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Femi Otedola Net Worth
With a net worth of $1.2 billion, renowned Nigerian businessman “Femi Otedola” is quite wealthy.
Femi Otedola Biography
Femi Otedola is a businessman and philanthropist from Nigeria who was born on November 4, 1962. He served as Forte Oil PLC’s chairman before becoming executive chairman of Geregu Power PLC.
Otedola founded Zenon Petroleum and Gas Ltd. in addition to owning numerous other companies in the shipping, real estate, and banking industries. As part of Nigeria’s recent deregulation of the industry, he just made an investment in power generation.
Femi Otedola Wiki
Name: Femi Otedola
Born Date: 4 November 1962
Place of birth: Ibadan, Western Region, Nigeria (now Oyo State, Nigeria)
Education: Olivet Baptist High School
Obafemi Awolowo University
Occupation: Businessman
Spouse: Nana Otedola
Children: 4, including Florence “DJ Cuppy” Otedola, Temi Otedola
Parent: Sir Michael Otedola
Femi Otedola Early life
Otedola was born in the family of the late Sir Michael Otedola, who served as governor of Lagos State from 1992 to 1993, in Ibadan, the capital of Oyo State in southwest Nigeria.
Femi Otedola Fuel Businesses
Zenon Petroleum and Gas
After spotting a need in the retail fuel industry, Otedola obtained the funding necessary to launch Zenon Petroleum and Gas Ltd., a firm that markets and distributes petroleum products, in 2003.
As owner and chairman of Zenon, in 2004 he invested N15 billion in downstream infrastructure development and acquired storage depots at Ibafon, Apapa as well as four cargo vessels, amounting to a combined total storage capacity of 147,000 metric tonnes. The same year he acquired a fleet of 100 DAF fuel-tanker trucks for N1.4 billion.
By 2005, Zenon controlled a major share of the Nigerian diesel market, supplying fuel to most of the major manufacturers in the country including Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestle and Guinness.
In March 2007, it was announced that ten banks had approved a syndicated loan of US$1.5 billion (N193.5 billion) to Zenon as working capital to build the largest premium motor spirit storage facility in Africa.
Later that year Zenon acquired a 28.7 per cent stake in African Petroleum, one of Nigeria’s largest fuel marketers.
Zenon also invested across the financial sector, becoming the largest shareholder in a number of Nigerian banks including Zenith Bank and United Bank for Africa (UBA). As well as diesel, Zenon also became an important player in the kerosene market.
In 2012, Zenon was among a number of companies named in a report into an alleged fuel subsidy scam. According to the report Zenon owed the government $1.4 million.
It was further reported that Farouk Lawan, the Nigerian legislator who compiled the report, had apparently been filmed collecting $500,000 of a supposed total sum of $3 million from Femi Otedola to remove Zenon from the list.
It was later discovered that Otedola had earlier alerted the State Security Services, who had carried out a sting operation, to Lawan’s harassment and bribe demands. In February 2013, Lawan was accused with corruption.
African Petroleum
Otedola acquired a controlling interest in Africa Petroleum in 2007 and was subsequently named chairman and CEO of the company. For N40 billion in December of that year, he personally purchased an additional 29.3% of the business. By combining this private holding with Zenon’s, Otedola’s overall ownership increased to 55.3%.
Following Otedola’s entry into the company African Petroleum’s share price rose sharply, increasing the market capitalisation from N36 billion to N217 billion in six months.
In 2008, in response to public concerns over the availability and pricing of kerosene, African Petroleum launched an initiative to saturate the market and sell fuel at N50 per litre from more than 500 service stations across Nigeria.
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.
Otedola announced a plan to modernize the liquefied petroleum gas (LPG) storage terminals owned by African Petroleum in Lagos, Kano, and Port Harcourt in October 2009.
African Petroleum experienced a loss in 2009 as a result of the challenging economic circumstances brought on by the drop in global oil prices and credit crunch of 2008–2009.
Forte Oil
African Petroleum underwent a rebranding in December 2010 and became Forte Oil PLC. Otedola reorganized the company with an emphasis on better corporate governance and technology. In 2012, Forte Oil generated a profit once more.
In 2013, as part of the Federal Government’s push to liberalise Nigeria’s ailing power sector, Otedola financed 57% of Forte Oil subsidiary Amperion Ltd, which acquired the 414 MW Geregu Power Plant for $132 million.
Forte’s improved financial position and diversification into power generation resulted in a 1,321 per cent rise in its share price during 2013. The first half of 2014 saw the company’s pre-tax profit more than double year-on-year to 4.19 billion naira ($25.7 million).
Revenue growth for the whole year was 33 per cent. In November 2014, Otedola returned to the Forbes rich list having dropped off it following the fall in share price during 2009.
