Early Life
Femi Otedola was born on November 4, 1962, in Ibadan, Nigeria. He is the son of Sir Michael Otedola, who served as the Governor of Lagos State. Otedola attended Methodist Boys' High School, Lagos, and later, Olivet Baptist High School. His early exposure to business came through his father's printing press.
Rise to Success
Otedola's entrepreneurial journey began in 1994 with the founding of CentreForce Ltd, a company specializing in finance, investments, and trading. However, his major breakthrough came in the oil and gas sector. In 2003, he established Zenon Petroleum and Gas Ltd., which quickly became a major player in the downstream oil market. His strategic acquisitions and management of African Petroleum (later Forte Oil PLC) significantly increased the company's market capitalization. In 2019, he sold his shares in Forte Oil to focus on Geregu Power PLC.
Key Business Strategies
Otedola's business strategies have included identifying and investing in undervalued companies, restructuring and improving their operations, and then either growing the business or selling it for a profit. This is evident in his handling of Forte Oil and his current focus on Geregu Power PLC. He has also strategically acquired stakes in financial institutions like Zenith Bank and FBN Holdings, further diversifying his portfolio and influence.
Philanthropy
Femi Otedola is well-known for his philanthropic efforts, particularly in education and healthcare. He has made significant donations to support vulnerable children, and educational institutions, including Augustine University. His philanthropic efforts also include substantial contributions to education and religious centers across Nigeria, demonstrating a commitment to uplifting society.
