Femi Otedola (born 1967 in Epe, Lagos State) is a Nigerian businessman. He is the CEO of African Petroleum 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. Femi Otedola is the Nigerian President Chief Executive officer of Zenon Petroleum and Gas limited.
Zenon Petroleum and Gas
Femi Otedola is the billionaire owner of multi-billion naira indigenous oil giant Zenon. Zenon, which is directly ran by Otedola is the dominant force in diesel business among oil marketing concerns. It supplies this all important fuel used to power the generating sets of most Nigerian industries to nearly all the major manufacturing firms in the country. These include Dangote Group, Cadbury, Coca Cola, Nigerian Breweries, MTN, Unilever, Nestle, Guinness among others.
Otedola owns one of the largest oil storage facility which he purchased for N2.8 billion. He bought hundred brand new trucks purchased for N1.3 billion to strengthen the distributive arm of his business and acquired a massive flat bottom bunker vessel with a storage capacity of 16, 000 metric tonnes of diesel for 6.8 million dollars. Zenon owns four cargo ships. He owns Atlas Shipping Agency, Swift Insurance, FO Properties Limited, FO Transport.
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.
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 named after his parents and wife. MT Sir Michael (his father), MT Lady Doja (his mother), MT Nana (his wife). His latest, he named Zenon Conquest. 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 Netherlands to strengthen his distribution arm. Zenon now boasts of a total storage capacity of more than 147,000 metric tonnes total holding of diesel making it the biggest depot owner with the largest single storage capacity in the country.
He is also the owner of Atlas Shipping Agency, Swift Insurance, FO Properties Limited, FO Transport and Seaforce Shipping Company Ltd.
On his part, Otedola contributed well over N100 million to the President’s re-election expenses. 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-launcher of Obasanjo Presidential Library, where 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 on the team of top Nigerian businessmen to go on an investment drive to South Africa.
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