Femi Peter Otedola is a Nigerian businessman, investor and philanthropist whose career spans petroleum marketing, power generation, financial services, shipping and real estate. He is known for founding Zenon Petroleum and Gas, leading the transformation of African Petroleum into Forte Oil, investing in Geregu Power and becoming a major shareholder and chairman of First HoldCo Plc, the holding company of First Bank of Nigeria.
Otedola built his early fortune through petroleum trading and distribution before expanding into power generation and other sectors. His business career has been characterised by strategic acquisitions, corporate restructuring and investments in companies operating in industries central to Nigeria’s economy.
Beyond business, he supports educational and social initiatives and is the author of Making It Big: Lessons from a Life in Business, a memoir published in 2025.
Early Life and Education
Femi Peter Otedola was born on 4 November 1962 in Ibadan, Oyo State, Nigeria. He is the son of the late Sir Michael Otedola, who served as governor of Lagos State from 1992 to 1993.
Otedola attended Methodist Boys’ High School in Lagos and Olivet Baptist High School. Growing up in a family with a prominent public-service background, he later developed his own interests in business and investment.
His early commercial activities focused on trading and petroleum distribution. These ventures provided the foundation for his subsequent entry into large-scale fuel marketing and industrial investment.
Building a Petroleum Business
Founding Zenon Petroleum and Gas
In 2003, Otedola founded Zenon Petroleum and Gas Limited, a company established to market and distribute petroleum products in Nigeria.
He identified opportunities in the downstream petroleum sector, particularly in the supply, storage and transportation of diesel and other fuels to industrial customers.
In 2004, Zenon invested approximately ₦15 billion in downstream infrastructure. The company acquired storage depots in Ibafon and Apapa, Lagos, and four cargo vessels, with a combined storage capacity of about 147,000 metric tonnes. It also acquired a fleet of 100 DAF fuel-tanker trucks in a transaction valued at approximately ₦1.4 billion.
These investments strengthened Zenon’s distribution network and helped it expand its position in Nigeria’s diesel market.
By 2005, the company supplied fuel to several major manufacturers and multinational businesses operating in Nigeria. Its customer base reportedly included companies in consumer goods, telecommunications, brewing and industrial production.
Zenon’s growth established Otedola as a significant player in petroleum marketing and provided the financial platform for his subsequent acquisitions.
African Petroleum and the Transition to Forte Oil
In 2007, Otedola acquired a controlling interest in African Petroleum, one of Nigeria’s established fuel-marketing companies. He became its chairman and chief executive, subsequently increasing his personal stake in the business.
Following his entry, African Petroleum’s market valuation rose substantially. The company also pursued initiatives intended to expand the availability of kerosene, including a programme to sell the product at a reduced price through service stations across Nigeria.
In 2009, Otedola announced plans to upgrade the company’s liquefied petroleum gas storage facilities in Lagos, Kano and Port Harcourt.
The business faced difficulties during the global financial downturn and the decline in international oil prices in 2008 and 2009. However, Otedola continued to restructure its operations.
In December 2010, African Petroleum was renamed Forte Oil Plc. The company’s restructuring strategy placed greater emphasis on technology, corporate governance and operational performance. Forte Oil returned to profitability in 2012.
The transformation demonstrated Otedola’s approach to corporate investment: acquire an established business, restructure its operations and pursue opportunities to improve performance and expand into related sectors.
In 2019, Otedola sold Forte Oil and shifted his principal energy-sector focus towards power generation through Geregu Power.
Entering Nigeria’s Power Sector
Otedola’s investment in electricity generation became a major part of his business strategy as Nigeria pursued reforms intended to improve the performance of its power sector.
In 2013, Amperion Limited, a Forte Oil subsidiary in which Otedola had a controlling interest, acquired the 414-megawatt Geregu Power Plant for approximately US$132 million.
The acquisition positioned Otedola within Nigeria’s electricity-generation industry, where investment in generation capacity is essential to supporting industrial activity and economic development.
Forte Oil’s expansion into power generation contributed to a significant rise in its share price in 2013. The company also reported improved financial performance during the following year.
In 2015, Forte Oil sold a 17 per cent stake to Swiss commodities trader Mercuria Energy Group. The transaction provided access to international commodity markets and formed part of the company’s broader business development strategy.
