F emi Otedola is a prominent Nigerian billionaire with a long and influential career in the country's energy sector. The son of a former governor of Lagos State, Otedola built his first major fortune through his company Forte Oil, a petroleum marketing and distribution company. He built Forte Oil into a major player with a large network of gas stations across Nigeria.
In a strategic pivot, he sold his stake in the fuel marketing business to focus on the power generation sector. He is now the chairman and controlling shareholder of Geregu Power, a major publicly traded power generation company in Nigeria. He has since diversified his investments, becoming a major shareholder in FBN Holdings, the parent company of one of Nigeria's largest banks, First Bank. His daughter, Florence (known as DJ Cuppy), is a famous musician and DJ.
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Olufemi 'Femi' Peter Otedola, CON, is a Nigerian businessman and philanthropist, the former Chairman of Forte Oil PLC and the current Executive Chairman of Geregu Power PLC. Born in Ibadan, Nigeria, in 1962, he is the son of Michael Otedola, a former Governor of Lagos State. His career is rooted in the high-stakes world of commodities and energy.
Otedola graduated from Methodist Boys' High School in Lagos. He made his first fortune in commodities before pivoting into the energy sector. Recognizing the immense, structural demand for power generation and fuel marketing in Nigeria, he committed to building a vertically integrated empire that controlled every aspect of the supply chain.
Femi Otedola's career is defined by aggressive acquisition and strategic divestiture within the Nigerian energy sector. 2004: Zenon Petroleum and Gas. He founded Zenon, investing N15 billion into downstream infrastructure (storage depots and cargo vessels) to dominate the fuel marketing business. Zenon became a major supplier of diesel to Nigeria's largest manufacturing and telecommunication companies.
He later acquired a majority stake in African Petroleum, which he rebranded as Forte Oil PLC. In 2019, Otedola sold his shares in Forte Oil for massive financial returns to invest solely in power generation. He is the Executive Chairman and majority owner (over 70 percent stake) of Geregu Power PLC, one of Nigeria's largest power generation businesses. His wealth is tied to his mastery of the high-stakes, highly profitable Nigerian energy sector and his commitment to philanthropy (donating millions to healthcare and education).
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Founds Zenon Petroleum and Gas, investing N15 billion in downstream infrastructure (Founding 1).
African Petroleum is rebranded as Forte Oil PLC (Corporate Transition).
Sells his shares in Forte Oil to focus on power generation (Strategic Exit).
Increases his stake and serves as Executive Chairman of Geregu Power PLC (New Venture/Executive Leadership).
Continues as a major philanthropist, making multi-million dollar donations (Philanthropic Focus).
Femi Otedola's wealth is concentrated in his controlling stake and executive leadership of the publicly traded power generation firm, Geregu Power PLC (NSE: GEREGU), and his liquid capital from prior exits.
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Femi Otedola is a major Nigerian philanthropist. His structural social impact is tied to Geregu Power's role in providing essential electricity to Nigeria's national grid—a critical contribution to the nation's economic stability and development. His companies provide thousands of stable jobs in the energy and logistics sectors.
His personal philanthropy is massive (donating millions to healthcare and education) and widely publicized. His career, though marked by political connections and controversy, is a testament to the profitability of dominating the high-stakes, essential infrastructure of Nigeria's energy sector.
Femi Otedola maintains the professional, high-profile style of a Nigerian business executive. His attire is consistently formal and high-quality, favoring tailored suits. His aesthetic is one of confident authority, reflecting his financial success and political connections. He owns homes in Lagos, Abuja, Dubai, London, and New York City.
His luxury is the immense security and financial reward derived from his multi-billion dollar fortune. His life is defined by his commitment to the energy sector, high-stakes finance, and his profound philanthropic commitment to his country.
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+0.21% | +$4.64M
-0.15% | -$2.35M
This profile is compiled from verified biographical and financial records:
All information is cross-referenced with public sources for accuracy; some narrative sections are AI-assisted summaries.
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