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Nigerian businessman (born )

Olufemi Peter OtedolaCON (born 4 November ) is a Nigerian businessman and philanthropist. He is the former chairman of Forte Oil PLC, and is the current executive chairman of Geregu Power PLC.

Otedola is also the founder of Zenon Petroleum and Gas Ltd, and the owner of a number of other businesses across shipping, real estate and finance.

He has recently invested in power generation as part of the liberalization of the sector in Nigeria.^[2]

Early life

Otedola was born in Ibadan, the capital of Oyo State, southwest Nigeria, into the family of the late Sir Michael Otedola, Governor of Lagos State from to ^[3] He is ethnic Yoruba.^[4]

Personal life

Femi Otedola's first daughter, Tolani, is a singer.

She was born to Otedola and his former wife, Olayinka Odukoya.^[5] Later, Femi married Nana Otedola and had two more daughters—Florence Ifeoluwa and Elizabeth Temi—and a son, Fewa.^[6] Florence Otedola, aka DJ Cuppy, is a DJ and music producer, as well as a tourism ambassador for Nigeria.^[7] Her younger sister, Temi, is an actress, a style blogger and aspiring designer.^[8] Otedola has homes in Lagos, Abuja, Dubai, London and New York City.^[6][9]

Fuel marketing

Zenon Petroleum and Gas

In , having identified an opportunity in the fuel retail market, Otedola secured the finance to set up Zenon Petroleum and Gas Ltd, a petroleum products marketing and distribution company.^[10]

As owner and chairman of Zenon, in , 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 , metric tons.^[11][12] The same year he acquired a fleet of DAF fuel-tanker trucks for N billion.^[11]

By , 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.^[13]

In March , it was announced that ten banks had approved a syndicated loan of US$&#;billion (N&#;billion) to Zenon as working capital to build the largest premium motor spirit storage facility in Africa.^[13][14] Later that year Zenon acquired a per cent stake in African Petroleum, one of Nigeria's largest fuel marketers.^[15] 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).^[10] As well as diesel, Zenon also became an important player in the kerosene market.^[16]

In , 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 $ million.^[17] It was further reported that Farouk Lawan, the Nigerian legislator who compiled the report, had apparently been filmed collecting $, of a supposed total sum of $3 million from Femi Otedola to remove Zenon from the list.^[18] It subsequently emerged that Otedola had previously reported Lawan's harassment and demands for bribes to the State Security Services, who had orchestrated a sting operation.^[19] Lawan was charged with corruption in February ^[18]

African Petroleum

In , Otedola was appointed chairman and chief executive of Africa Petroleum through the acquisition of a controlling stake in the business.^[20] In December that year he personally acquired a further per cent of the company for N40&#;billion.

A merger of this personal holding with Zenon's brought Otedola's total stake to per cent.^[21]

Following Otedola's entry into the company African Petroleum's share price rose sharply, increasing the market capitalisation from N36&#;billion to N&#;billion in six months.^[16] In , 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 service stations across Nigeria.^[22][23]

In March , Otedola became the second Nigerian after Aliko Dangote to appear on the Forbes list of dollar-denominated billionaires, with an estimated net worth of $&#;billion.^[24] In October , Otedola announced a move to upgrade African Petroleum's liquefied petroleum gas (LPG) storage terminals in Lagos, Kano and Port Harcourt.^[25] Difficult economic conditions caused by the slump in world oil prices and credit squeeze of –09 led African Petroleum to record a loss in ^[26]

Forte Oil

In December , African Petroleum rebranded, changing its name to Forte Oil PLC.^[27] Otedola carried out a restructuring of the business, focusing on technology and improved corporate governance.^[10][26] Forte Oil returned to profit in ^[26]

In , 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 MW Geregu Power Plant for $&#;million.^[28][29]

Forte's improved financial position and diversification into power generation resulted in a 1, per cent rise in its share price during ^[26] The first half of saw the company's pre-tax profit more than double year-on-year to &#;billion naira ($&#;million).^[30] Revenue growth for the whole year was 33 per cent.^[31] In November , Otedola returned to the Forbes rich list having dropped off it following the fall in share price during ^[10]

In September Forte Oil sold 17 per cent of its equity to Swiss commodity trader Mercuria Energy Group, giving Forte access to global commodity markets.

