Femi Otedola is one of Nigeria’s most influential businessmen, philanthropists, and billionaires. Known for his success in the oil and gas industry, he has made a lasting impact on Nigeria’s business landscape. Over the years, Otedola has become a symbol of wealth, vision, and hard work. This article explores Femi Otedola’s biography, education, wife, children, family, son, company, cars, and net worth .
Early Life and Background
Femi Otedola was born on November 4, 1962, in Ibadan, Oyo State, Nigeria, into a wealthy and influential family. His father, Sir Michael Otedola, served as the former governor of Lagos State from 1992 to 1993. Growing up in a disciplined household, Otedola learned early lessons about business, leadership, and philanthropy.
Although he came from a comfortable background, he worked hard to build his own legacy. His journey into entrepreneurship started at a young age when he developed a passion for commerce and finance.
Education
Femi Otedola attended Obafemi Awolowo University (OAU), Ile-Ife, Osun State, where he earned a degree in Business Administration. His education gave him a solid foundation in management and financial planning, which later shaped his business empire.
After graduation, Otedola ventured into family business operations and gradually built his own enterprises, combining his formal education with real-world experience.
Career and Business Journey
Femi Otedola’s business career began in the 1990s when he established a company that provided finance and marketing services for petroleum products. His sharp business instincts and deep understanding of Nigeria’s energy sector helped him identify opportunities in the oil and gas industry.
Zenon Petroleum and Gas Limited
In 2003, Otedola founded Zenon Petroleum and Gas Limited, a company that specializes in the marketing and distribution of petroleum products. Zenon quickly became a dominant player in the downstream oil sector in Nigeria, supplying diesel and other petroleum products to major manufacturing and transport companies.
By 2005, Zenon controlled a large share of the diesel market in Nigeria, supplying companies such as Dangote Group, Cadbury, Guinness, Coca-Cola, and Unilever. His success with Zenon Petroleum earned him recognition as one of the most powerful businessmen in Africa.
Forte Oil (Now Ardova Plc)
In 2007, Femi Otedola acquired a major stake in African Petroleum Plc, which he later rebranded as Forte Oil Plc. Under his leadership, Forte Oil became one of Nigeria’s leading oil marketing companies.
He invested heavily in expanding operations, improving management systems, and introducing modern technologies. In 2019, Otedola sold his shares in Forte Oil, marking a new chapter in his career and showing his strategic business acumen.
Geregu Power Plc
After exiting the oil business, Otedola shifted focus to the energy and power sector. He became the chairman of Geregu Power Plc, a leading power generation company in Nigeria. The company supplies electricity to millions of Nigerians and is part of his long-term vision to boost power generation and industrial growth in the country.
Geregu Power Plc has since become a publicly traded company on the Nigerian Exchange Group (NGX), making Otedola one of the few billionaires to successfully transition from oil to power investment.
Family and Personal Life
Femi Otedola is a family-oriented man who maintains strong ties with his children and relatives. He is married to Nana Otedola, a successful businesswoman and philanthropist.
Their marriage has been blessed with four children — three daughters and one son:
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Florence Ifeoluwa Otedola (DJ Cuppy) – a famous DJ, music producer, and philanthropist.
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Temi Otedola – a popular fashion blogger, actress, and brand influencer.
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Tolani Otedola – a talented singer and songwriter.
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Fewa Otedola – the only son of the billionaire.
Femi Otedola is a proud father who frequently expresses his love and support for his children on social media. He is also known for being deeply involved in charity and social causes, reflecting his compassionate side beyond business.
Femi Otedola’s Son
Fewa Otedola, Femi Otedola’s only son, is the youngest in the family. Although he stays out of the public spotlight, Otedola has spoken publicly about his son’s health challenges and how much he means to the family. He often describes Fewa as his greatest source of joy and motivation.
Femi Otedola’s Cars
Femi Otedola’s car collection is one of the most impressive among Nigerian billionaires. He has a taste for luxury and owns several high-end vehicles, including:
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Rolls-Royce Phantom
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Mercedes-Benz G-Wagon
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Range Rover Autobiography
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BMW 7-Series
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Bentley Continental GT
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Ferrari Portofino (for his daughters DJ Cuppy and Temi)
In 2020, he made headlines when he gifted three brand-new Ferrari Portofinos to his daughters, each customized in their favorite colors. The gesture trended across Nigerian social media, confirming his status as a doting father and luxury lover.
Femi Otedola’s Houses
Otedola owns multiple luxurious properties in Nigeria and abroad. His known residences include:
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A multi-billion naira mansion in Ikoyi, Lagos, which serves as his main home.
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A vacation house in London, United Kingdom, where he spends time with his family.
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Properties in Dubai and New York, reflecting his global lifestyle.
Each of his homes is elegantly designed, furnished with world-class interiors, and equipped with the latest technology.
Femi Otedola’s Net Worth
As of 2025, Femi Otedola’s estimated net worth is $1.6 billion – $1.8 billion, according to credible financial reports.
His wealth comes from:
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Investments in the oil and gas sector
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Ownership of Geregu Power Plc
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Real estate holdings
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Stock market investments
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Other business ventures
Otedola remains one of the richest men in Nigeria and a respected figure in African business circles.
Philanthropy
Femi Otedola is well-known for his philanthropy. Through his foundation, he has donated millions to education, healthcare, and community development projects across Nigeria.
Some of his notable contributions include:
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A ₦5 billion donation to the Save the Children Foundation in 2019.
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Financial support to Nigerian students and individuals with medical needs.
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Support for various charitable organizations and disaster relief efforts.
His giving spirit and humility have earned him admiration both at home and abroad.
Frequently Asked Questions (FAQs)
1. Who is Femi Otedola’s wife?
Femi Otedola is married to Nana Otedola, a businesswoman and philanthropist.
2. Who are Femi Otedola’s children?
His children are Tolani, DJ Cuppy, Temi, and Fewa Otedola.
3. What company does Femi Otedola own?
He is the chairman of Geregu Power Plc, a leading electricity generation company in Nigeria.
4. What is Femi Otedola’s net worth in 2025?
His estimated net worth is between $1.6 billion and $1.8 billion.
5. What cars does Femi Otedola own?
He owns luxury cars including Rolls-Royce, Bentley, Range Rover, BMW, and Ferrari.
Conclusion
Femi Otedola’s story is one of vision, determination, and success. From his early days in Ibadan to becoming one of Nigeria’s most celebrated billionaires, he has proven that hard work and strategic thinking can lead to greatness. Beyond business, his devotion to family and philanthropy sets him apart as a man who believes in giving back to society.
With his continued investments and passion for development, Femi Otedola remains a role model for aspiring entrepreneurs in Nigeria and across Africa.
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