Olufemi Peter Otedola is a Nigerian businessman and philanthropist who built his fortune first in diesel and fuel distribution through Zenon Petroleum and Gas, later becoming chairman of Forte Oil Plc, and who now chairs Geregu Power Plc and, more recently, First HoldCo Plc, the parent company of First Bank of Nigeria, one of the country’s oldest lenders.
The son of former Lagos State Governor Sir Michael Otedola, he became the second Nigerian, after Aliko Dangote, to appear on the Forbes list of dollar-denominated billionaires when his net worth was estimated at $1.2 billion in March 2009. His business career has since moved through cycles of expansion, a major debt crisis, strategic exits, and a controversial return to prominence through his rapidly growing stake in First Bank’s parent company.
Quick Facts
| Quick Fact | Details |
|---|---|
| Full Name | Olufemi Peter Otedola |
| Date of Birth | November 4, 1962 |
| Age | 63 years, 11 months, 21 days |
| Place of Birth | Ibadan, Oyo State, Nigeria |
| Nationality | Nigerian |
| Profession | Businessman, philanthropist |
| Known For | Founder of Zenon Petroleum and Gas; former Chairman of Forte Oil; Chairman of Geregu Power and First HoldCo |
| Education | Obafemi Awolowo University, Ile-Ife (Business Administration); University of Lagos (Marketing) |
| Companies | Zenon Petroleum and Gas; Forte Oil Plc (former); Geregu Power Plc; First HoldCo Plc; SeaForce Shipping |
| Net Worth | Estimated at $1.3 billion (Forbes, March 2026) |
| Marital Status | Married to Nana Otedola |
| Children | Four, including DJ Cuppy (Florence Otedola) and Temi Otedola |
Who Is Femi Otedola?
Femi Otedola is one of Nigeria’s most prominent and closely watched businessmen, having built and rebuilt fortunes across the country’s oil marketing, power generation, and banking sectors over more than three decades. He founded Zenon Petroleum and Gas Ltd. in 2003, a diesel distribution company that quickly became a dominant supplier to major Nigerian manufacturers, before acquiring a controlling stake in African Petroleum in 2007, later rebranded as Forte Oil Plc, which he chaired until selling his stake in 2019.
Following his exit from Forte Oil, Otedola pivoted decisively into power generation as executive chairman of Geregu Power Plc, and, beginning in late 2021, into banking through an increasingly large and contested stake in First HoldCo Plc, the parent company of First Bank of Nigeria. By mid-2025, that stake had grown to roughly 40 percent following a major off-market share transaction, making him the bank’s dominant shareholder amid a prolonged and public boardroom struggle. As of March 2026, Forbes estimated his net worth at $1.3 billion, placing him among Africa’s wealthiest individuals, though his fortune has fluctuated considerably across different periods of his career.
Early Life and Family Background
Olufemi Peter Otedola was born on November 4, 1962, in Ibadan, Oyo State, in western Nigeria, into a prominent political and business family. His father, Sir Michael Otedola, served as Governor of Lagos State from 1992 to 1993 and was a well-known figure in Nigerian public life, giving Otedola exposure to both business and political circles from an early age.
Several profiles describe Otedola as having shown entrepreneurial instincts from a very young age, including one frequently repeated account of him running a small manicure and pedicure service for family and friends at around age six, complete with issued receipts. According to one detailed biographical account, Otedola struggled academically in his early schooling, later remarking that “there was something about academia and me; we were not compatible,” and repeating a class before completing primary school in 1974.
Education
Otedola began his education at the University of Lagos Staff School in 1968. He continued at Methodist Boys’ High School, Lagos, before transferring to Olivet Baptist High School in Oyo. He went on to study at Obafemi Awolowo University in Ile-Ife, Osun State, completing his degree program there in 1985; several sources describe this as a Business Administration degree, though the precise field of study is not described identically across all sources. Some profiles additionally describe him earning a degree in Marketing from the University of Lagos, though the exact sequencing and completeness of this second credential is less consistently documented than his Obafemi Awolowo University degree.
Early Career
After completing his education, Otedola began his career working in marketing for his family’s printing press business during the late 1980s, a role that gave him initial exposure to running a commercial operation before he moved into trading. He subsequently began trading petroleum products, an early venture into the sector that would eventually define his business career. In 1994, he founded Centre Force Limited, focused on trading, investing, and finance, an initial vehicle that preceded his more consequential entry into the fuel distribution business roughly a decade later.
