Femi otedola

The First Bank of Nigeria Holdings has appointed Nigerian billionaire and businessman, Femi Otedola, as the new chairman of its board of directors, femi otedola. Otedola, who recently expressed his excitement about his return to the Forbes African Billionaires list after a seven-year hiatus, takes femi otedola from the outgoing Chairman of the board, Alhaji Ahmad Abdullahi. Before then, the last time the business mogul appeared on the Forbes Africa list was in This year, he took the 20th spot on the list.

Otedola is also the founder of Zenon Petroleum and Gas Ltd, and the owner of a number of other businesses across shipping, real estate and finance. He has recently invested in power generation as part of the liberalization of the sector in Nigeria. Femi Otedola's first daughter, Tolani, is a singer. She was born to Otedola and his former wife, Olayinka Odukoya. In , having identified an opportunity in the fuel retail market, Otedola secured the finance to set up Zenon Petroleum and Gas Ltd, a petroleum products marketing and distribution company. As owner and chairman of Zenon, in , he invested N15 billion in downstream infrastructure development and acquired storage depots at Ibafon, Apapa as well as four cargo vessels, amounting to a combined total storage capacity of , metric tons. In , Zenon was among a number of companies named in a report into an alleged fuel subsidy scam.

Femi otedola

He is a visionary entrepreneur with a track record of pioneering businesses, growing and transforming corporations. His first foray into the downstream sector of the oil and gas industry began with Zenon Petroleum and Gas Limited thus disrupting and redefining standards in the industry. He thereafter initiated the purchase of majority shareholding in the then African Petroleum Plc in May and became the Chairman of the Board on 25 May The company grew in leaps and bounds to become a model of the possibilities inherent in Nigeria, winning numerous accolades in recognition of the successful business turnaround, diversified portfolio, prompt financial reporting, strong corporate governance, and investment of choice within the oil and gas industry. In December , he divested from the company by selling his shareholdings to the Ignite Consortium led by Prudent Energy Services Limited and handed over in June after completing the transaction. This is a demonstration of his long-term interest in the Power sector dating back to , when he took a strategic decision to participate in the Privatization Programme of the Nigerian Government. He has investments spread across various other interests including storage, shipping, and insurance brokerage in addition to port agency and petroleum retail outlets and he has built a formidable, value-driven presence along the downstream value chain. Femi has a rich experience in corporate boards having held several board memberships, including President of the Nigerian Chamber of Shipping. He was appointed a member of the Governing Council of the Nigerian Investment Promotion Council NIPC in January and in December of the same year, he became a member of the committee saddled with the task of fostering business relationships between the Nigerian and South African Private sectors. He is currently a member of the revered National Peace Committee. Femi is a philanthropist with deep involvement in educational causes at all levels via the Sir Michael Otedola Scholarship Awards Foundation and he has continued to demonstrate his passion for his immediate and extended communities by committing huge financial resources to the sponsorship of promising but financially disadvantaged students. Contact Us.

InOtedola established CentreForce Ltd, specialising in finance, investments and trading. Evening Standard. Reuters Africa.

In , Mr. In addition to his role at Geregu Power Plc, Mr. Transport Limited, F. In , following the consolidation of his father's businesses, Mr. Otedola diversified into finance, investment, and trading, establishing his own company, Centreforce Limited. Expanding his ventures, he incorporated Seaforce Shipping Company Limited in , managing a modern tanker fleet comprising vessels such as Mt.

The decision to elevate Otedola to the position of chairman was reached during a board meeting held today, Jan. He will succeed the outgoing chairman, Alhaji Ahmad Abdullahi, bringing to the role a wealth of experience and a transformative leadership track record across various industries. His business interest extends beyond the power sector. He has held various board memberships and leadership positions, including serving as the president of the Nigerian Chamber of Shipping and chairman of Transcorp Hilton Hotel, Abuja. Additionally, he actively participated in national economic management initiatives, serving on the National Economic Management Team chaired by former President Goodluck Jonathan. The scholarship fund covers the tuition fees of students for the academic session, reflecting his dedication to philanthropy, particularly in the education sector, through initiatives such as the Sir Michael Otedola Scholarship Awards Foundation.

Femi otedola

In addition to Dangote, the country is also home to other Forbes-recognized billionaires. The story of how the richest Black man in the world started his company from scratch will always inspire many entrepreneurs. Mike Adenuga made his wealth through telecom and oil production.

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Forte's improved financial position and diversification into power generation resulted in a 1, per cent rise in its share price during Archived from the original on 18 February Otedola has actively participated in various boards and committees, including the National Economic Management Team from September to May and the Honorary International Investors Council under Baroness Lynda Chalker's leadership. She oversees U. Retrieved 14 October Our businesses. Lady Doja, Mt. Join The Punch Newspapers Channel. Previously, he held the roles of co-founder and CEO at…. BBC News Pidgin. Ikeji, Linda. Archived from the original on 27 April

Nigerian billionaire businessman and philanthropist Femi Otedola has achieved yet another significant milestone in his illustrious career with his recent appointment as a Non-Executive Director on the Board of First Bank of Nigeria Holdings Plc. As the largest stakeholder in the Lagos-based financial services holding group, with an impressive 5. His success can be attributed to his business acumen and exceptional ability to identify opportunities in high-growth industries ahead of others, amassing an impressive fortune over the years.

The law firm, in a letter, dismissed claims by Ecobank that there was a Supreme Court judgment backing its stance that Otudeko owed it N A newly…. Learn more BBC News Pidgin. S stores and operations, both Canadian and Mexican divisions,…. In , he became a pioneer director of the Transnational Corporation of Nigeria Plc and was elected president of the Nigeria Chamber of Shipping in April of the same year. Retrieved 26 December Lady Doja, Mt. Archived from the original on 31 August Mass abduction: Bandits rubbish FG threats, kidnap 15 students in fresh attack. Otedola has made a number of real estate investments, including a N2. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH. Tools Tools. Hall Created by BlackEntrepreneurProfile. Vanguard News.