Forte Oil gained access to international commodity markets when it sold 17% of its equity to Swiss commodity trader Mercuria Energy Group in September 2015. Otedola was reportedly given $200 million as a result of the agreement.
In 2019, Femi Otedola revealed plans to sell Forte Oil Plc and shift the company’s focus from oil to power with Geregu Power Plc.
Femi Otedola Other Investment
Otedola founded CentreForce Ltd. in 1994 with a focus on trading, investing, and finance. Swift Insurance is also owned by Otedola.
Otedola is the chief executive and president of SeaForce Shipping Company Ltd. After gaining control over the distribution of diesel products, he once held the title of Nigeria’s largest ship owner.
One of his ships, a flat bottomed bunker vessel with a storage capacity of 16,000 metric tonnes, was the first of its kind in Africa.
In January 2006, Otedola was appointed a non-executive director of Transnational Corporation of Nigeria Plc, a multi-sectoral conglomerate established in 2004 by then-President Olusegun Obasanjo to respond to market opportunities requiring heavy capital investment in Nigeria and across sub-Saharan Africa. He held this post until February 2011.
Otedola has made a number of real estate investments, including a N2.3 billion acquisition in February 2007 by Zenon of Stallion House in Victoria Island in Lagos, from the Federal Government.
The following month he was appointed chairman of the Transcorp Hilton Hotel in Abuja and tasked with driving its expansion and upgrade to a seven star facility. He is the owner of FO Properties Ltd.
Otedola has been reported to be a financier of the People’s Democratic Party and is said to have contributed N100 million to President Obasanjo’s re-election expenses in 2003. He was a close ally of President Goodluck Jonathan.
He was selected to a committee charged with fostering business ties with South Africa in the same year he joined the Nigerian Investment Promotion Council (NIPC), which he has been a member of since 2004. President Goodluck Jonathan appointed Femi Otedola to the National Economic Management Team of Nigeria in 2011.
Forte Oil changed their name to Adrova PLC in 2020. He was identified as First Bank PLC’s sole largest stakeholder (5.07%) as of October 2021.
Femi Otedola Personal life
Tolani, the first child of Femi Otedola, is a singer. She was a child of Otedola and Olayinka Odukoya, his ex-girlfriend. Later, Femi married Nana Otedola and gave birth to a son, Fewa, two more daughters, Florence Ifeoluwa and Elizabeth Temi. DJ Cuppy, also known as Florence Otedola, is a music producer, DJ, and Nigerian tourism advocate.
Temi, her younger sister, is a model-aspiring actress-style blogger. Otedola owns residences in New York City, Lagos, Abuja, Dubai, London, and Lagos.
Bribery and corruption Issue
Reliable media outlets stated in 2012 that Femi Otedola had paid a $620,000 bribe to the “integrity group” comprising Boniface Emenalo and Farouk Lawan, who was at the time the chairman of the House Committee on Fuel Subsidy Regime.
The reason reported by witnesses as pertains the actions of Femi Otedola was that he wanted the name of his company removed from the list of firms indicted by Farouq Lawan’s committee for abusing the fuel subsidy regime in 2012 .
Farouk Lawan and Boniface Emenalo were at risk of going to prison if found guilty of receiving money from Femi Otedola as receiving of bribe by a government official is an offense punishable by Imprisonment.
On 2 February 2013, Both individuals Farouk Lawan and Boniface Emenalo were charged to court by Independent Corrupt Practices and other related Commission (ICPC) their trial was at the Capital Territory High Court in Abuja to face a seven-count charge of bribery, an offense that violates Section 10 (a) (ii) of ICPC Act, 2000 and punishable under Section 10 of that same Act.
Farouk Lawan plead not guilty, and initially so did Boniface Emenalo; however, events at the court of law took an unforeseen turn as Boniface Emenalo eventually admitted he was guilty and, in fact, had received several bribes on behalf of Farouk Lawan.
However, fresh evidence produced by the prosecution was highly specific since Femi Otedola was exposed in a video in which he offered a bribe and Farouk Lawan accepted it.
Canadian Escorts
Otedola became involved in a scandal in December 2016 after two Toronto-based sisters, Jyoti and Kiran Matharoo, allegedly sought to extort him via cyberbullying and blackmail.
They allegedly said they had proof of Otedola cheating on his wife, which they planned to publish on a renowned sex-scandal website.
Otedola’s story is disputed by the sisters. They claim that Jyoti met Otedola in 2008, just after she graduated from college.
She and Kiran were taken by him to Nigeria, where he started an affair. They admit that his gifts, like those from other wealthy partners, helped them get ahead, but they deny that they have ever used blackmail or even demanded presents.
