Femi Otedola

Biography

Born into the prominent political family of Sir Michael Otedola, a former Governor of Lagos State, Femi Otedola began his commercial endeavors in his youth managing his family’s printing press. In the late 1980s and 1990s, he built his initial fortune through international commodity trading and real estate ventures under CentreForce Limited.In 2003, Otedola identified supply gaps in Nigeria’s downstream petroleum market and established Zenon Petroleum and Gas Limited. Zenon rapidly captured market dominance in diesel and kerosene supply to industrial clients, power plants, and manufacturing firms across Nigeria.

He leveraged Zenon's cash flow to acquire a controlling stake in African Petroleum (AP) in 2007, rebranding it as Forte Oil PLC. After navigating severe debt burdens caused by global oil price crashes and margin calls, Otedola restructured Forte Oil, brought in international commodity partner Mercuria Energy Group, and subsequently sold his 75% stake in 2019 to pivot into thermal power generation.Otedola redirected his capital into power infrastructure through Geregu Power PLC, turning it into one of Nigeria's premier power generation companies and listing it on the Nigerian Exchange (NGX).

Beginning in 2021, he launched an aggressive equity acquisition campaign in First Bank of Nigeria’s parent entity, First HoldCo Plc, becoming its largest individual shareholder and assuming the position of Group Chairman in early 2024. Following the $750 million sale of his controlling interest in Geregu Power, Otedola recycled the capital to solidify his majority leadership over First HoldCo. A Commander of the Order of the Niger (CON), he is also recognized for his large-scale philanthropy, including a historic ₦5 billion donation to Save the Children UK.

Career timeline

In their words

“My father taught me that a good name is better than gold and silver. Business is about integrity and discipline.”

Femi in the news