Business Career
In 2003, having identified a gap in Nigeria’s diesel supply market, Otedola founded Zenon Petroleum and Gas Ltd. The company grew rapidly, becoming a dominant diesel supplier to major manufacturers including the Dangote Group, Coca-Cola, and Nestlé. In March 2007, ten Nigerian banks approved a syndicated loan of $1.5 billion to Zenon to build what was described as the largest premium motor spirit storage facility in Africa, and that same year Zenon acquired a 28.7 percent stake in African Petroleum, one of Nigeria’s largest fuel marketers. Otedola’s personal holdings, combined with Zenon’s stake, eventually brought his total ownership in the company to 55.3 percent, and African Petroleum’s market capitalisation rose sharply following his entry, from roughly ₦36 billion to ₦217 billion within six months. The company was later rebranded as Forte Oil Plc, under which Otedola served as chairman.
Otedola’s fortune and business standing were significantly tested during the 2008 to 2009 global financial crisis, when falling oil prices and currency pressures created substantial financial strain across his heavily leveraged holdings; while detailed public accounts of the crisis’s precise financial impact vary, it is consistently referenced across profiles of his career as a major setback he subsequently recovered from. In September 2015, Forte Oil sold a 17 percent equity stake to Swiss commodity trading firm Mercuria Energy Group, a transaction reported to have brought Otedola approximately $200 million. In 2019, Otedola made the decision to sell his shares in Forte Oil entirely, shifting his focus toward power generation through Geregu Power Plc, and the company was later acquired by new owners and rebranded as Ardova Plc.
Otedola’s most recent and most consequential business move has been his rapidly expanding position in First HoldCo Plc, the parent company of First Bank of Nigeria, one of the country’s oldest and most systemically important lenders. He began acquiring shares in the company in late 2021, crossing the 5 percent regulatory disclosure threshold that October and triggering a prolonged, public power struggle with rival shareholder Tunde Hassan-Odukale and former chairman Oba Otudeko. By mid-2024, his stake had grown to at least 11.64 percent, and in July 2025, following a major off-market transaction involving 17 negotiated trades worth over ₦324 billion, his holdings reached approximately 40 percent, making him the bank’s dominant shareholder and chairman, a rapid, capital-intensive expansion strategy that mirrors the aggressive consolidation approach taken by fellow Nigerian billionaire [Abdulsamad Rabiu Biography] in cement.
Major Companies and Investments
Geregu Power Plc: Otedola served as executive chairman of Geregu Power following his 2019 exit from Forte Oil, and remains its chairman, though Forbes noted a roughly $200 million decline in his wealth in 2026 following the sale of a majority stake in the company at a discount to new investors, including reported involvement from the Nigerian government and foreign partners.
First HoldCo Plc: The parent company of First Bank of Nigeria, in which Otedola built a stake from initial purchases in late 2021 to approximately 40 percent by July 2025, following a contested, multi-year boardroom struggle. He serves as the company’s chairman and has stated publicly that he has invested roughly ₦600 billion in the institution, with some estimates of his indirect or effective ownership placed as high as 40 percent by Nigeria’s Guardian newspaper.
Zenon Petroleum and Gas Ltd: The diesel distribution company Otedola founded in 2003, which became a dominant supplier to major Nigerian manufacturers and formed the financial foundation for his later acquisition of African Petroleum.
SeaForce Shipping Company Ltd: Otedola serves as chief executive and president of this shipping company, part of his broader diversification into logistics and maritime services.
Other holdings: Otedola has also held shares in major Nigerian banks including Zenith Bank and FBN Holdings (prior to his more concentrated First HoldCo acquisition), along with reported real estate holdings in Lagos, Dubai, London, and Monaco.
Technology and Innovation
Otedola’s business career has been concentrated primarily in traditional sectors, oil marketing, power generation, shipping, and banking, rather than in digital technology or software. His most significant infrastructure-related achievement remains the 2007 construction of what was described as Africa’s largest premium motor spirit storage facility, financed through a $1.5 billion syndicated bank loan, a substantial physical infrastructure investment rather than a digital technology venture. Compared to more explicitly technology-focused African entrepreneurs such as [Iyinoluwa Aboyeji Biography] and [Shola Akinlade Biography], Otedola’s business profile remains firmly rooted in traditional energy and financial services infrastructure.
