“In 2009 and with an estimated net worth of over US$1.2billion, he was named as one of only two Nigerians (the other, Alhaji Aliko Dangote) to earn a place on the prestigious Forbes list of world billionaires.”
Nigerian billionaire businessman, Chief Femi Otedola is one of few Nigerian entrepreneurs who needs little or no introduction. But who would not be honoured to write a few lines on him?
Born in 1968 to the family of Sir Michael Otedola, one-time governor of Lagos State, Femi Otedola is the quintessential CEO currently sitting atop Zenon Petroleum & Gas Limited, Seaforce Shipping Company Limited, Atlas Shipping Agency Company Limited, F. O. Transport Limited, F.O. Properties Limited, Swift Insurance Brokers Limited, and Garment Care Limited.
After consolidating his father’s businesses in 1994, he diversified to set up his own company, Centreforce Limited, which specialised in finance, investment and trading.
Five years after, he straddled his business reach to the oil and gas sector, incorporating Zenon Petroleum & Gas Limited, an indigenous company that engaged in the procurement, storage, marketing and distribution of petroleum products.
In 2001, Otedola incorporated Seaforce Shipping Company Limited, and currently owns and manages a modern tanker fleet of four vessels-Mt. Sir Michael (named after his father), Mt. Lady Doja (named after his mother), Mt. Nana (named after his wife) and Mt. Zenon Conquest, aggregating 60,158 metric tons (deadweight) that transport petroleum products. He is known to own the biggest ship in the country, one reason why he was nominated to preside over the vastly influential Nigeria Chambers of Shipping.
In 2009, with an estimated net worth of over US$1.2billion, he was named as one of only two Nigerians (the other, Alhaji Aliko Dangote) on the prestigious Forbes list of world billionaires. Although the Nigerian petroleum executive was not listed as one in 2010, 2011 or 2012.
Otedola’s enormous wealth perhaps explains why he has easily robbed shoulders with those at the corridors of power. He is also strongly involved in political philanthropy. His limitless donations include a contribution of N100 million to erstwhile president, Olusegun Obasanjo’s re-election bid; another N25million to the rehabilitation of the National Mosque, Abuja; and yet another N200 million to the widely maligned Obasanjo Presidential Library.
His company, Zenon Oil, is regarded by oil (diesel) marketers as a force to reckon with as it supplies the (chiefly generator-powering) fuel to almost all large-scale manufacturing firms in the country- as Dangote Group, Cadbury, Coca Cola, Nigerian Breweries, MTN, Unilever, Nestle, Guinness among others.
Otedola’s N2.8 billion oil storage facility is widely acclaimed to be one of the largest ever; he complements with the recent purchase of 100 new trucks at N1.3 billion to ensure fluid distribution of crude oil product. He also owns a gigantic flat-bottom bunker vessel that store up to 16, 000 metric tonnes of diesel, which he acquired for US$6.8m. In addition, the company’s total diesel storage capacity of more than 147,000 metric tonnes is the largest single storage capacity. It is the biggest depot in the country.
Yet this is a company that Femi started only twelve years ago. What is the secret of his success, many have wondered.
“ …hard-work and staying focused on what you want and going all out to get it,” Otedola says.
