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Nigerian billionaire Femi Otedola is not just one of Africa’s wealthiest individuals; he is a symbol of hope and inspiration. His journey is a testament to determination, leadership, and a relentless pursuit of excellence.
Otedola’s business journey is marked by disruptive innovation and setting new industry standards. He made a significant impact in the oil industry with Zenon Petroleum and Gas Limited, venturing into various sectors like storage, shipping, insurance brokerage, port agency, and petroleum retail outlets.
In 2020, he sold a controlling stake in Forte Oil Plc to Abdulwasiu Sowami, making a transformative move into the power sector with Geregu Power. Geregu I, a 435MW gas-fired power plant, now contributes a 10-percent share of Nigeria’s electricity production, underscoring his dedication to the nation’s energy requirements.
Yet, his vision doesn’t halt here. Under Otedola’s visionary leadership, Geregu Power is poised for a major overhaul in Q3 2023, with plans to acquire Geregu II, an addition that will bolster its capacity by 435MW. This strategic move unequivocally reaffirms their unwavering commitment to meeting Nigeria’s escalating energy demands and catalyzing growth within the sector.
Throughout his career, Otedola has excelled in business, held key board memberships, and received prestigious national honors, such as the “Commander of the Order of the Niger.” His philanthropic efforts, particularly through the Sir Michael Otedola Scholarship Awards Foundation, highlight his commitment to education and community development.
In a groundbreaking move, Otedola, as chairman of Geregu Power, has partnered with the Lagos State government and the African Development Bank Group for Nigeria’s first PPP power transmission project. This cements his role as an innovator in the Nigerian energy landscape.
His appointment as a non-executive director on the board of First Bank of Nigeria Holdings Plc is a clear testament to his burgeoning influence within the country’s financial sector. With a diverse portfolio spanning critical sectors of the economy, Otedola’s impact continues to grow.
Here are 15 inspirational quotes from Otedola that encapsulate his extraordinary journey as one of Africa’s wealthiest businessmen and reflect his mindset as a visionary leader and champion in the business world:
- On Change: “In today’s world, paradoxically, it is the boldest action that is often the safest. Remaining where you are in a world that is changing so rapidly is in fact the most dangerous of all places to be in.”
- On Resilience: “Hearing the word, ‘No,’ is not the end of the world. Keep your eyes of the big picture. Take a step back, probe, reassess, and try again. If you fail, try again and again.”
- On Excellence: “One has to set high standards… I can never be happy with mediocre performance.”
- On Integrity: “I have only two things in this world, my word, and my courage and I break them for nobody.”
- On Ambition: “In whatever you do, strive to be the best at it.”
- On Teamwork: “As I cannot be in all places at all times, the key is to ensure that I have a sound team which steers the ship in the right direction under my guidance.”
- On Innovation: “Whether you’re a farmer, builder or engineer, the opportunities are equal: Just add a little innovation.”
- On Dedication: “Matching words with action is the hallmark of Integrity.”
- On Hard Work: “A vision on its own is not enough. Hard work & dedication is required to make that vision a reality.”
- On Prioritization: “It’s essential to draw up a ‘things to do’ list on a daily basis and set priorities in executing them, making sure that any unfinished task get posted to the next day’s list.”
- On Knowledge: “As you start out in life, it is important that you know at least something about everything, but as you get older it is important that you know everything about something.”
- On Business Ethics: “When you have a business model you must adhere strictly according to what you want to achieve.”
- On Personal Growth: “Today is the beginning of the Rest of your Life! You are the Pilot of your life! Lock in your destination; take off to it, from where you are!”
- On Skill Development: “Entrepreneurship without skills limits your growth potential.”
- On Giving Back: “Giving back and leaving society a better place than I met it is always of utmost importance to me.”