Philanthropy
The Michael Otedola University Scholarship Scheme was started in 1985 to provide poor students in Lagos State with access to higher education. Otedola has contributed to the scheme on numerous occasions.
Zenon contributed N200 million to the scheme’s fund in 2005. More than 1,000 children have benefited from the program since its launch.
Otedola personally donated N300 million in 2005 to finish the National Ecumenical Centre in Abuja, which is Nigeria’s main center of Christian prayer.
He contributed N200 million to the State Security Trust Fund in 2007 as part of a group of philanthropists who wanted to lower crime in Lagos State. Later that year, he gave N100 million to the Noforija, Epe-based Otedola College of Primary Education.
He gave N80 million in 2008 to the University of Port Harcourt’s Faculty of Agriculture. In the 2019 AFCON encounter against Algeria, Femi Otedola delivered on his promise of 25,000 dollars to the Super Eagles.
Femi Otedola Instagram
You can join the millions followers that follow the successful business on the Instagram, follow @femiotedola.
DJ Cuppy’s Sister (Temi Otedola)
Temiloluwa Nigerian actress and blogger Elizabeth Otedola was born on March 20, 1996. She gained fame for playing Moremi Oluwa in the 2020 film Citation.
Temi Wiki
Born Name: Temiloluwa Elizabeth Otedola
Date of birth: 20 March 1996
Nationality: Nigerian
Occupations: Actressblogger
Partner: Mr Eazi
Parent(s): Femi Otedola and Nana Otedola
Early life and education
Otedola was born 20 March 1996. She studied art history at both the University College London and University of London.
Career
In December 2014, Otedola launched the JTO Fashion fashion blog.
She chronicles her travels as well as fashion, beauty, and the arts. In the 2020 movie Citation directed by Kunle Afolayan, she makes her Nollywood debut.
She was nominated for Revelation of the Year at the 2020 Best of Nollywood Awards and won Best Actress in a Leading Role at the 2021 Ghana Movie Awards for Citation.
She also played the lead in Niyi Akinmolayan’s feature film The Man for the Job.
Personal life
Odetola, the last female kid and younger sister of DJ Cuppy, Tolani, and Tolani, is a Nigerian billionaire named Femi Otedola.
She co-hosts a podcast with the Nigerian artist Mr. Eazi, with whom she is romantically involved, called How Far with Mr. Eazi and Temi. She proposed to Mr. Eazi on April 10, 2022.
Film
• Citation released in 2020.
• The Man for the Job released in 2022.
You’ll learn more about her birthplace, real name, age, parents, profession, career, husband, education, and other details that I’m sure you’ll find interesting.
Femi Otedola Daughter (DJ Cuppy)
Disc jockey and producer Florence Ifeoluwa Otedola, also known as DJ Cuppy or just Cuppy, was born in Nigeria on November 11, 1992.
She is one of the offspring of Femi Otedola, a businessman from Nigeria. The woman(DJ Cuppy) was raised in Lagos before relocating to London at age 13 years old.
DJ Cuppy Wiki
Birth name: Florence Ifeoluwa Otedola.
Born date: 11 November 1992
Place of birth: Lagos, Nigeria
Genres: Afrobeats
Occupation: DJ record, producer, remixer
Instrument: Mixer
Labels: Red Velvet Music Group
Website: djcuppy.com
Early life and education
Cuppy lived in Ilupeju for six years before moving to Ikeja where she attended Grange School, Ikeja. She then relocated to London for her GCSEs and A-Levels. She graduated from King’s College London in July 2014, with a degree in business and economics.
She also earned a master’s degree in music business from New York University in 2015. Cuppy studied for a master’s degree in African studies at the University of Oxford, matriculating in 2021 and graduated in 2022.
DJ Cuppy Career
Cuppy served as the on-site DJ for the MTV Africa Music Awards in Durban in 2014. The Tatler and Christie’s Art Ball in London followed, followed by the Financial Times Business of Luxury Summit in Mexico City, where she performed.
In July 2014, she released House of Cuppy as her first compilation mix in London and Lagos,before launching it in New York on 2 September 2014. With House of Cuppy, she produced EDM-esque remixes of songs by leading afropop artists.
That same year, Cuppy also launched the London-based music management and content production business, Red Velvet Music Group.
In January 2015, Cuppy was featured on the cover of the Guardian Life magazine. The cover celebrated a new generation of African women.
In March 2015, Cuppy was named the official DJ for the 2015 Oil Barons Charity in Dubai, and became the first African act to perform at the event. She was featured in the 2015 April/May issue of Forbes Woman Africa. In June 2015, Cuppy released House of Cuppy II.
In August 2015, Cuppy set off on her first DJ tour to 8 countries in Africa, titled “Cuppy Takes Africa”. She visited Nigeria, Senegal, Ghana, Kenya, Tanzania, Rwanda, Uganda and South Africa.
