insurance, SeaForce Shipping Company Ltd, FO Properties Ltd and also the Chairman of Transcorp Hilton Hotel, Abuja.
Personal Life And Family
Femi Otedola is married to Nana Otedola. They both have 3 daughters and a son (Tolani Otedola, the first daughter he had before marrying Nana, Florence Ifeoluwa, Elizabeth Temi and the son Fewa).
His daughter Florence Otedola is the famous Nigerian DJ and music producer, DJ Cuppy. Her younger sister Elizabeth is a style blogger and a fashion designer.
He is a well known philanthropist in Nigeria today.
In 2005, his company Zenon Petroleum and Gas Ltd donated N200 million to the Michael Otedola University Scholarship scheme.
In the same 2005, he made a personal donation of N300 million to help complete the building of the National Ecumenical Centre, Abuja. A primary place of worship for all Christians in Nigeria.
In 2007, he donated N200 million to the Otedola College of Primary Education, Epe. He was also among those who donated N200 million to the State Security Trust Fund, Lagos.
In 2008, University of Port Harcourt reportedly received N80 million donation from him meant for the faculty of Agriculture at the University.
He is said to have houses not only in Lagos and Abuja but also in Dubai, London and New York City.
His house in Ikoyi is where he lives with his family. The house is a white coloured house with modern architecture and has 3 floors and a big swimming pool.
He also has another very expensive mansion in Banana Island, Lagos.
His Cars And Other Automobiles
Otedola is reportedly the owner of so many luxury cars of which his favourite is his Mercedes G-Class and a Rolls Royce Phantom 1, bulletproof cars that cost quite a lot of money.
He is also the owner of a multi million dollar Yatch which he named after his beautiful wife Nana. Just like Aliko Dangote who named his $40 million Yatch after his mother Mariya.
In 2018, Otedola was given the “Zik Price in Leadership Award” alongside former Ghanaian President, John Mahama, Arthur Eze and John Odigie- Oyegun, first national chairman of the All Progressives Congress.
Femi Otedola is a Nigerian business mogul, an extra-ordinary philanthropist and chairman of several companies within the country.
He was listed alongside Dangote, Tony Elumelu and Mike Adenuga in Forbes list of the richest billionaires in Africa.
Femi Otedola net worth is estimated to be around $300 million currently which is about 108.7 Billion Naira.
His success story is not only interesting to read about, it is also a success of motivation to thousands of Nigerians out there. Though it is true that Femi Otedola’s story is not the story of grass to grace or rags to riches since he was born into a rich family, yet his story is still the story of hardwork, commitment and dedication to one’s business or career until it starts producing good results.
Very few billionaires can go through the challenges he has gone through several times and keep bouncing back every time. I always see in him a man who always places his business and investments first before pleasure and the strong relationship he has with his family is quite commendable.