Major Achievements and Awards
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 at the time, a significant milestone during a period when very few African entrepreneurs were recognized on that list. He holds the Nigerian national honor CON (Commander of the Order of the Niger), one of the country’s notable civilian distinctions.
His 2007 acquisition of African Petroleum and subsequent transformation of the company into Forte Oil Plc stands as one of the defining achievements of his early business career, having driven a sharp increase in the company’s market capitalisation within months of his entry. More recently, his 2025 consolidation of a roughly 40 percent stake in First HoldCo Plc represents one of the largest and most closely watched single-shareholder positions taken in Nigerian banking in recent years.
Femi Otedola Net Worth
Femi Otedola’s net worth is not precisely known, and it has fluctuated considerably more than that of many of his fellow Nigerian billionaires, reflecting the cyclical nature of his business ventures across oil, power, and now banking. Forbes’ 2026 Africa Billionaires ranking, published in March 2026, placed his net worth at $1.3 billion, noting that he had lost roughly $200 million over the preceding year following the sale of a majority stake in Geregu Power Plc at a discount.
Earlier estimates show a similarly volatile pattern: his first Forbes listing in March 2009 put his net worth at $1.2 billion, while a 2024 estimate from one financial profile placed his net worth at approximately $1.8 billion, attributing his wealth at that point to diversified investments in finance, real estate, and other sectors following his 2019 exit from Forte Oil. Because a significant portion of his recent wealth is tied to his large and still-growing stake in First HoldCo Plc, a bank holding company whose valuation depends heavily on First Bank’s ongoing recovery from a reported ₦2 trillion in bad loans and its relationship with Nigerian banking regulators, his net worth may continue to show significant volatility in the near term. Given this pattern, a reasonable current estimate places his net worth at approximately $1.3 billion as of 2026, though this figure should be understood as more subject to short-term change than the estimates for some steadier, more diversified peers.
Personal Life
Femi Otedola is married to Nana Otedola. The couple have four children, two of whom have built significant independent public profiles: Florence Ifeoluwa Otedola, known professionally as DJ Cuppy, a disc jockey and music producer, and Temi Otedola, an actress, fashion blogger, and entrepreneur. Otedola has been notably supportive and publicly visible regarding his daughters’ careers, frequently appearing alongside them at public events and on social media.
Otedola has spoken about placing strong emphasis on family values and commitment, describing a wish for his family to be remembered for their strength as a unit alongside his own business accomplishments. He maintains residences in multiple countries, including reported properties in Lagos, Dubai, London, and Monaco.
Philanthropy and Social Impact
Otedola has been publicly recognized for philanthropic activity throughout his business career, though detailed, itemized figures for his total charitable giving are not consistently published across the sources reviewed for this article. His public profile has generally emphasized business achievement and family alongside more general references to philanthropic engagement, distinguishing his public narrative somewhat from peers such as Tony Elumelu or Aliko Dangote, whose foundations have more extensively documented, named giving programmes.
Challenges, Controversies or Criticism
Otedola’s business career has included several periods of significant public controversy, most notably the extended and highly public struggle for control of First HoldCo Plc. Beginning in October 2021, his growing stake in the bank’s parent company triggered a prolonged boardroom conflict with rival shareholders Tunde Hassan-Odukale and Oba Otudeko, playing out amid a broader crisis at First Bank following the Central Bank of Nigeria’s 2021 removal of the bank’s board over allegations of insider abuse and corporate governance failures. First Bank itself publicly denied reports in October 2021 that Otedola had already achieved a takeover, calling the reports premature.
