Femi Otedola

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Femi Otedola (born 1967 in Epe, Lagos State) is a Nigerian businessman. He is the CEO of Forte Oil Plc, and appeared as one of only two Nigerians (alongside Aliko Dangote) to appear on the 2009 Forbes list of 793 dollar-denominated billionaires in the world, with an estimated net worth of over US$1.2 billion.[1] Femi Otedola is the Nigerian President and Chief Executive Officer of Zenon Petroleum and Gas limited.

Personal life[edit]

Otedola is the son of former Lagos State governor Sir Michael Otedola. Femi Otedola is married to Nana, with three daughters and one son, including the British DJ and socialite Florence "Cuppy" Otedola.

Business ventures[edit]

Zenon Petroleum and Gas[edit]

Femi Otedola is the billionaire owner of multi-billion naira indigenous oil giant Zenon. Zenon, which is directly run by Otedola, is the dominant force in the diesel business among oil marketing concerns. It thus supplies all the important fuel used to power generating sets of most Nigerian industries and manufacturing firms. These include Dangote Group, Cadbury, Coca Cola, Nigerian Breweries, MTN, Unilever, Nestle, and Guinness, among others.[2]

In September 2012, Otedola's name was published among the list of directors whose company was owing Asset Management Corporation of Nigeria (AMCON) N192 billion.[3][4][5]

Otedola owns one of the country's largest oil storage facilities which he purchased for N2.8 billion. He bought one hundred brand new trucks purchased for N1.3 billion to strengthen the distributive arm of his business, and acquired for 6.8 million dollars a massive flat-bottomed bunker vessel with a storage capacity of 16,000 metric tonnes of diesel.

Otedola started Zenon few years ago and within a short time seized control of the market. Today he has become the pacesetter in the downstream sector while expanding the frontiers of competition. NNPC Group Managing Director, Engr. Funso Kupoloku acknowledged this much when he said Zenon was now the company to beat in the downstream sector.[citation needed]

His company appeared to have fully prepared itself for the deregulation of the petroleum sector as evidenced in its purchases. Buying three cargo ships in quick succession to bring its total number of ships to four. All are named after his parents and wife. MT Sir Michael (his father), MT Lady Doja (his mother), MT Nana (his wife). His latest, His latest is named Zenon Conquest.[citation needed] Energy experts[who?] say Zenon's expansion is to consolidate its competitive edge in the market.

Apart from being the biggest diesel and kerosene marketer in Nigeria today, he is said to be the biggest ship owner in the country, which partly explains his nomination as President of Nigeria Chambers of Shipping, a powerful and highly influential body in the maritime sector. The oil baron and shipping magnate also bought 100 brand new DAF trucks from the Netherlands to strengthen his distribution arm. Zenon now boasts of a total diesel storage capacity of more than 147,000 metric tonnes making it the biggest depot owner with the largest single storage capacity in the country.

Otedola is also the owner of Atlas Shipping Agency, Swift Insurance, FO Properties Limited, FO Transport and Seaforce Shipping Company Ltd.

Political[edit]

Otedola is said to have contributed well over N100 million to Olusegun Obasanjo's re-election expenses.[citation needed] And under the aegis of friends of Obasanjo and Atiku, he contributed N25 million towards the rehabilitation of the National Mosque in Abuja. He was one of the co-launchers of Obasanjo Presidential Library, to which he donated N200 million. He is said to have direct access to the President.

Otedola was appointed to the board of Nigeria Investment and Promotion Council (NIPC) by the President of Nigeria in 2011. He was also nominated by the President to the team of top Nigerian businessmen to undertake an investment drive to South Africa.[citation needed]

Farouk Lawan $3million bribe[edit]

Femi Otedola reportedly offered Farouk Lawan $3,000,000 to get his name removed from the Fuel subsidy scam list. [6] A cash payment of $600,000 was recorded on video being offered to Farouk with the balance to be delivered the next day.[7]

[8]

References[edit]

  1. ^ "#601 Femi Otedola - The World's Billionaires 2009 - Forbes.com". Forbes. March 11, 2009. Retrieved 22 September 2012. 
  2. ^ Adeyeye Joseph (2004-10-30). "MEN WHO CONTROL THE ECONOMY (II)". ThisDay. Retrieved 2010-04-30. 
  3. ^ "Banks Stopped from Lending to Otedola, Dantata, 417 Others, Articles". This Day Live. 21 September 2012. Retrieved 22 September 2012. 
  4. ^ SaharaReporters (September 21, 2012). "President Jonathan's Economic Advisers Owing Nigeria N1.3 Trillion; CBN Bars Banks From Doing Business With 419 Deadbeat Companies And Individuals". New York. Retrieved 22 September 2012. 
  5. ^ "List of AMCON debtors". Central Bank of Nigeria. Retrieved 22 September 2012. 
  6. ^ Punch Newspaper (June 29, 2012). Lagos http://www.punchng.com/politics/femi-otedola-vs-farouk-lawan. Retrieved 15 August 2014.  Missing or empty |title= (help)
  7. ^ SaharaReporters (September 21, 2012). "Video: Otedola offers $600,000 bribe to Farouk Lawan". Lagos. Retrieved 15 August 2014. 
  8. ^ African Petroleum Re-Brands Now Forte Oil Plc This Day 29 December 2010