The “Cuppy Takes Africa” tour included performances, major artist collaborations, and charitable engagements supported by GTB Bank and the Dangote Foundation. Later that year, she interned at Jay-Z’s Roc Nation.
In October 2016, the “Cuppy Takes Africa” tour aired on Fox Life Africa as an 8-episode documentary series. In 2016, Cuppy was the resident DJ for MTV2’s Uncommon Sense with Charlamagne Tha God.
She produced two songs, “Vibe” and “The way I am”, which appeared on the “Afrobeats” EP by Young Paris which as released on 24 March 2017.
On 13 October 2017, she released “Green Light”, her first official single. The song features guest vocals from Nigerian singer and producer Tekno.
She made “Vybe” the second of her two official singles on March 30, 2018. Rapper Sarkodie from Ghana contributes vocals as a guest to the song.
She released Currency, her third official single with L.A.X, on August 24, 2018.
She released Werk, her fourth song with Skuki, on October 5th, 2018.
She and Kwesi Arthur worked together on her fifth song, Abena, on April 19, 2019.
She released Gelato, her sixth single, on August 16, 2019, and it features Zlatan.
Cuppy was admitted to the Forbes Magazine’s class of 30 under 30 in 2020.
She started ‘Africa Now Radio’ on Apple Music Beats 1 as of May 28, 2020.
Her seventh song, Jollof On The Jet, which features Rema & Rayvanny, was released on July 16, 2020.
She released her debut album, Original Copy, on August 24, 2020.
In February 2021, she partnered with Apple Music to launch their first radio show in Africa.
In September 2021, Cuppy was announced as one of the cast members for the Channel 4 reality TV show High Life, a show focussing on the careers of British West Africans.
Cuppy presented the Sunday edition of BBC Radio 1Xtra’s breakfast show from January till August 2022, while Swarzy, formerly of Kiss Radio, hosted the Saturday edition. Both of them took Remi Burgz’s places, who was later succeeded by Yasmin Evans on the 1Xtra midday show.
Cuppy referred to her music as “Neo-Afrobeats” in an interview with Tush Magazine, which is a blend of Electro house and Afrobeats.
DJ Cuppy Personal life
DJ Cuppy made her veganism known on Twitter on April 14, 2020. Recently, Cuppy, who during the COVID-19 period received a special gift from her father in the form of an 80 million dollar Ferrari Portofino, also announced that she is now the owner of a home in London, England, which she has dubbed PinkPentHouse.
She announced it on April 8, 2021. This was discussed extensively on social media and was highlighted on MTV Cribs.
DJ Cuppy Relationships
Acvording to our source she dated former Nigerian international footballer Victor Anichebe and also we heard that she is currently dating music entrepreneur Asa Asika which they later said nothing like that between them.
So presently DJ Cuppy and BMX rider Ryan Taylor got engaged live on stage in November 2022. Since then, the couple has become married and resides in Dubai.
DJ Cuppy Philanthropy
The Cuppy Foundation was introduced by Cuppy in July 2018. The foundation held the Gold Gala the year (November 2019), raising almost N5 billion for the Save the Children campaign in Nigeria. Her father and Nigerian entrepreneur Dangote contributed to the effort.
Ambassadorship
Cuppy was named the “Fascinating Nigeria” campaign’s tourism ambassador by Nigeria’s Minister of Tourism, Culture, and National Orientation (Edem Duke) in April 2014. Along with three other DJs, Cuppy was chosen as one of Pepsi’s ambassadors in Nigeria.
Cuppy was named an official DJ ambassador for Pepsi on March 20, 2018. Ahead to the 2018 World Cup, she had an appearance in the Pepsi “#NaijaAllTheWay” all-star advertisement.
Cuppy was named a Global Citizen Education Ambassador on June 5, 2018.
Cuppy was named an ambassador for Save The Children UK on November 28, 2018.
Cuppy was named an ambassador for the Lagos SDGs Youth Alliance on July 28, 2021.
DJ Cuppy Age
FlorenceIfeoluwa Otedola a.k.a DJ Cuppy was born no November 11, 1992. While means that DJ Cuppy will be 31 years old on 11th of November 2023 while she will be 33 years on 11th of November 2025.
DJ Cuppy Net Worth
DJ Cuppy has made it in a big time coming to the music industry being a DJ and producer.
She is one of the talented DJ that is endowed in her career even though people do said she from a rich family, that never stop her working hard in the industry in order to get her own money. Her Net Worth is estimated to be $1.5million.
DJ Cuppy Instagram
You can join the millions followers that follow the talented DJ on the Instagram, follow @Cuppymusic.