Biography of Femi Otedola

Full Biography of Femi Otedola: Nigerian Billionaire Businessman & Philanthropist

Full Name: Femi Otedola

Date of Birth: November 4, 1962

Age: 62 years (as of 2025)

Place of Birth: Ibadan, Oyo State, Nigeria

Nationality: Nigerian

Occupation: Businessman, Investor, Philanthropist

Net Worth (2025): Estimated over $1.4 Billion (Forbes)

Known For: Forte Oil, Geregu Power Plc, Philanthropy

Early Life and Education

Femi Otedola was born on November 4, 1962 in Ibadan, Oyo State, Nigeria, into a wealthy and influential family. His father, Sir Michael Otedola, was the former governor of Lagos State (1992–1993). Growing up, Otedola was exposed to business and politics at an early age.

He attended Obafemi Awolowo University (OAU), Ile-Ife, where he studied and graduated before diving into the world of business.

Business Career

Early Ventures

Otedola began his entrepreneurial journey by managing his family’s printing press in the 1980s. Later, he ventured into the oil and gas industry, where he made his fortune.

Zenon Petroleum & Gas

In 2003, he founded Zenon Petroleum and Gas Ltd, a company that grew rapidly into one of Nigeria’s biggest suppliers of diesel. Zenon controlled a large share of the Nigerian diesel market, supplying to major manufacturing and transport companies.

Forte Oil

Otedola later acquired a significant stake in African Petroleum, rebranded it as Forte Oil, and transformed the company into one of the leading downstream oil and gas firms in Nigeria. Under his leadership, Forte Oil expanded into power generation and renewable energy.

In 2019, Otedola sold his stake in Forte Oil to focus on the power sector.

Geregu Power Plc

Currently, Otedola is the Executive Chairman of Geregu Power Plc, one of Nigeria’s largest power generation companies. The company is listed on the Nigerian Exchange and plays a vital role in addressing Nigeria’s electricity challenges.

Wealth and Investments

Otedola has been listed multiple times by Forbes as one of Africa’s richest men. His wealth comes from oil and gas, power, shipping, and investments in banking and real estate.

He holds shares in major Nigerian companies, including First Bank of Nigeria Holdings Plc.

Philanthropy

Beyond business, Femi Otedola is widely recognized for his philanthropic activities. He has donated billions of naira to healthcare, education, and poverty alleviation.

Some notable donations include:

₦5 billion to the Cuppy Foundation for the Save the Children initiative. ₦750 million to the Nigerian National Mosque and other religious institutions. Financial support to individuals, hospitals, and charity organizations across Nigeria.

Personal Life

Femi Otedola is married to Nana Otedola. They have four children:

Florence Ifeoluwa Otedola (DJ Cuppy): International DJ, music producer, and philanthropist. Temi Otedola: Actress and fashion blogger. Tolani Otedola: Singer. Fewa Otedola: His only son, who lives a private life.

Otedola is known for his luxurious lifestyle, love for cars, yachts, and travels. He is also admired for being a devoted father who supports his children’s careers.

Awards and Recognition

Listed among Forbes Africa’s richest men. Recognized for his contributions to Nigeria’s oil and power sector. Honored for his philanthropic impact in Africa.

Conclusion

Femi Otedola is more than just a billionaire; he is a visionary entrepreneur and philanthropist who has left a lasting mark on Nigeria’s business landscape. From transforming the oil and gas industry to powering homes through Geregu Power, Otedola continues to shape the nation’s economy.

His legacy is not only in wealth but also in giving back to society, making him a role model for future generations of African entrepreneurs.