Femi Otedola Biography and Net Worth 2023

Femi Otedola, Nigerian entrepreneur and philanthropist was born in Ibadan, Nigeria on the 4th of November, 1962. He is the second of three children born to Michael Otedola, a former Governor of Lagos State, and his wife, Doja Otedola. Femi bagged his first degree in civil engineering from the great Obafemi Awolowo University, Ife, Osun state. Since then, he has ventured into several businesses that have earned him consistent fame. 

Business Life

Zenon Petroleum and Gas Limited

Femi Otedola established Zenon Petroleum and Gas Limited in 2003, and he worked immensely to build the company into one of the largest oil marketing companies in Nigeria. Femi is quite known for greatness and this has motivated him to do more, which means that he didn't stop at building Zenon alone. 

Forte oil

In 2008, Femi Otedola took over a controlling stake in Forte oil now known as Ardova PLC, a Nigerian petroleum marketing company that was publicly traded. With Femi's impressive leadership skills, Forte Oil experienced a huge surge in growth and profitability, settling its position as one of the most prosperous companies in Nigeria's oil and gas sector. Fast forward to 2019, Femi concluded the sale of his over 70% stake in Forte Oil and moved on to breaking new business frontiers.

Geregu Power PLC

Currently, Femi Otedola is the executive chairman at Geregu Power PLC, a Nigerian power-generating company founded in 2006. Femi came on board as the chairman in 2013 and has been putting in the work as usual. Geregu has been in the news recently and so far, it has been for really remarkable reasons which include the following:

• Geregu Power Plc reported a profit of N122.5bn for the 2022 trading year.

• Geregu's stock value surged by 13.83 percent after Afreximbank's deal. 

Family

Femi Otedola is married to Nana Otedola, and together they have four children; three daughters, Florence, popularly known as DJ Cuppy, Temi, and Tolani, and a son, Fewa. Femi has an intimate relationship with his family and is known for his unrelenting support of their ambitions and dreams.

Passing down the baton, Femi's children have all made a name for themselves in different fields. Florence is a popular DJ, musician, and entrepreneur. Temi is a fashion and lifestyle blogger and has also ventured into acting. Tolani is a singer-songwriter, while Fewa, who is the only son, is known for his love of music and his talent on the drums. Although Femi Otedola runs a busy schedule and has numerous business obligations, he still places great importance on his family and spends quality time with them.

While he takes time to appreciate his children for every milestone they hit, he also reminds them of the need to be continuously tenacious.  

Networth

Nigerians playfully refer to Femi Otedola as "Ote Dollar" due to his immense wealth, and this, he has acknowledged through his verified Instagram handle - (Femi Otedola) Femi Ote $. Apart from being influential, Femi has a net worth of over $1.8million, making him one of the richest people in Nigeria, and the world at large. 

Social Responsibility

Femi Otedola can be said to be the "King of Entrepreneurship" but when it comes to generosity and public-spiritedness, he takes another crown. Through several donations, he has eased masses of their pains and has put a smile on people's faces. Femi Otedola's support for education reveals his belief in its importance in shaping the future of Nigeria, which is why he recently donated a sum of 2 billion naira for the commissioning of the Faculty of Engineering, Augustine University, Ilara-Epe. 

Also, in 2019, Femi Otedola made a huge donation of 5billion naira to save kids in the northeastern part of Nigeria. Other good deeds implemented by the Nigerian billionaire include: 

• Gifted a family of quadruplets N2 million  - 2021

• Donated N 1billion to fight coronavirus in Nigeria - 2020

• Donated N 18 million to the treatment of football legend, Christian Chukwu - 2019

According to Femi, he appreciates God's kindness to him through charity. 

How old is Femi Otedola now?

Femi Otedola celebrated his 60th birthday in November 2022; this means that he will be 61 in November 2023.

Does Femi Otedola use social media?

Yes. You can find the popular Nigerian "Moneybag" on the following social media:

Instagram: femiotedola

Twitter: therealfemiotedola