Brief Profile: Femi Otedola

by Duke Magazine

Femi Otedola is a Nigerian business mogul with his enterprise circumventing around oil and gas, real estate, finance and shipping. Otedola was able to leverage the fuel retail market opportunity to secure the finance to set up Zenon Petroleum and Gas Ltd, a petroleum products marketing and distribution company in 2003. The oil and gas company was grown to a multi-billion naira downstream establishment. As at 2005, Zenon  

Zenon controlled a major share of the Nigerian diesel market, supplying fuel to most of the major manufacturers in the country including Dangote Group, Nigerian Breweries, Coca-Cola, Guinness, Nestle, MTN, and Unilever.

Femi Otedola

In the financial sector, Zenon has gone to become the largest shareholder in a number of Nigerian banks. Otedola was in 2007 appointed the chairman and chief executive of Africa Petroleum through the acquisition of a controlling stake in the business. With his thriving business, Otedola in 2009

became the second Nigerian after Aliko Dangote to appear of the Forbes list of billionaires, with an estimated net worth of $1.2 billion. With the rebranding of the African Petroleum into Forte Oil PLC, Otedola carried out a restructuring of the business, focusing on technology and improved corporate governance.

He has served as a member of the Nigerian Investment Promotion Council (NIPC) since 2004, and the same year was appointed to a committee tasked with developing commercial relations with South Africa. In 2020, Forte Oil was rebranded to Adrova PLC.

As a philantropist, Otedola has made several donations to different fields of development, most especially in the line of academic scope by offering scholarships to underprivileged students.

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