Otedola later concentrated on Geregu Power as he moved away from petroleum retailing. His investment in the company became one of the defining elements of his transition from fuel marketing to electricity generation.
He subsequently reduced his shareholding to bring institutional investors into the business. Investors identified in the source material include the Nigerian government, the Afreximbank Fund for Export Development in Africa and China’s State Grid Corporation.
First HoldCo and First Bank of Nigeria
One of Otedola’s most significant recent investments has been in First HoldCo Plc, the parent company of First Bank of Nigeria.
In October 2021, he emerged as the bank’s largest individual shareholder, with a reported stake of approximately 5.07 per cent.
In September 2024, Otedola became chairman of First HoldCo. His involvement subsequently expanded as he acquired additional shares in the company.
The investment came at a critical period for the financial group, which had faced concerns relating to corporate governance, asset quality and non-performing loans. The Central Bank of Nigeria had considered regulatory intervention amid concerns about the institution’s financial position and governance.
Otedola described his investment as a commitment to rebuilding and repositioning the bank. By August 2026, reports cited in the source material placed his cumulative investment above ₦600 billion, with Otedola indicating that he intended to increase his stake beyond 51 per cent.
His shareholding, built through the investment vehicle Calvados Global Services, was reported at approximately 25.87 per cent, or 11.96 billion shares, in August 2026.
The investment represents a notable shift in Otedola’s business portfolio. Unlike earlier transactions involving Forte Oil and Geregu Power, which included substantial share disposals, he has described his First HoldCo investment as a long-term commitment.
His leadership at the financial holding company places him at the centre of efforts to strengthen one of Nigeria’s most established banking institutions.
Other Investments and Corporate Roles
Otedola’s business interests extend beyond petroleum, power and banking.
In 1994, he established CentreForce Limited, a company associated with finance, investments and trading. He has also been linked to Swift Insurance and SeaForce Shipping Company Limited, through which he developed interests in shipping and petroleum distribution.
His shipping activities grew alongside Zenon’s fuel-distribution business, with vessels supporting the transportation of petroleum products.
In January 2006, Otedola became a non-executive director of Transnational Corporation of Nigeria Plc, commonly known as Transcorp. He held the position until February 2011.
He was also involved in property investment, including the acquisition of Stallion House on Victoria Island, Lagos, through Zenon in 2007. That year, he was appointed chairman of Transcorp Hilton Hotel in Abuja, where he was tasked with supporting the hotel’s development and expansion.
In 2011, then-President Goodluck Jonathan appointed Otedola to Nigeria’s National Economic Management Team. He has also served in roles connected with investment promotion and commercial relations.
These activities reflect a business portfolio that has evolved across several sectors, with investments shaped by opportunities in infrastructure, finance, energy and property.
Philanthropy and Social Contributions
Otedola has supported several educational, religious, community and sporting initiatives throughout his career.
Michael Otedola University Scholarship Scheme
One of his longstanding philanthropic interests is the Michael Otedola University Scholarship Scheme, established in 1985 to help students from disadvantaged backgrounds in Lagos State access higher education.
In 2005, Zenon Petroleum and Gas donated ₦200 million to the scheme. The initiative has supported more than 1,000 students, according to the source material.
The scholarship programme reflects Otedola’s connection to educational access and the role of financial assistance in helping students pursue university studies.
Support for Education and Public Institutions
Otedola has also made donations to educational institutions and public-interest projects.
In 2005, he personally contributed ₦300 million towards the completion of the National Ecumenical Centre in Abuja. In 2007, he participated in fundraising for the Lagos State Security Trust Fund and donated ₦100 million to Otedola College of Primary Education in Noforija, Epe.
In 2008, he donated ₦80 million to the Faculty of Agriculture at the University of Port Harcourt.
These contributions have supported projects in education, religious infrastructure, public safety and agricultural learning.
Support for Nigerian Football
Otedola has also supported Nigerian football. During the 2019 Africa Cup of Nations, he fulfilled a US$25,000 pledge to the Nigerian national team, the Super Eagles, following their match against Algeria.
His support for the team was part of his broader philanthropic activity, which has included contributions to public institutions and national causes.
