About Femi Otedola (biography) Net Worth

About Femi Otedola

Femi Otedola

Femi Otedola, the son of Sir Michael Otedola, the former governor of Lagos State, was born in the year 1967 at Epe, Lagos State of Nigeria. He is married to Femi Otedola and they have four children, including the British DJ and socialite, Florence “Cuppy” Otedola.

Femi Otedola is the founder and Chief Executive Officer of Forte Oil Plc. He is also the President and Chief Executive Officer of Zenon Petroleum and Gas limited. This company supplies most Nigerian powerful companies the fuel they use to power their companies including Cadbury Nigeria Plc., Coca Cola, Dangote Group, Nigerian Breweries, MTN, Unilever, Nestle, Guinness Nigeria Plc etc.

Otedola is also the  founder of Atlas Shipping Agency, Swift Insurance, FO Properties Limited, FO Transport and Seaforce Shipping Company Ltd.

In 2014, Femi Otedola was listed by Forbes as the number 29^th richest man in Africa.

Update:

According to Forbes October 17, 2016 Post, the fortune of Femi Otedola has plunged to $550 million from $1.8 billion as a result of a massive drop in the prize of stock of Forte Oil, the Nigerian Stock Exchange-listed petroleum marketing company which he founded.

As at the close of Friday trading, the price of share of Forte Oil plunged to a one-year low of N145 ($0.44) per share,  all the way from an all-time high of N342 ($1.1), a position it stood as at March 2016 when FORBES published its annual ranking of the world’s richest people.

Apart from the decline in Forte Oil’s stock price, another thing that adversely affected Otedola’s fortune is the central bank devaluation of the Naira in June. In terms of dollar therefore, both the the devaluation and Forte’s floundering share, jointly knocked about about $1.3 billion from the value of Otedola’s fortune which was hitherto pegged at $1.8 billion.

Although Forbes reported that Femi Otedola was unavailable for comments, however, one analyst at a Lagos-based Investment bank reportedly told them that the share price drop may be connected to the current Nigeria’s recession which witnessed 2 consecutive quarters of reverse in growth with inflation going up to levels as high as 17%.

Forbes then concludes that:

“Investors are dumping Forte Oil’s shares as a result of wide-spread disappointing results of Nigerian Companies of which Forte Oil Plc is also not immune. The company’s profit after tax was down at N2.80 billion ($8.8 million) for the third quarter ended Sept 30 2016 as against N4.28 billion ($13.5 million) for the same period in 2015. Sources also attribute the results to reduced demand for energy consumption as a result of the recently increased pump price which has adversely affected the fortunes of oil marketing companies in Nigeria.”