The deal was thought to have given Otedola an estimated $&#;million.^[32] In , Femi Otedola sold Forte Oil Plc and announced plans to change focus from oil to power with his company, Geregu Power Plc.^[33]

Other investments and positions

In , Otedola established CentreForce Ltd, specialising in finance, investments and trading.^[34] Otedola is also the owner of Swift Insurance.^[35]

Otedola is chief executive and president of SeaForce Shipping Company Ltd and was at one point Nigeria's largest ship owner after extending control over the distribution of diesel products.^[34][36] One of his ships, a flat bottomed bunker vessel with a storage capacity of 16, metric tonnes, was the first of its kind in Africa.^[13]

In January , Otedola was appointed a non-executive director of Transnational Corporation of Nigeria Plc, a multi-sectoral conglomerate established in 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 ^[34][37][38]

Otedola has made a number of real estate investments, including a N&#;billion acquisition in February by Zenon of Stallion House in Victoria Island in Lagos, from the Federal Government.^[39] 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.^[40] He is the owner of FO Properties Ltd.^[13] Otedola has been reported to be a financier of the People's Democratic Party and is said to have contributed N&#;million to President Obasanjo's re-election expenses in ^[13][18] He was a close ally of President Goodluck Jonathan.^[18] He has served as a member of the Nigerian Investment Promotion Council (NIPC) since , and the same year was appointed to a committee tasked with developing commercial relations with South Africa.^[41] In , Femi Otedola was appointed by President Goodluck Jonathan to Nigeria's National Economic Management Team.^[42]

In , Forte Oil rebranded to Adrova PLC.

As at October , he was announced as the single largest shareholder (%) of First bank PLC.^[43]

Controversy

Bribery and corruption

In ,^[44] Femi Otedola was reported by reliable media houses^[45] to have given bribe to Boniface Emenalo and Farouk Lawan who was at then, the Chairman of the House Committee on Fuel Subsidy Regime, "integrity group" a sum of $,^[46] 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 .^[47]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 , 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, and punishable under Section 10 of that same Act.

Farouk Lawanplead 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^[48] and, in fact, had received several bribes on behalf of Farouk Lawan.

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Be that as it may, new evidence provided by the prosecution was very concrete as Femi Otedola was caught in a video of him giving a bribe and Farouk Lawan accepting it.^[49][50][51]

Canadian Escorts

In December , Otedola was embroiled in a controversy where two Toronto-based sisters—Jyoti and Kiran Matharoo—reportedly tried to extort him by cyberbullying and blackmail, claiming they had evidence of Otedola cheating on his wife that they would post on a notorious sex-scandal website.^[52] The sisters dispute Otedola's account.^[53] According to their account Jyoti met Otedola, straight out of University, in He whisked her and Kiran to Nigeria, and began an affair with him.

They acknowledge that his gifts enriched them, as did gifts from other wealthy boyfriends, but dispute they ever engaged in blackmail, or even demanding gifts.

Philanthropy

Otedola has made several donations to the Michael Otedola University Scholarship Scheme, which was established in to give underprivileged students in Lagos State access to higher education.^[54] In Zenon donated N&#;million to the scheme's fund.^[55] Since its inception the scheme has benefited more than 1, students.^[54]

In , Otedola made a N&#;million personal donation to the completion of the National Ecumenical Centre—Nigeria's primary place of Christian worship—in Abuja.^[56] In he was among a group of donors who gave N&#;million to the State Security Trust Fund in a drive to reduce crime in Lagos State.^[57] Later that year he donated N&#;million to the Otedola College of Primary Education in Noforija, Epe.^[58] In he donated N80&#;million to the Faculty of Agriculture at the University of Port Harcourt.^[59] Femi Otedola fulfilled his pledge of 25, dollars to the Super Eagles in the match against Algeria in the AFCON.^[60]

References