Femi Otedola is a Nigerian businessman who is also a philanthropist, a petroleum importer, and a former CEO of Forte Oil Plc. DJ Cuppy, a well-known DJ in Nigeria, is the son of Femi Otedola. According to data from Forbes, Femi Otedola now has a net worth estimated at $1.8 billion, Entrepreneurng Report.
Michael Otedola and Lady Doja welcomed Femi Otedola into the world on November 4th, 1962 in Ibadan. Sir Michael Otedola, the father of Femi, presided over Lagos State from 1992 to 1993.
Zenon Petroleum and Gas Ltd. were founded by Otedola, who also owns several other companies in the maritime, real estate, and financial sectors. As part of Nigeria’s recent industry liberalization, he just invested in electricity production.
Nigerian businessman Femi Otedola is the owner of a sizable number of businesses there. A list of Otedola’s businesses is given below: Forte Oil, Zenon Petroleum and Gas, CenterForce Limited, and Geregu Power Plc
Femi Otedola’s contribution toward the Numerical Ecumenical Center’s 2005 completion is only one of his many charitable deeds.
Additionally, he gives money to Michael Otedola’s university program, which has assisted over a thousand students. From the university’s plan money, Zenon reportedly gave N200 million in 2005.
Femi contributed N200 million to the State Security Trust Fund in 2007 to guarantee a crime-free Lagos. By providing N100 million to Otedola College of Primary Education in 2007, he increased his support for the institution.
Femi Otedola’s generosity also benefited the University of Port-Harcourt’s Faculty of Agriculture, which received an N80 million donation from him.
Femi Otedola, the primary organizer of Augustine University Fundraising and Founders Day, promised to invest N500 million in the construction of the university’s fully equipped engineering faculty.
Although, through his daughter DJ Cuppy’s Foundation, he also contributed NGN 5 billion (about $14 million) to the Save the Children Fund to assist various intervention programs for underprivileged children in northeastern Nigeria.
In the 2019 AFCON encounter against Algeria, Femi Otedola delivered on his promise of 25,000 dollars to the Super Eagles.
Scandals Involving Femi Otedola
Zenon was one of the numerous businesses mentioned in a 2012 study into a purported fuel subsidy scheme. The audit said Zenon owed the government $1.4 million.
Farouk Lawan, the Nigerian lawmaker who created the report, was reportedly seen receiving $500,000 of the $3 million from Femi Otedola in exchange for removing Zenon from the list.
The State Security Service, who had carried out a sting operation, was informed by Otedola that Lawan had harassed him and demanded bribes. In February 2013, Lawan was given a corruption accusation.
In December 2016, two Toronto-based sisters named Jyoti and Kiran Matharoo were accused of attempting to extort Otedola through cyberbullying and blackmail.
In conclusion, they allegedly said they had proof that Otedola had cheated on his wife and planned to broadcast it on a renowned sex-scandal website. The occurrence, according to Otedola, was untrue.
