Forte Oil boss, Femi Otedola is one of Nigeria’s billionaire who is a bundle of success. He plays big in the diesel business in Nigeria. He is one of the successful individuals who has taken his business to the next level.
Femi Otedola was born as a silver spoon but he was never spoilt. He was taught about life early in life courtesy of his late father. His late father, Sir Micheal Otedola was the former Governor of Lagos State and his mum is Lady DojaOtedola who is ageing gracefully.
A few weeks ago, Late Micheal Otedola was remembered after 5 years of his demise by his wife and children and family as a whole. Late Otedola has successful children no doubt and one of them is Femi Otedola. We cannot take away the fact that Femi was well brought up, modelled in a good way and followed a good legacy because he has everything to show that he is a success and this can be traced to his father whom he loved dearly. During his father’s 5 years memorial, he revealed his closeness to his Dad and attributed his success to him, no wonder he took after his father’s savvy entrepreneurial skills and philanthropy.
On his social media page, he penned a heartwarming tribute to his late old man, Sir Micheal Otedola. He started off by noting that it has been five years without having his dad around, adding that even if time truly goes by so fast, the memories of the deceased will forever remain with him. He then went on to recount one of the significant experiences shared with his late dad, which eventually became the turning point in his successful career. He said: “It’s been 5 years without you Dad! Time truly goes by very fast but your memories remain. 21 years ago, when I sold the first house I ever built to buy diesel trucks I also requested a loan and you graciously obliged which became a turning point in my success!”
The billionaire businessman concluded his post by praying for his dearly beloved father to continue resting on. “Rest on my dearly beloved father, rest on Sir Micheal Otedola!”. In all of Femi’s interview, he has always attributed his success to his late father who taught him all about success. How did he get into the business, and how did his father had a great influence on him, this and many more some of what he shared below.
From birth, it was obvious Femi Otedola was destined for greatness. He had the family and upbringing everyone will wish to. Femi was Born in 1962 in the ancient city of Ibadan, the Capital City of Oyo State in Nigeria. His Father, Sir Michael Otedola was a former governor of Lagos State and a key player in the oil industry working for Mobil. His late father was a disciplinarian, which help shaped him to become successful.
He said, “He was strict and was disciplined. He always kept saying to me that honesty is always the best policy, hardwork and contentment. He would always allow you to pursue what you believe to be your destiny, he wasn’t the type to interfere unnecessarily with what his children were doing.” With the world at his feet, he could have chosen to become anything. But when he was a little boy, all he wanted was to become a Reverend father.”As a young boy growing up, I always had the ambition of becoming a Catholic reverend father. I used to admire reverend fathers in their clean white cassock and I thought this was my destiny” He told ProShare.
Femi Otedola discovered his business instinct very early in life. He started his first company at the age of 6! The company had a plan and a name. His father was working for Mobil at the time, and the goal was the cut to nails of his father’s guest then issue them receipt for his services. And he was getting paid.
“I had my first business at the age of six. It was called FEMCO. I would offer to groom my parents’ guests’ nails. Then, write a receipt and charge them for my service. They paid me too. I always had an interest in business.”This early startup under the watchful eyes of his father set him up for an amazing career.After graduation, he joined the family business. He took charge of the marketing department of the family printing press. He worked hard, gain experience.
After working for years and consolidating the family business, Femi Otedola ventured out on his own, starting his own company, Centreforce Limited. The company focused on finance, investment and trading.About five years after he left the family business, Femi Otedola ventured into the oil and gas sector. The beggining was very humble. From his privileged position as Governor’s son, he had friends who supplied him diesel but after there was a change in government. All the privileged stopped. And he had to find a solution.The turning point for him was when he ordered for diesel and it was delivered three days later with a broken truck. At this point, Femi saw an opening. He could do better and provide better services. So he decided to venture into diesel supply business. Then he started buying diesel from a retailer and supplied to companies.
When he wanted to buy depot to expand, he was cash-crunched so he contacted his friend, “I contacted Zenith Bank, sold my pitch on the venture and how we would finance it. I had a meeting that barely lasted 10 minutes with Jim Ovia he believed in me and it was a done deal. This was in 2003.”With the acquisition of the depot, it didn’t take long before he took almost full control of the oil and gas supply business in Nigeria. With his company, Zenon Petroleum and Gas Limited, controlling 91% of the market. His company acquired three large cargo ship that he named after his family. MT Sir Michael (named after his father), MT Lady Doja (named after his mother), and MT Nana (named after his wife).He immediately expanded into many sectors. First was to set up a transport and shipping company in line with the logistics attached with diesel supply – F.O. Transport and Seaforce Shipping. Then he went into the property and bought many large companies. He was just 35 and it took him just 7 years to achieve it all.
He later became the largest importer of diesel in Nigeria. In early 2009, Forbes magazine included him in the list of the richest people in the world with an estimated net worth of $1.2 billion. The second Nigerian to make the list after Aliko Dangote. By 2014, Femi Otedola was back again in the Forbes list of richest people in the world. This time, bigger than ever. With a Net worth of $1.8 billion.
–TAYO FAJORIN OYEDIJI
