Early Life
Olufemi Peter Otedola was born in Ibadan, Nigeria, on November 4, 1962. He is the son of Sir Michael Otedola, who served as Governor of Lagos State. From a young age, Otedola displayed an entrepreneurial spirit. He started his first business venture, FEMCO, at the age of six, providing services to family and friends. Otedola attended the University of Lagos Staff School and later Olivet Baptist High School, though he did not complete a university degree.
Rise to Success
Otedola's entrepreneurial journey began with CentreForce Ltd, which he founded in 1994, focusing on finance, investments, and trading. His entry into the oil industry in 2003 marked a turning point. He founded Zenon Petroleum and Gas Ltd, which quickly became a major player in the diesel market. In 2007, he acquired a controlling stake in African Petroleum (later Forte Oil PLC), and expanded his investments into power generation with Geregu Power PLC. In 2022, Geregu Power PLC was listed on the Nigerian Stock Exchange (NGX), a significant milestone.
Key Business Strategies
Otedola's business strategies have focused on strategic investments and diversification. He sold his shares in Forte Oil to invest in the energy business. He has been selling down his Geregu stake, bringing in institutional investors to boost the company's growth. He also holds significant real estate assets in Lagos, Dubai, London, and Monaco, along with investments in Zenith Bank and FBN Holdings.
Philanthropy
Femi Otedola is known for his philanthropic efforts, with a focus on education and community development. He has made significant donations to the Michael Otedola University Scholarship Scheme and other educational institutions. In 2019, he donated $14 million to Save the Children UK, which is the largest individual cash donation in Nigeria's history. In 2024, he donated $1.13 million to the Lagos State Security Trust Fund.