Femi Otedola (OTE$)
If you were social media savvy, you would also know him as Ote$ (the money man).
It is a nickname you could say was definitely earned, what better way to address one of the richest men in the world or at least one of the richest and most renowned in Nigeria.
- Name: Femi OTedola
- Net Worth: $300 Million (2019)
- Date of Birth: 4th of November 1962
- Age: 56 Years
- Profession: Philanthropist and Businessman
- Spouse: Nana Otedola
- Children: 4
Femi’s Early Life
Femi Otedola was born to a well-known politician and philanthropist, Michael Otedola.
Michael Otedola was a journalist who later became the governor of Lagos state from the period of 1992 to 1993 before the reign of Abacha. It is very safe to say that his family name had already preceded him.
He was born to Lady Doja Otedola, wife of Micheal in Ibadan Nigeria, on the 4th of November 1962. Femi Otedola has three brothers Ayokunle, Rotimi and Muyiwa popularly referred to as the Otedola (money) brothers who are also moguls in their own fields with Femi being the most recognized.
The money man Femi was also rumored to have fantasized joining the order of priesthood while he was still very young but his business acumen kicked in at an early age. He started a mini organization at the age of 6 known as Femco.
He offered to groom the nails of the obviously prestigious dignitaries who graced his parent’s home and charged them a fee that they actually obliged and paid. That can be said to be the first profitable business he owned amongst a host of many others which he later got involved in.
Business & Investments
Femi Otedola is a renowned philanthropist and businessman whose name is synonymous with fuel marketing in Nigeria. It would not be possible to talk about the oil and gas sector without in fact mentioning him.
Zenon Petroleum and gas Ltd was Femi Otedola’s first brainchild which was a petroleum product distribution and marketing company.
He acquired enough capital to set it up in the year 2003. It was his first dabble into fuel retail marketing after ascertaining its profitability and large available market in Nigeria.
With Zenon he was able to achieve the following in the year 2004:
- He was able to acquire a fleet of 100 DAF fuel-tanker trucks for N1.4 billion.
- He put up with a downstream infrastructure development project worth N15 billion and acquisition of storage depots located at Ibafon, Apapa.
- Acquisition of four cargo vessels, amounting to a combined total storage capacity of 147,000 metric tons.
Zenon was a major controller of shares in the Nigerian diesel market by 2005; it supplied fuel to the most well-known manufacturers in Nigeria such as Nestlé, Cadbury, and Unilever, etc.
Zenon was loaned $1.5 billion in 2007 to build what would be known as the largest motor spirit storage facility in Africa. They also invested heavily in the financial sector becoming one of the major shareholders in top banks in Nigeria.
African Petroleum now known as Forte oil appointed Femi Otedola as its chairman in 2007 due to his increased shareholding in the company.
Achievements | Net Worth
Femi Otedola appeared on the well known and acclaimed Forbes billionaire list in March 2009. The list of world billionaires is an annual ranking by documented net worth of the wealthiest billionaires in the world, published and compiled in March annually by the American business magazine Forbes.
He was the second Nigerian to have been listed asides business mogul and Africa’s richest man Aliko Dangote.
He invested a large sum into the power sector of Nigeria in 2013, invested in various oil markets both locally and internationally.
He had previously been dropped off the Forbes list in 2009 after a drop in the price of shares but saw him return to the list on November 2014.
He sold Forte oil very recently in 2019 to go majorly into the power sector. Femi Otedola is currently estimated to be at a net worth of over a whopping $300 million as of this year 2019.
Femi Otedola Wife | Daughters
Femi Otedola is married to the beautiful Nana Otedola and they have both welcomed four beautiful children, 3 of whom have carved a niche and paved a way for themselves in the Nigerian entertainment industry.
Olawunmi Christy (Tolani) Otedola
His first daughter Tolani Otedola is a musician who studied the rudiments of music abroad. Her name started being whispered about and known when she released the hit single “Ba mi lo” featuring Reekado Banks.
The visuals to this video sparked off dating rumors between the two as it was popularly bantered about all his daughters being interested in entertainers.
Ifeoluwa Florence Otedola (Dj Cuppy)
His second daughter Florence more popularly known as Dj Cuppy might be the most well-known out of all Femi Otedola’s children. She has carved a name for herself in the music industry.
She was born on the 11th of November 1992. Cuppy is a Dj and record producer signed under her label the Red Velvet music group. She has bagged both first and second degrees abroad.
Cuppy’s notable achievements in music include:
- Being a resident DJ at the MTV Africa Music Awards held in Durban 2014.
- Playing at the Tatler and Christie’s Art Ball in London.
- Playing at the financial Times Luxury Summit in Mexico.
- She was named the official DJ for the 2015 Oil Barons Charity in Dubai becoming the first African act to perform at the event.
She recently went into singing in 2017 with the release of her first single green light featuring Nigerian A list artist and producer Tekno. Other singles include Vybe, Werk, charged up, Abena and most recently Gelato which she features various top-notch producers and artists.
Temi Elizabeth Otedola
Temi Otedola is the third child of Femi Otedola. She is well known for her fashion style and dress sense, she is a model, fashion icon and blogger who owns the style blog JTO fashion with a whopping estimated net worth of $2 million at 23 years of age.
Temi is also popularly known to be in a relationship with a musician and businessman Mr. Eazi. She has a large number of followership on her social media platforms.
Fenwa Prince Otedola (son)
Fenwa is the only son born to Femi Otedola. He is probably not as popular as or in the limelight like the rest of his siblings because he is known to be autistic.
House and Cars
He has quite a number of businesses especially in the oil and power sector so he lives in luxury homes and rides on the costliest wheels you can think of, He currently resides in his Ikoyi residents a multi-million dollar mansion with first international architecture and great luxury and one of his favorite cars is the Mercedes Bulletproof G-class.
Questions People Ask about Femi Otedola
Q: Who is Femi Otedola’s Father?
Ans: Femi Otedola’s Father is Micheal Otedola (Journalist and Philanthropist)
Q: Who is Femi Otedola’s Son?
Ans: Femi Otedola has a son named Fenwa Otedola
Q: Who is Femi Otedola’s Wife?
Ans: Femi Otedola’s wife is Nana Otedola
Q: How old is Femi Otedola?
Ans: Femi Otedola is 56 Years Old in 2019, his date of birth is 4th of November 1962
Q: What is Femi Otedola’s Net Worth?
Ans: Femi Otedola’s Net Worth in 2019 stands at around $300 Million
Q: How did Femi Otedola Make his money?
Ans: He has a portfolio of Investment and businesses under his belt as we have rightfully explained above
Q: How much is Femi Otedola yacht?
Ans: The Yacht which has played host to several Nigeria celebrities is said to worth around $ 20 million to $40 million.
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