Femi Otedola’s full name is Olufemi Peter Otedola. He was born on 4 November 1962 in Ibadan, Oyo State. That makes him 63 years old as of 2026.
Even though he was born in Ibadan, his roots are in Lagos State. His family comes from Epe Local Government Area. He is Yoruba and from the south-west of Nigeria. He is also identified as a Christian.
Femi Otedola started out in business through commodity trading. That was where he made his first real money. After that, he moved fully into the energy sector.
He later founded Zenon Petroleum and Gas Ltd, which helped push him into the national spotlight. Over time, he became a major figure in Nigeria’s oil and power space.
Femi went on to serve as chairman of Forte Oil PLC. He also became executive chairman of Geregu Power PLC. He is currently the chairman of Geregu Power and still owns a majority stake, even though he has sold parts of it to bring in big institutional investors, including the Nigerian government and foreign partners.
Over the years, his wealth has spread into other areas. He owns properties in Lagos, Dubai, London and Monaco. He also holds shares in major Nigerian banks like Zenith Bank and FBN Holdings. His business interests now cover energy, shipping, real estate and finance.
Parents & Family
Femi Otedola was born in Ibadan, Oyo State. He grew up with his brothers and sisters in a close family.
His father, Sir Michael Otedola, returned to Nigeria in 1959 after working abroad. He first worked in media and printing, then later got into politics.
Femi’s mother, Lady Doja Otedola, grew up in Ijebu. She raised her kids in a Christian home. Her family is from the Onakomaiya and Okubote families in Ijebu, Ogun State.
Later on, the family moved to Lagos. Sir Michael then became the Governor of Lagos State from 1992 to 1993, which a well-known politician and public figure.
Femi has a few siblings. His brother Ayokunle runs a big farming business called Otedola Integrated Farms. He also invests with Femi.
Another brother is Rotimi. He works in creative stuff and business, and he’s also into music.
Other brothers and sisters include Muyiwa, Lola, and Tola.
Education
Femi Otedola started school at the University of Lagos Staff School in 1968, when he was about six years old. He struggled in primary school and repeated a class before finishing in 1974.
After that, he went to Methodist Boys’ High School in Lagos. His academic difficulties continued, so in 1977, his parents moved him to Olivet Baptist High School in Oyo.
Femi reached the sixth form at Olivet but didn’t finish Upper Sixth or A-Levels. He left after the Lower Sixth exams and went to work in his father’s printing business.
He never attended university and doesn’t have a degree. In his 2025 memoir, he said he was more interested in business and learned through real-world experience instead of formal education.
Career
Femi Otedola started out in his family’s printing business. Then he moved into commodities trading. After that, he got into oil and later power. Along the way, he also invested in shipping, finance, and real estate. He has also served on important economic committees in Nigeria.
Zenon Petroleum and Gas
In 2003, Otedola saw a chance in Nigeria’s fuel market. He founded Zenon Petroleum and Gas Ltd. The company focused on marketing, storing, and distributing fuel.
Zenon invested heavily in infrastructure. It acquired major storage depots like Ibafon and Apapa. It also bought four cargo vessels with a combined capacity of 147,000 MT.
The company also expanded its logistics. It added a fleet of 100 fuel tanker trucks. By 2005, Zenon controlled a big share of Nigeria’s diesel market. It supplied major companies like Dangote, Cadbury, Coca-Cola, Nestlé, Guinness, and Unilever.
In 2007, Zenon secured a $1.5 billion syndicated loan. This was to build one of Africa’s largest storage facilities. It showed how serious Zenon was about growing its infrastructure. Zenon helped make Otedola a major player in Nigeria’s energy sector.
African Petroleum and Forte Oil
In 2007, Otedola bought a controlling stake in African Petroleum. This was one of Nigeria’s biggest fuel marketers. His ownership rose to 55.3 percent. He became the Chairman and CEO.
After he took over, the company’s value rose fast. Market capitalisation jumped from about ₦36 billion to ₦217 billion in six months.
In 2010, African Petroleum was renamed Forte Oil PLC. Under Otedola, the company improved governance and adopted new technologies. It expanded across Nigeria and had more than 500 service stations. It also operated in Ghana.
In 2013, Forte Oil moved into power generation. It financed the Geregu Power Plant through its subsidiary, Amperion Ltd.
By 2019, Otedola sold his majority stake in Forte Oil. He sold about 75 percent to local investors led by Prudent Energy. After he left, Forte Oil was rebranded as Ardova PLC.
Power and Energy Transition – Geregu Power
Otedola shifted his focus from fuel to power generation. In 2013, he financed 57 percent of the 414 MW Geregu Power Plant. This was through Amperion Ltd.
The plant became a major asset. Its capacity grew to over 430 MW. By 2022–23, Geregu Power Plc was listed on the Nigerian Exchange. The company attracted big investors like the Nigerian government, Afreximbank Fund, and China’s State Grid Corporation.
Otedola kept over 70 percent ownership even after selling part of his stake. This marked a major shift from fuel marketing to power infrastructure.
