Femi Otedola Net Worth

Now ranked 2,390th and 16th in the world’s and Africa’s list of Billionaires respectively as at 2025, Olufemi Peter Otedola CON was born on the 4th of November, 1962 in Ibadan, Western Region, Nigeria (now Oyo State, Nigeria) to the family of late Sir Michael Otedola, Governor of Lagos State from 1992 to 1993.

Fast forward to the present, the philanthropist, entrepreneur and businessman was the then chairman of Forte Oil PLC, but now the current executive chairman of Geregu Power PLC.

Career

Olufemi Peter Otedola’s beggining can be traced to 1994 when he established CentreForce Ltd that focuses on finance, investments and trading.

He also owns Swift Insurance, and garnered fortune to create a petroleum products marketing and distribution company called ‘Zenon’ in 2003.

In 2004, he has started serving as a member of the Nigerian Investment Promotion Council (NIPC) and was at the same year made to join a committee saddled with the responsibility of improving commercial relations with South Africa.

Zenon quickly became a major force in the Nigerian diesel and kerosene market as at 2005 and supplied to most of the major manufacturers in the country.

He was also the CEO and president of SeaForce Shipping Company Ltd, which at a point made him the largest ship owner in the aftermath of his diesel products distribution control.

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In 2006, he was made a non-executive director of Transnational Corporation of Nigeria Plc, created by the then-President Olusegun Obasanjo in 2004, and was in this position until 2011.

In the year 2007, he was made the chairman and chief executive of Africa Petroleum when he attained the controlling stake in the business.

In 2010, African Petroleum was rebranded to become Forte Oil PLC, with otedola carrying out major restructuring of the business and returning it to profit in 2012.

In 2011, he was chosen by President Goodluck Jonathan to join Nigeria’s National Economic Management Team.

He reportedly owns FO Properties Ltd. In 2019, he sold Forte Oil Plc and switched to the power sector to become the chairman of Geregu Power, a power generation business where he owned more than 70% of the shares.

Personal Life

Olufemi Peter Otedola is a born Christian from the Yoruba descent in Nigeria.

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Report has it that he doesn’t have a university degree because he dropped out after finishing his Lower Sixth examination to start a business career by firstly engaging in his father’s business.

He had his first child and daughter Tolani with his former wife Olayinka Odukoya.

Olufemi later married Nana who gave him two other daughters (Florence Ifeoluwa and Elizabeth Temi) and a son (Fewa). He’s Lagos based.

Sources of Wealth

The major source of incomes for Olufemi Peter Otedola come from Energy and Utilities.

He has quite a number of of real estate investments, which include a 2.3 billion Naira Zenon of Stallion House (Victoria Island, Lagos) acquired from the Federal Government in 2007.

He has properties in Lagos, Abuja, New York City, Monaco, Dubai and London.

In 2021, Otedola was declared as the single largest shareholder of First bank PLC, garnering about 5.07%. He also has shares with Zenith Bank.

Although around 2022 and 2023, he had sold down his stake at his Geregu Power PLC which was once over 95% yet he’s still a major shareholder at the company.

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He reportedly also owns other businesses that include shipping and finance.

Estimated Net Worth

As at 2025, Olufemi Peter Otedola is a multi billionaire (in Naira) with a net worth estimated to around 1.5 billion US dollars.

Conclusion

His bold step to drop formal education and pursue his business dream paid off. He’s a mentor and inspiration to many.