Controversies and Public Scrutiny
Otedola’s business career has attracted public scrutiny, including controversies linked to the petroleum subsidy investigations of 2012 and a separate dispute involving two Canadian sisters in 2016.
The 2012 Fuel Subsidy Investigation
In 2012, Zenon Petroleum and Gas was named in a report concerning alleged abuses of Nigeria’s fuel subsidy programme. The controversy involved claims about payments made to members of a House of Representatives committee investigating the subsidy regime.
Otedola reported that committee chairman Farouk Lawan had solicited bribes from him. A subsequent security operation recorded a payment involving Lawan and committee secretary Boniface Emenalo.
The matter resulted in criminal proceedings against Lawan and Emenalo. Emenalo later admitted receiving money in connection with the affair, while the proceedings examined allegations of bribery and the circumstances surrounding the recorded payment.
The episode became a major public controversy because it involved an investigation into fuel subsidy claims and allegations of corruption within a parliamentary committee.
It is important to distinguish the allegations against Otedola’s company in the subsidy investigation from the separate allegations concerning the conduct of the committee members. The controversy and subsequent legal proceedings remain part of the public record surrounding his business career.
The 2016 Canadian Sisters Controversy
In December 2016, Otedola became involved in a public dispute with Toronto-based sisters Jyoti and Kiran Matharoo.
Reports alleged that the sisters attempted to extort him through online harassment and threats to publish damaging material about his private life. The sisters disputed Otedola’s account, denying that they engaged in blackmail or demanded gifts.
The incident attracted considerable media attention and highlighted the intersection of privacy, celebrity and public scrutiny surrounding prominent business figures.
Published Work: Making It Big: Lessons from a Life in Business
In August 2025, Otedola published Making It Big: Lessons from a Life in Business, a memoir and business guide recounting his entrepreneurial journey and investment experiences.
Released on 18 August 2025, the book examines his activities across petroleum, shipping, power generation, real estate and financial services. It also discusses setbacks, business restructuring, leadership and the importance of resilience.
The publication draws on his experience of building companies, navigating difficult market conditions and making strategic investment decisions.
Shortly after its release, the book entered Amazon’s bestseller rankings in selected business-related categories. It also received endorsements from prominent figures, including Ngozi Okonjo-Iweala, director-general of the World Trade Organization; Akinwumi Adesina, president of the African Development Bank; and Aliko Dangote, chairman and chief executive of Dangote Group.
The memoir has added an authorial dimension to Otedola’s public profile, allowing him to present lessons from his business career to aspiring entrepreneurs and readers interested in investment and leadership.
Wealth and Personal Life
Otedola is married to Nana Otedola and has four children: Tolani, Florence Ifeoluwa, Elizabeth Temi and Fewa.
His daughters Florence, widely known as DJ Cuppy, and Temi Otedola have developed public careers in entertainment and creative industries. Tolani is a singer, while DJ Cuppy is a DJ and music producer. Temi has worked in acting, fashion and lifestyle content.
Otedola has owned residential properties in several international cities, including Lagos, Dubai, London and Monaco, according to the source material.
His wealth is associated primarily with his investments in energy, banking and other businesses. Forbes estimated his net worth at approximately US$1.4 billion in 2026, although such valuations can change with share prices, asset values and market conditions.
In 2025, he reportedly purchased a ten-bedroom property in London’s St John’s Wood district for £53 million, adding to his international property portfolio.
Legacy and Influence
Femi Otedola’s business career illustrates the evolution of an entrepreneur from petroleum distribution into broader investments in energy and financial services.
Through Zenon Petroleum and Gas, he built a major fuel-marketing operation. His subsequent leadership of African Petroleum, its transformation into Forte Oil and investment in Geregu Power reflected a willingness to restructure businesses and move into new sectors.
His more recent investment in First HoldCo has placed him in a leading position within Nigeria’s banking industry, where the challenge of strengthening established financial institutions remains significant.
Beyond his commercial interests, Otedola has supported scholarship programmes, educational institutions, community initiatives and Nigerian football. His memoir, Making It Big, further extends his influence into discussions about entrepreneurship, resilience and business leadership.
His career has included substantial commercial successes as well as public controversies. Taken together, these experiences form a complex record of a businessman whose investment decisions have influenced several important sectors of Nigeria’s economy.