Other Investments and Leadership Roles
Otedola also has investments in shipping and logistics. He founded Seaforce Shipping Company Ltd. It became one of Nigeria’s largest private tanker operators. He also owns Swift Insurance and other logistics businesses.
He owns shares in major Nigerian banks: Zenith Bank and FBN Holdings, owners of First Bank. In 2021, he was the largest individual shareholder in First Bank.
He also served as a non-executive director at Transnational Corporation of Nigeria from 2006 to 2011. He chaired the Transcorp Hilton Hotel in Abuja and helped expand it.
Otedola was in the national economic policy when he served on Nigeria’s National Economic Management Team.
Controversies Involving Femi Otedola
Femi Otedola has been linked to several controversies. In 2025, Umar Sani accused him of benefiting from fuel subsidy fraud, which Otedola denied and called politically motivated. He sued Sani for ₦1 billion for defamation, while critics argue his past dominance in diesel imports during the subsidy era makes the claim suspicious.
In 2012, reports said Otedola allegedly paid lawmakers Farouk Lawan and Boniface Emenalo to remove his company from a subsidy probe. The two were later charged with bribery by the ICPC, and the case still comes up in discussions about subsidy corruption.
Otedola also had legal dispute with Zenith Bank in 2024; he accused the bank of fraud and mishandling accounts tied to his Seaforce Shipping company. The case involved the police CID but was settled out of court in June 2024.
In early 2025, some First Bank shareholders called for his removal as chairman, claiming his share acquisition lacked proper clearance and could hurt governance.
In 2018, he briefly shut down his Twitter account after fake accounts posted statements in his name about a Lagos oil tanker explosion.
Wife & Children
Femi Otedola is married to Nana Otedola. She’s a Nigerian businesswoman and philanthropist. Their marriage is private and long-standing. Nana often supports family causes and charity work. She was born on 2 August 1966. She’s also known for advocating inclusion and autism awareness, inspired by their son’s experience. The couple are considered among Nigeria’s most prominent families and shows up at big celebrations like birthdays and weddings.
Femi Otedola has four children. Three are with Nana. One is from a previous relationship.
Tolani is his first child. Her full name is Olawunmi Christy “Tolani” Otedola. She was born on 21 April 1986. Her mother is Olayinka Odukoya. Tolani is a singer and songwriter. She is known for Afrobeats and R&B music.
Florence was born on 11 November 1992. She is the first daughter of Femi and Nana. She is better known as DJ Cuppy. Cuppy is one of Nigeria’s most famous DJs. She is also a music producer and cultural entrepreneur.
Temi is the second daughter of Femi and Nana. Her full name is Elizabeth Temi Otedola. She is a fashion blogger, actress and designer. She has been building her profile in Nollywood and the fashion industry. In 2025, she married Nigerian musician Mr Eazi. The wedding was a big one and took place across Monaco, Dubai and Iceland.
Fewa is the youngest child and only son. He was born in June 2000. He lives with autism spectrum disorder. His family has openly supported inclusion and awareness of autism.
Net Worth
As of January 26, 2026, Forbes estimates Femi Otedola’s net worth at around $1.7 billion USD, putting him among Nigeria’s richest people and on the global billionaire list.
He owns properties in places like Lagos, London, Dubai, and Monaco.
Femi Otedola also invested heavily in banking, with major holdings in FBN Holdings Plc (the parent company of First Bank of Nigeria) and stakes in Zenith Bank.
He became the chairman and majority shareholder of Geregu Power Plc, one of Nigeria’s biggest power companies. This stake now forms the biggest part of his wealth.
Femi had made money through commodities and oil trading before all of that. He sold his shares in Forte Oil and shifted his focus to power generation.
Houses & Cars
Otedola owns luxury houses in Lagos, especially in Ikoyi and Banana Island. His main mansion there is worth billions of naira, with top-end finishes and modern features.
He also has homes in Abuja, Port-Harcourt, Ibadan and other Nigerian cities.
Femi Otedola owns properties abroad too, including in London, Dubai, New York, Monaco and France. He also gifted each of his three daughters a London home worth around £5 million.
His international residences are super lavish, almost like museums, with high-end interiors and lots of space for family events or entertaining guests.
His known real estate locations include Lagos (Ikoyi, Banana Island), Abuja, Port-Harcourt, Ibadan, London, Dubai, New York and Monaco.
Otedola is known for collecting some of the world’s most expensive cars, including Rolls-Royce Phantom models, Mercedes-Benz G-Wagons, a Mercedes-Benz SLR McLaren, BMW 6 and 7 series cars, Range Rover models, and a Bentley Bentayga. A Rolls-Royce Spectre has been spotted in his Monaco collection.
He also owns a custom-built Klassen Mercedes-Benz V-Class, worth around $1.3 million.
In 2020, he bought three Ferrari Portofinos for his daughters, DJ Cuppy, Temi and Tolani, with each car valued at well over $200,000.
Other vehicles linked to him include Mercedes-Maybach models and other luxury sedans.
He owns a Bombardier Global Express XRS private jet and a superyacht called M/Y Nana for leisure and hosting guests.