One time African oil magnate and serial businessman, Femi Otedola is one of the few Nigerian businessmen who have made a global name for themselves, it is only natural that everything about him becomes a topic of discussion. In this article by Naijauto.com, we bring you a splendid collection of Femi Otedola's net worth, cars, houses, yacht, & private jet. We have also discussed the career path of the astute businessman.
Femi Otedola’s career
Femi Otedola plunged into the oil business in 2003 after he founded the Zenon Petroleum and Gas Limited, a downstream sector oil company. The company’s mainstay was the marketing and distribution of petroleum products. In 2004, with Femi Otedola as the president, the company acquired four cargo ships in addition to storage warehouses which totaled about 147,000 tons of storage capacity space for the company. Under the same chairmanship of Femi Otedola, Zenon Petroleum Gas Limited also acquired a total of 100 DAF oil tankers for its operation.
Femi Otedola founded Zenon Petroleum and Gas Limited which later merged with African Petroleum
By 2005, the company was supplying petroleum products to top multinational companies in Nigeria such as Coca-Cola, Cadbury, Unilever, MTN, Guinness and the Dangote Group.
By a stroke of ill luck in 2012 and what some might describe as “village people” in operation, the company suffered huge reputation disrepute. The company was named by an investigating senate committee in a fuel subsidy scam. The report had alleged that Otedola’s company had participated in a fuel subsidy scam where the company shortchanged the government of about $1.4m.
The Forte Oil owner first joined the Forbes list in 2007
However, a profitable investment move which Otedola made in 2007 came to the rescue of his company. Otedola had acquired a viable stake in African Petroleum in 2007 which he added another 29.3% for ₦40B a few months later to bring his total stake in the company to 55.3%. This smart business move birthed a merger between Otedola’s Zenon Oil and Gas and African Petroleum (formerly British Petroleum) which saw Otedola emerge the chairman of African Petroleum.
By 2012, Forte Oil recorded an astounding success by way of profit. And in 2013, the company diversified into power generation which saw the company make 33% increase in revenue amounting to ₦4.1 billion in 2014.
By November 2014, Femi Otedola returned back to Forbes list of African billionaires having dropped off the list following the fall in global oil price.
Additionally, succor came for the businessman in 2015, Forte Oil sold off 17% of its shares for a whopping $200 million. Femi Otedola was the 1011th position on the Forbes list of Billionaires in 2016.
Femi Otedola is the second African man to wade into the Forbes list, just after his friend, Aliko Dangote
Femi Otedola's net worth
In June 2019, Femi Otedola announced on his verified Instagram page that he is signing off from the Petroleum business and focusing on the power generation business. Femi Otedola exited the petroleum business worth $300 million.
He had written:
A few years ago, my team and I embarked on an arduous task of transforming a moribund petroleum marketing business, African Petroleum Plc (formerly British Petroleum) into Forte Oil Plc; a leading integrated solutions provider with solid footprints in downstream petroleum marketing, Upstream Services and Power Generation and one in which we built intrinsic value to the benefits of our shareholders. In line with my principle of business focus, we have divested from our marketing and upstream businesses and shall from now on focus and consolidate on the gains of our power generation business, Geregu Power Plc. We wish our successors the very best and urge them to build on our legacies which have been established since 1964 🙏🏿 ...F.Ote💲
Speaking of his net worth, Femi Otedola is estimated to be worth $1.8B by Forbes in 2016, making hime the one of the richest men in Nigeria. This figure might have gone up quite a lot but our tycoon hasn't revealed it to the media just that.
>>> You might also like to read: Top 10 richest men in Africa & their cars (2020)
Femi Otedola’s family life
On the family scene, Femi Otedola is a renowned family man. He has a history of being a supportive father. He is married to Nana Otedola and has four children, Tolani, Florence Ifeoluwa, Temi Elizabeth and his only son, Fewa.
Two of Otedola’s daughters are in the media/entertainment industry. Florence whose stage name is DJ Cuppy is an international disc jockey (DJ) and music producer while her sister Temi is a renowned style blogger. The Otedolas have homes in Lagos, Abuja, New York, London, and Dubai.
