Mr. Femi Otedola is a Nigerian Businessman, CEO of Zenon Petroleum and Gas Limited and chairman of Forte Oil Plc. He also made it to the Forbes list of richest people in Africa alongside such famous billionaire as Aliko Dangote. Learn more about the man who is a major player in the oil and gas industry.
Mr. Femi Otedola is a Nigerian oil mogul and one of the richest people in Africa. Born on the 4th of November 1962, Femi Otedola is a son of a former governor of Lagos State, Sir Michael Otedola. He obtained a university degree at Obafemi Awolowo University, Ile-Ife, Osun State. Before venturing into the petroleum industry, he took charge of his family’s printing press business. In 1994, Mr. Otedola started Centre Force Limited which specialized in finance, investment, and trading.
Femi Otedola career
Mr. Femi Otedola has asserted himself in the market of the Nigerian oil and gas. In 2003, he founded the Zenon Petroleum and Gas Limited which specializes in the marketing and distribution of petroleum products. In 2004, Mr. Femi Otedola invested 15 billion Naira in Zenon which was used in infrastructure development and acquiring storage depots and cargo vessels. The company owns storage depots at Ibafon and Apapa and also possesses four cargo vessels. Three of the cargo vessels are named after his father, mother, and wife. Their names are MT Sir Michael, MT Lady Doja, and MT Nana respectively while the last one is named Zenon conquest. Zenon controls a major share of the diesel market and supplies fuel to most of the major Nigerian manufacturing industries. These include Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestle, and Guinness. Zenon was able to seize control of the market in a very short time.
Source: madailygist.com
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