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Biography of Femi OTEDOLA

Nigeria > Business : Femi OTEDOLA

Femi OTEDOLA
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Biography :

Femi Otedola is the  Nigerian President Chief Executive officer of Zenon Petroleum and Gas limited.
In 2009, he joined Aliko Dangote on World's  Richest List (Forbes magazine) with an estimated worth of 1.2 Billion Dollars.In 2010, due to the reccession his fortune was reduced by half he no longer figures in  the Forbes list.

Femi Otedola is the billionaire owner of multi-billion naira indigenous oil giant Zenon. Zenon, which is directly ran by Otedola is the dominant force in diesel business among oil marketing concerns. It supplies this all important fuel used to power the generating sets of most Nigerian industries to nearly all the major manufacturing firms in the country. These include Dangote Group, Cadbury, Coca Cola, Nigerian Breweries, MTN, Unilever, Nestle, Guinness among others. Otedola is the son of former Lagos State governor, Sir. Michael Otedola. Otedola owns one of the largest oil storage facility which he purchased for N2.8 billion. He bought hundred brand new trucks purchased for N1.3 billion to strengthen the distributive arm of his business and acquired a massive flat bottom bunker vessel with a storage capacity of 16, 000 metric tonnes of diesel for 6.8 million dollars.  Zenon owns four cargo ships.  He owns Atlas Shipping Agency, Swift Insurance, FO Properties Limited, FO Transport.

He is the President and Chief Executive Officer of Zenon Petroleum and Gas, the company that is currently sitting at the commanding heights of the nation's diesel and kerosene business.

Otedola started Zenon few years ago and within a short time seized control of the market. Today he has become the pacesetter in the downstream sector while expanding the frontiers of competition. NNPC Group Managing Director, Engr. Funso Kupoloku acknowledged this much when he said Zenon was now the company to beat in the downstream sector.

From nowhere, Zenon is today rated among the top five companies in the country, with a  huge turnover .
But how did he do it many have asked?  In an interview some years ago he attributed his phenomenal leap to “hard-work and staying focused on what you want and going all out to get it."

He exhibited patriotic sentiments in the same interview when he said: "We are investing our money here, to create job opportunities for people. Nobody is going to take the money outside the country."

His company appeared to have fully prepared itself for the deregulation of the petroleum sector as evidenced in its purchases. Buying three cargo ships in quick succession to bring its total number of ships to four. All named after his parents and wife. MT Sir Michael (his father), MT Lady Doja (his mother), MT Nana  (his wife). His latest, he named Zenon Conquest.  Energy experts say Zenon's expansion is to consolidate its competitive edge in the market.

Apart from being the biggest diesel and kerosene marketer in Nigeria today, he is said to be the biggest ship owner in the country. Which partly explains his  nomination as President of Nigeria Chambers of Shipping, a powerful and highly influential body in the maritime sector. The oil baron and shipping magnate also bought 100 brand new DAF trucks from Netherlands  to strengthen his distribution arm. Zenon now boasts of a total storage capacity of more than 147,000 metric tonnes total holding of diesel making it the biggest depot owner with the largest single storage capacity in the country.

He is also the owner of Atlas Shipping Agency, Swift Insurance, FO Properties Limited, FO Transport and Seaforce Shipping Company Ltd. His appointment last year  into the board of Nigeria Investment and Promotion Council, NIPC, observers believe, is the President’s vote of confidence on the young man's business abilities. It is for this that he was also nominated by the President on the team of top Nigerian businessmen to go on an investment drive to South Africa They are essentially to meet and interact with the south African business community and the South African President, President Thabo Mbeki.

On his part, Otedola contributed  well over N100 million  to the President’s re-election expenses. And under the aegis of friends of Obasanjo and Atiku, he contributed N25 towards the rehabilitation of the National  Mosque in Abuja. He was one of the co-launcher of Obasanjo Presidential Library, where donated N200 million. He is said to have direct access to the President.



Last update : 05/03/2010


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