OTEDOLA, Olufemi Peter (CON)

Born November 4, 1962

Ibadan, Oyo State




Femi Otedola is a top-rated Nigerian Businessman, Entrepreneur, Philanthropist and one of the richest persons in Nigeria. He was the second Nigerian to make the FORBES billionaires list in 2009.
Gender: Male
Marital Status
  • Married
Name of Spouse Olayinka Odukoya (divorced) , Nana Otedola
State of Origin: Lagos
Father's Name Sir Micheal Otedola (former Governor of Lagos State from 1992 to 1993)
Father's Status Deceased
Mother's Name Lady Doja Otedola
Mother's Status Living
Number of Male Children 3
Number of Female Children 1

Ifeoluwa Florence “DJ Cuppy” Otedola
Tolani Olawumni Christine Otedola
Elizabeth Temi Otedola
Fewa Otedola

Profession Entrepreneur , Philanthropist
Working Experience Managing Director, Impact Press Limited, 1988; Founder, Centreforce Ltd, 1994-; President/CEO, Zenon Petroleum & Gas Ltd; President(Nga) Chamber Shipping; President/CEO, Seaforce Shipping Co Ltd; President/CEO, Atlas Shipping Agency Co Ltd; President/CEO, FO Transport Ltd; President/CEO, FO Properties Ltd; President/CEO, Swift Insurance Brokers Ltd; President/CEO, Garment Care Ltd.

• Executive chairman of Geregu Power PLC • founder of Zenon Petroleum and Gas Ltd (2003) • Chairman SeaForce Shipping Company Ltd • He is the owner of FO Properties Ltd

Previous Appointments:

• former chairman of Forte Oil PLC
(In 2020, Forte Oil rebranded to Adrova PLC)
• CentreForce Ltd 1994
• Swift Insurance
• non-executive director of Transnational Corporation of Nigeria Plc (January 2006-February 2011)
• Chairman of the Transcorp Hilton Hotel
• member of the Nigerian Investment Promotion Council (NIPC) ( 2004)
• Nigeria’s National Economic Management Team 2011.

Olivet Baptist High School; Obafemi Awolowo University 1980–1985; London College of Printing, 1985

Otedola has been reported to be a financier of the People’s Democratic Party and is said to have contributed N100 million to President Obasanjo’s re-election expenses in 2003. He was a close ally of President Goodluck Jonathan.

Mr Femi Otedola was awarded the prestigious National Honours of “Commander of the Order of the Niger (CON)” by President Goodluck Jonathan in May 2010.

Femi Otedola dived into oil business in year 2003 after identifying an opportunity in the fuel retail market, that was when he secured the name to set up Zenon Petroleum and Gas Ltd, a petroleum products marketing and distribution company. In year 2005, Zenon controlled a major share of the Nigerian diesel market, supplying fuel to most of the major manufacturers in the country including Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestle and Guinness.

In 2012, Femi Otedola was reported by reliable media houses, to have given bribe to Boniface Emenalo and Farouk Lawan who was at then, the Chairman of the House Committee on Fuel Subsidy Regime, “integrity group” a sum of $620,000. The reason reported by witnesses as pertains the actions of Femi Otedola was that he wanted the name of his company removed from the list of firms indicted by Farouq Lawan’s committee for abusing the fuel subsidy regime in 2012 Farouk Lawan and Boniface Emenalo were at risk of going to prison if found guilty of receiving money from Femi Otedola as receiving of bribe by a government official is an offense punishable by Imprisonment. On 2 February 2013, Both individuals Farouk Lawan and Boniface Emenalo were charged to court by Independent Corrupt Practices and other related Commission (ICPC) their trial was at the Capital Territory High Court in Abuja to face a seven-count charge of bribery, an offense that violates Section 10 (a) (ii) of ICPC Act, 2000 and punishable under Section 10 of that same Act.
Farouk Lawan plead not guilty, and initially so did Boniface Emenalo; however, events at the court of law took an unforeseen turn as Boniface Emenalo eventually admitted he was guilty and, in fact, had received several bribes on behalf of Farouk Lawan. Be that as it may, new evidence provided by the persecution was very concrete as Femi Otedola was caught red-handed in a video of him giving a bribe and Farouk Lawan accepting it.
Canadian Escorts
In December 2016, Otedola was embroiled in a controversy where two Toronto-based sisters—Jyoti and Kiran Matharoo—reportedly tried to extort him by cyberbullying and blackmail, claiming they had evidence of Otedola cheating on his wife that they would post on a notorious sex-scandal website. The sisters dispute Otedola’s account. According to their account Jyoti met Otedola, straight out of University, in 2008. He whisked her and Kiran to Nigeria, and began an affair with him. They acknowledge that his gifts enriched them, as did gifts from other wealthy boyfriends, but dispute they ever engaged in blackmail, or even demanding gifts.

Otedola has made several donations to the Michael Otedola University Scholarship Scheme, which was established in 1985 to give underprivileged students in Lagos State access to higher education.] In 2005 Zenon donated N200 million to the scheme’s fund. Since its inception the scheme has benefited more than 1,000 students.
In 2005, Otedola made a N300 million personal donation to the completion of the National Ecumenical Centre—Nigeria’s primary place of Christian worship—in Abuja. In 2007 he was among a group of donors who gave N200 million to the State Security Trust Fund in a drive to reduce crime in Lagos State.] Later that year he donated N100 million to the Otedola College of Primary Education in Noforija, Epe. In 2008 he donated N80 million to the Faculty of Agriculture at the University of Port Harcourt. Femi Otedola fulfilled his pledge of 25,000 dollars to the Super Eagles in the match against Algeria in the 2019 AFCON

In 2011, Femi Otedola was appointed to Nigeria’s National Economic Management Team by President Goodluck Jonathan and as part of the liberalisation of the sector in Nigeria, he recently invested in power generation.



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