The controversy intensified through 2024 and 2025. In January 2025, a group of First Bank shareholders publicly protested a disputed private placement worth roughly ₦350 to ₦360 billion, alleging it was structured to entrench Otedola’s control rather than proceed through a more conventional rights issue or public offer; the group called for his removal as chairman, along with that of a fellow Otedola-nominated director, and alleged that disgraced former Central Bank of Nigeria Governor Godwin Emefiele had influenced Otedola’s original share acquisition. Otedola has defended his involvement publicly, stating that First Bank faced a genuine crisis before his 2021 investment, citing more than ₦2 trillion in bad loans and years of weak corporate governance and insider abuses that he said threatened the institution’s survival, and framing his continued share acquisitions, including his stated intention to potentially exceed 51 percent ownership, as necessary to stabilize the bank. As of late 2025, regulatory scrutiny continued over how Nigeria’s Central Bank ownership and control thresholds for financial holding companies apply to his rapidly growing stake, an issue that remained unresolved at the time of the most recent reporting reviewed for this article.
Legacy and Influence
Femi Otedola’s career illustrates a distinctive pattern among Nigerian business figures: rapid initial success in oil and fuel distribution, a significant setback during the 2008 to 2009 financial crisis, a strategic and profitable exit from the oil sector in 2019, and a subsequent, highly assertive move into Nigerian banking that has made him one of the most closely watched shareholders in the country’s financial sector. His 2007 transformation of African Petroleum into Forte Oil demonstrated an ability to rapidly scale a fuel marketing business, while his more recent consolidation of control at First HoldCo Plc has placed him at the center of debates over shareholder concentration and regulatory oversight in Nigeria’s banking sector.
Whether his continued expansion of control over First Bank, one of Nigeria’s oldest and most systemically significant financial institutions, ultimately stabilizes the lender as he has publicly argued, or represents a governance concern as critics allege, remains an actively unresolved question as of the most recent reporting. What is established is that Otedola has repeatedly demonstrated a willingness to take large, concentrated positions in capital-intensive Nigerian industries at moments of significant sectoral distress, a pattern that has defined the more recent phase of his business career.
Frequently Asked Questions
Who is Femi Otedola? Femi Otedola is a Nigerian businessman who built his fortune in oil marketing through Zenon Petroleum and Gas and Forte Oil, and more recently became the dominant shareholder and chairman of First HoldCo Plc, the parent company of First Bank of Nigeria.
How old is Femi Otedola? He was born on November 4, 1962, in Ibadan, Oyo State, Nigeria.
Where is Femi Otedola from? He was born in Ibadan, Oyo State, in western Nigeria, into a prominent family; his father, Sir Michael Otedola, served as Governor of Lagos State.
What companies does Femi Otedola own or lead? He founded Zenon Petroleum and Gas, chaired Forte Oil Plc until 2019, chairs Geregu Power Plc, and became chairman and dominant shareholder of First HoldCo Plc following a rapid stake acquisition between 2021 and 2025.
How did Femi Otedola become successful? He founded Zenon Petroleum and Gas in 2003, which became a dominant diesel supplier, then acquired a controlling stake in African Petroleum in 2007, rebranding it as Forte Oil, before later shifting into power generation and, most recently, banking.
What is Femi Otedola’s net worth? His exact net worth is not publicly known; Forbes estimated it at $1.3 billion as of March 2026, though his wealth has fluctuated significantly across different periods of his career.
What did Femi Otedola study? He completed a degree at Obafemi Awolowo University in Ile-Ife in 1985, with some sources also citing a Marketing degree from the University of Lagos.
Is Femi Otedola married? Yes. He is married to Nana Otedola, and the couple have four children, including DJ Cuppy and Temi Otedola.
Sources
- Wikipedia, “Femi Otedola”
- Forbes Africa, “2026 Africa’s Richest People”
- Premium Times, “Dangote, Rabiu, Adenuga, Otedola make Forbes African billionaire list” (March 2026)
- The Africa Report, “Nigeria: 10 questions on the power shift at Nigeria’s oldest bank, First HoldCo” (November 2025)
- The Guardian Nigeria, “Otedola tightens grip on FirstBank with 40% stake acquisition” (July 2025)
- BusinessDay NG, “Outraged First Bank shareholders seek to stop ‘strange’ N350bn private placement” (January 2025)
- TheCable, “Otedola hints at increasing First HoldCo stake to over 51%, says he’s invested N600bn”
- The Sun Nigeria, “Otedola’s First HoldCo stake raises questions over bank ownership rules”
- Mabumbe, “Femi Otedola’s Journey: Early Life, Career, Relationships & Achievements”
- 88Lately, “Femi Otedola Biography”