About Femi Otedola
Femi Otedola, the son of Sir Michael Otedola, the former governor of Lagos State, was born in the year 1967 at Epe, Lagos State of Nigeria. He is married to Femi Otedola and they have four children, including the British DJ and socialite, Florence “Cuppy” Otedola.
Femi Otedola is the founder and Chief Executive Officer of Forte Oil Plc. He is also the President and Chief Executive Officer of Zenon Petroleum and Gas limited. This company supplies most Nigerian powerful companies the fuel they use to power their companies including Cadbury Nigeria Plc., Coca Cola, Dangote Group, Nigerian Breweries, MTN, Unilever, Nestle, Guinness Nigeria Plc etc.
Otedola is also the founder of Atlas Shipping Agency, Swift Insurance, FO Properties Limited, FO Transport and Seaforce Shipping Company Ltd.
In 2014, Femi Otedola was listed by Forbes as the number 29th richest man in Africa.
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“Investors are dumping Forte Oil’s shares as a result of wide-spread disappointing results of Nigerian Companies of which Forte Oil Plc is also not immune. The company’s profit after tax was down at N2.80 billion ($8.8 million) for the third quarter ended Sept 30 2016 as against N4.28 billion ($13.5 million) for the same period in 2015. Sources also attribute the results to reduced demand for energy consumption as a result of the recently increased pump price which has adversely affected the fortunes of oil marketing companies in Nigeria.”