Femi Otedola

Femi Otedola is a Nigerian businessman, philanthropist and former Chairman of Forte Oil PLC, an importer of fuel products. Otedola is the Founder of Zenon Petroleum and Gas Ltd, and the Owner of a number of other businesses across shipping, real estate and finance. He has recently invested in power generation as part of the liberalization of the sector in Nigeria.

In 2003, Otedola set up Zenon Petroleum and Gas Ltd, a petroleum products marketing and distribution company. By 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 2007, Zenon acquired a stake in African Petroleum, one of Nigeria’s largest fuel marketers. Zenon also invested across the financial sector, becoming the largest shareholder in a number of Nigerian banks. As well as diesel, Zenon also became an important player in the kerosene market.

In 2007, Otedola was appointed Chairman and Chief Executive of Africa Petroleum through the acquisition of a controlling stake in the business. Following Otedola’s entry into the company African Petroleum’s share price rose sharply. However, difficult economic conditions caused by the slump in world oil prices and credit squeeze of 2008–09 led African Petroleum to record a loss in 2009.

In 2010, African Petroleum rebranded, changing its name to Forte Oil PLC and Otedola carried out a restructuring of the business. In 2013, as part of the Federal Government’s push to liberalize Nigeria’s ailing power sector, Otedola financed 57% of Forte Oil subsidiary Amperion Ltd, which acquired the 414 MW Geregu Power Plant for $132 million. Forte’s improved financial position and diversification into power generation resulted in a huge rise in its share price. In 2015, Forte Oil sold 17 per cent of its equity to Mercuria Energy Group, giving Forte access to global commodity markets. In 2019, Femi Otedola sold Forte Oil and announced plans to change focus from oil to power with his company, Geregu Power PLC.