Table of Contents
Key Points
- Femi Otedola to release autobiography sharing personal business journey, including key lessons, challenges, and milestones.
- The billionaire built Zenon Petroleum and Geregu Power into major players in Nigeria’s energy and finance sectors.
- Otedola’s philanthropic efforts include a record $14 million donation to Save the Children U.K., the largest by a Nigerian.
Nigerian billionaire businessman and philanthropist Femi Otedola is preparing to release his autobiography, offering a personal look into the highs and lows of his life in business. The book, he says, will recount the many “challenges and breakthroughs” that have shaped both his career and his perspective on what success truly means.
“I will be sharing something very exciting in the coming days,” Otedola said in recent posts on Instagram and Twitter (now X). As chairman of Geregu Power Plc and FirstHoldco Plc, the parent company of First Bank of Nigeria, Otedola has become a major force in two of the country’s most important industries: energy and finance.
Sharing the blueprint for success
“Over the past decade, doors have opened for entrepreneurs in Nigeria that once seemed firmly shut,” he wrote. “This transformation didn't happen overnight. It's the result of perseverance, resilience, and the lessons learned from countless setbacks.
Reflecting on his own journey, Otedola continued, “I've walked this path myself, facing challenges and breakthroughs that shaped not just my career, but my outlook on what it means to succeed. In the coming weeks, you'll be learning about these experiences and my journey to becoming one of Africa's most successful businessmen. I hope these insights will inspire the next generation of entrepreneurs.”
According to those close to him, the book is set to launch in the coming days. At 62, with decades of experience and a net worth north of $1.5 billion, Otedola says he’s finally ready to tell the full story behind the headlines. For someone who’s spent more than 30 years influencing Nigeria’s business scene, this isn’t just an autobiography, it is his way of starting a new conversation with the next generation.
Fueling generations with vision and grit
Born on Nov. 4, 1962, to Sir Michael Otedola, a former governor of Lagos State, Femi’s earliest steps into the working world were taken at his father’s printing press. From there, he launched Centerforce Limited, a finance and investment firm, during Nigeria’s economically turbulent 1990s. But his defining move came in 1999 when, at 37, he founded Zenon Petroleum & Gas Limited. It was a risky bet on Nigeria’s chaotic oil sector, but one that would change everything.
By 2001, Otedola understood that controlling logistics was key in the petroleum business. That insight led him to create Seaforce Shipping Company Limited to challenge the foreign-dominated shipping industry. Within six years, it had grown into Nigeria’s largest private shipping firm, operating a fleet with over 150,000 metric tons of capacity. Each vessel was named after someone close to him, his father (Mt. Sir Michael), mother (Mt. Lady Doja), wife (Mt. Nana), and his company (Mt. Zenon Conquest).
From diesel king to power mogul
Between 2001 and 2007, Zenon supplied more than 90 percent of Nigeria’s diesel, a lifeline for companies and industries that kept the country running. Major corporations—Dangote Group, MTN, Coca-Cola, Nestlé, and many others—relied on Zenon for fuel. It was a period that placed Otedola squarely at the center of Nigeria’s industrial machine.
He didn’t stop there. In 2004, he invested N15 billion (about $100 million at the time) to expand Zenon’s operations, building major fuel depots at Ibafon and Apapa and acquiring four new cargo vessels. He also spent N1.4 billion on 100 DAF tanker trucks to expand distribution across the country. These weren’t just business moves—they laid the groundwork for what would become his larger enterprise.
By 2007, Otedola had gained the backing of ten Nigerian banks in a $1.5 billion syndicated loan to build Africa’s largest storage facility for premium motor spirit. Later that year, he took a controlling stake in African Petroleum, one of Nigeria’s biggest fuel marketers. Within a year, the company was rebranded as Forte Oil Plc, and his stake alone was valued at over $1.2 billion.
At 46, he joined the ranks of global billionaires, becoming the second Nigerian—after Aliko Dangote—to be listed by Forbes. More than a decade later, Otedola remains Nigeria’s youngest billionaire to ever appear on that list. But for him, success has always been about more than numbers.
In 2013, he pivoted into power, acquiring a 414-megawatt plant during Nigeria’s electricity sector privatization. That deal laid the foundation for Geregu Power Plc, now one of the continent’s most prominent electricity producers. In 2018, Otedola sold off Forte Oil’s downstream business for hundreds of millions of dollars and committed fully to energy and finance—sectors he believes will shape Nigeria’s future.
Legacy rooted in impact and vision
Today, as chairman of Geregu Power and FirstHoldco Plc, he oversees companies that play vital roles in the Nigerian economy. Geregu’s net profit jumped from N24.4 billion ($15.8 million) in 2023 to N41.27 billion ($26.8 million) in 2024. The company also earned the title of “Most Compliant Listed Company of the Year,” a recognition of its sound governance.
His work at FirstHoldco has also made a mark. In 2024, the company reported gross earnings of over $2 billion and total assets of $17.46 billion. But beyond the financials, Otedola led a rebranding effort that signaled a fresh start for one of Nigeria’s oldest institutions. The groundbreaking of FirstHoldco’s new 44-story headquarters in Eko Atlantic, attended by figures like Vice President Kashim Shettima and Aliko Dangote, marked a new era for the group.
Despite owning homes in cities like London, Dubai, Monte Carlo, Abuja, and Lagos, Otedola has kept his focus forward. His approach to giving back is as purposeful as his approach to business. In 2019, he made headlines with a $14 million donation to Save the Children U.K., the largest cash donation ever made by a Nigerian.
Explaining the gift, he said: “In my life, in my journey, I have taken the risk, I have done the chase, I have enjoyed the thrill, I have achieved success and recognition. What next? You give it back. A lot of people think when they die they’ll take their money with them. We’ll see.”