Two of Otedola’s daughters are in the media/entertainment industry
The quinquagenarian himself was born in Ibadan, Nigeria on November 4, 1962, and is the son of Late Sir Michael Otedola, a former governor of Lagos State who governed Lagos between 1992 and 1993.
Femi Otedola's daughter Daughter Temi Ola on Instagram
Femi Otedola's daughter Dj Cuppy on Instagram
>>> More about DJ Cuppy gathered by Naijauto writers here:
- DJ Cuppy flaunts customized necklace as she poses by white Range Rover
- DJ Cuppy's Rolls-Royce Phantom 8 occupies her Instagram
- DJ Cuppy’s hobby: Showing up in style with exotic cars
Femi Otedola's houses and mansions in Nigeria and abroad
Naijauto.com has gathered that the multi-millionaire, Otedola owns houses in various Nigerian cities and abroad. One of his state of the art mansions is located in Ikoyi, Lagos state. Reports have it that he also owns several residences in Abuja, Port Harcourt, Enugu, and Kano.
The Nigerian businessman has also been reported to be an intercontinental landlord. He owns houses in London, New York, and Dubai.
As can be seen below are Femi Otedola's residences:
Femi Otedola's properties scatter across Nigeria
He even has residences abroad as well
Femi Otedola's cars, private jet, and yacht
Femi Otedola's cars
Although Femi Otedola lives a somewhat reserved life, he is a man of great taste. His taste in cars is one that only befits a man of his ranking. Mr. Otedola owns a garage full of very exotic cars. NaijAuto.com can confirm that amongst Femi Otedola cars, there is a Range Rover, a Mercedes-Benz AMG G63 worth ₦72 million, a G-Wagon costing about ₦53 million, a Mercedes SLR McLaren with an estimated price of ₦250 million and a Rolls-Royce Phantom worth ₦162 million to be one of the Nigerian celebrities who drive Rolls-Royces.
Although the Otedola patriarch is not one to flaunt his cars on social media but one of his favorite daughter, DJ Cuppy helps him to do so always. DJ Cuppy has taken to her social media page on several occasions to show off her father's cars. The talented DJ has brought her father's Rolls-Royce Phantom and Mercedes-Benz SLR McLaren on to her Instagram.
See photos below:
DJ Cuppy poses alongside her father's Rolls Royce
DJ Cuppy takes to Instagram to show off her father's Mercedes-Benz SLR McLaren
Also in the collection of Femi Otedola cars is a BMW 6 Series with an estimated price of ₦30 million.
Photos of his BWM 6 Series and Range Rover in his $1 billion garage
Femi Otedola's private jet, and yacht
By all means, Femi Otedola's life of wheels is not limited to the land space only, he has carved air and land spaces for himself also. In addition to owning very exotic and luxury cars, Femi Otedola is a proud owner of a private jet and a yacht said to cost ₦40 million.
See photos below:
DJ Cuppy poses alongside her father's private jet
Femi Otedola life of wheels is not limited to the land space only, he has carved an air and land space for himself as well
Femi Otedola hangs out on the sea with Nigerian superstar musician Davido
DJ Cuppy and her father, Femi Otedola on a boat cruise
Femi-Otedola spends some time on his yacht with his favorite daughter, DJ Cuppy
The wonderful father is also a generous giver who once presented his daughter – DJ Cuppy a ₦24m Range Rover while another time Billionaire Femi Otedola gifts his daughter a brand new Range Rover Evoque.
Sometimes, he acts cute with his beloved daughters as well. That was when he ruined DJ Cuppy's Instagram post of her alongside her ₦162m Rolls-Royce Phantom VIII sedan in London.
A renowned tycoon in the oil industry, making himself known internationally as a billionaire, Femi Otedola also proves to be a great man of the family, looking at his relationships with his talented children. Though hectic with the business which is shared with precious time for his closest relatives, the businessman is still devoted to luxury toys to savor life in his own way.
Femi Otedola's net worth, cars, houses, yacht, & private jet show us a part of him. Though he is not a man who likes showing off much on social media, he is definitely a pronounced luxury enjoyer!
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