Femi Otedola, one of Nigeria’s most prominent businessmen and philanthropists, has continued to shape Nigeria’s corporate and energy landscape.
As of April 2025, Otedola’s net worth is estimated at $1.7 billion, making him one of Nigeria’s wealthiest individuals and a major player in the power and financial services sectors.
Early Life and Education
Femi Otedola was born on November 4, 1962, in Ibadan, Oyo State, Nigeria. He is the son of the late Sir Michael Otedola, a former governor of Lagos State (1992–1993).
Raised in Lagos, Otedola completed his primary and secondary education in Nigeria before proceeding to Obafemi Awolowo University, Ile-Ife, where he studied Business Administration.
Otedola grew up with early exposure to both politics and business, shaping his understanding of Nigeria’s socioeconomic environment. This background would later influence his entrepreneurial journey.
Early Career and Rise in the Oil Sector
In the late 1990s and early 2000s, Otedola became prominent in Nigeria’s downstream oil and gas sector. His company, Zenon Petroleum and Gas Limited, emerged as a major importer and distributor of diesel and petroleum products in Nigeria.
Zenon quickly gained market leadership by securing major supply contracts with leading manufacturers, banks, and other large institutions.
In 2007, Zenon acquired a controlling stake in African Petroleum (AP), one of Nigeria’s oldest oil marketing companies. Following the acquisition, AP was rebranded to Forte Oil Plc.
Under Otedola’s leadership, Forte Oil expanded its retail distribution network and diversified its operations by investing in power generation.
Transition to Power Sector and Divestment from Forte Oil
Otedola’s strategic shift to the power sector began in 2013 when Forte Oil acquired a majority stake in the Geregu Power Plant as part of the Nigerian government’s power sector privatization program.
Geregu Power became a critical component of Nigeria’s national grid, supplying electricity to millions of homes and businesses.
In 2019, Otedola fully divested from Forte Oil by selling his shares and shifted his focus entirely to the power sector, where he transformed Geregu Power into a standalone company.
In 2022, Geregu Power Plc was successfully listed on the Nigerian Exchange Limited (NGX), making it the first power generation company to be publicly traded in Nigeria.
Current Business Interests
Geregu Power Plc
As Chairman of Geregu Power Plc, Otedola leads one of Nigeria’s most important power generation companies. Geregu Power has a generation capacity of 435 megawatts, contributing significantly to the national grid. The company has attracted substantial institutional investments, including those from Afreximbank and the Nigeria Sovereign Investment Authority (NSIA).
FBN Holdings Plc
In 2021, Otedola became the single largest shareholder in First Bank of Nigeria Holdings Plc (FBN Holdings) after acquiring a 5.07% stake.
He gradually increased his stake to 7.57%, positioning himself as a key influencer in the financial services sector.
His involvement in FBN Holdings marked his diversification beyond the energy sector into Nigeria’s banking industry.
Real Estate and Other Investments
Otedola also has significant interests in real estate, with properties in Lagos, Abuja, London, and Dubai. His investments extend to shipping and other strategic sectors, although most of these ventures remain privately held.
Net Worth and Financial Performance (2025)
As of April 2025, Otedola’s net worth is estimated at $1.7 billion, down from $2.1 billion in 2024 due to the continued effects of naira devaluation and sectoral challenges within Nigeria’s power industry.
Despite these headwinds, Geregu Power and FBN Holdings continue to perform steadily, ensuring Otedola’s position as one of Nigeria’s wealthiest individuals.
Otedola’s wealth is primarily concentrated in:
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Geregu Power Plc (majority shareholding)
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FBN Holdings Plc (over 7.5% ownership)
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Real estate assets across major cities
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Private equity investments
Philanthropy and Social Contributions
Otedola is widely recognized for his philanthropic activities. Through the Femi Otedola Foundation, he has donated hundreds of millions of naira to education, healthcare, and disaster relief initiatives.
Notable contributions include:
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₦5 billion donation to Save the Children Foundation for children displaced by insurgency in Northern Nigeria.
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Regular financial support to the Michael Otedola Scholarship Scheme, which has sponsored thousands of students in Lagos State.
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Funding for the renovation of healthcare facilities and donations to religious and cultural organizations.
Recognition and Awards
Otedola has received several awards and honors in recognition of his contributions to Nigeria’s economy and society, including:
Recent Developments (2024 – 2025)
In 2024, Geregu Power announced plans to expand its generation capacity through partnerships with international power infrastructure firms. The company is also exploring opportunities in renewable energy as Nigeria pivots towards sustainable energy solutions.
At FBN Holdings, Otedola has maintained his influence as the single largest shareholder, supporting strategic initiatives aimed at improving the bank’s profitability and market positioning.
Outlook
Otedola’s strategic positioning in power and banking places him in a favorable spot to benefit from Nigeria’s ongoing reforms in the energy and financial sectors. With potential expansion into renewables and increased institutional confidence in the power sector, his investments are expected to yield long-term gains.
Net Worth Trend (2010 – 2025)
2010 – $1.2 billion
2014 – $1.8 billion
2017 – $2.3 billion
2020 – $1.9 billion
2022 – $2.5 billion
2024 – $2.1 billion
2025 – $1.7 billion
