Biography Of Femi Otedola And His Success Story, a story everyone deserves to read.
I was travelling sometime last year and I journeyed past Epe to Ijebu-ode route. I saw an institution named after a very popular man – Micheal Otedola College of Primary Education.
I thought to myself, not so much is known about the Otedola world.
Most Nigerians have only heard of Aliko Dangote as the richest man in Nigeria. Aliko Dangote isn’t the only wealthy man that ever emanate from Nigeria. In fact, Nigeria has some of the wealthiest men on the soil of Africa.
Femi Otedola the son of Michael Otedola arguably is the 3rd richest man in Nigeria with a net worth ranging US$1.85 – 2 billion.
THE EARLY BEGINNING.
Femi Otedola was born in 1962 to the family of late Sir Michael Otedola, who was the governor of Lagos state between 1992 and 1993. He is from Oyo state.
Femi Otedola had his first degree at Obafemi Awolowo University Ile-Ife. He is married to his beautiful wife Nana Otedola and they are endowed with four children including Florence Otedola popularly known as “DJ Cuppy”. He has houses in London, New York City, Lagos, Dubai and Abuja.
THE START OF RICHES
Like every other man, his journey to fame didn’t come as a miracle. He climbed some ladders and trails some path to success before he could become the prayers of many and the song of few artists.
Femi Otedola worked for the family printing press in 1994. Mr. Femi Otedola started Centre Force Limited which specialized in finance, investment, and trading. Later, In 2003, Femi Otedola establish Zenon Petroleum and Gas Ltd.
It became a successful venture that by 2005, Zenon was a big name in the Nigerian petroleum market.
In 2004, Mr. Femi Otedola invested 15 billion Naira in Zenon which was used in infrastructure development and acquiring storage depots and cargo vessels.
By 2005, Zenon controlled a major share of the Nigerian diesel market, providing fuel to most of the major manufacturers in the country including Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestle and Guinness.
In December 2010, Zenon Petroleum rebranded, changing its name to Forte Oil PLC. Otedola carried out a restructuring of the business, focusing on technology and improved corporate governance moving alongside with tide of the age. Forte Oil returned to profit in 2012.
In March 2009, Otedola became the second Nigerian after Aliko Dangote to appear on the Forbes list of dollar-denominated billionaires, with an estimated net worth of $1.2 billion.
THE GREAT PHILANTHROPHIST
Aside being a wealthy man, Mr. Otedola had positioned himself as a great philanthropist in Nigeria. His philanthropic act has earned him the heart of many far and wide.
Otedola donated to noble cause including N300 million to the actualization of the Abuja National Ecumenical Centre and 80 million Naira to the faculty of agriculture at the University of Port Harcourt.
Mr. Femi Otedola, one of Nigeria’s richest men, donated NGN 5 billion (approximately $14 million) to the Save the Children Fund through his daughter, DJ Cuppy’s Foundation, to support various intervention programmes for destitute children in Nigeria’s north-east region.
It was as at then, believed to be the single largest individual donation to charity in Nigeria’s history.
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Otedola made the donation on Sunday, November 10, 2019, at a ceremony organized by the Cuppy Foundation in Abuja to raise funds for Save the Children.
Cuppy Foundation is a non-profit organisation established by Otedola’s daughter, Florence Otedola (aka DJ Cuppy). The charity works to improve the welfare of Nigeria’s vulnerable and marginalized children, focusing on early childhood education and healthcare among numerous other programmes.
Otedola’s eldest daughter, Tolani Otedola, first mounted the stage and announced the gift on behalf of her father. Afterwards, he made a speech himself. In his speech, Otedola noted that the persistent crisis in Nigeria’s northeast region which is the result of armed conflict between state actors and non-state armed groups, has produced widespread unrest for many civilians and rendered millions of children in need of humanitarian assistance. He called on other wealthy Nigerians to emulate his actions.