Femi Otedola is one of Nigeria’s most recognizable business figures, known for building and rebuilding fortunes across oil, gas, power, and banking over more than three decades. This article covers his background, how he built his business empire, his current standing as one of Africa’s wealthiest individuals, and the family life that has made him a familiar name well beyond the business pages.
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Who Is Femi Otedola?
Femi Otedola’s full name is Olufemi Peter Otedola. He was born on November 4, 1962, in Ibadan, Oyo State, Nigeria, making him 63 years old in 2026. Although born in Ibadan, his family’s roots trace back to the Epe area of Lagos State. He is Yoruba, comes from a prominent political family, and identifies as Christian.
His father, Sir Michael Otedola, served as a former Governor of Lagos State, which placed Femi within influential political and business circles from a young age. He completed his university education at Obafemi Awolowo University in Ile-Ife, graduating in 1985. Before striking out on his own, he spent time working within his family’s business interests, gaining early exposure to commerce and trade that would later shape his approach to building companies from the ground up.
Building the Business Empire
Otedola’s path to wealth began in commodity trading, where he made his early fortune before shifting his focus toward Nigeria’s energy sector. He founded Zenon Petroleum and Gas Ltd, a move that helped establish him as a serious player in the oil and gas industry and set the stage for the ventures that followed.
He went on to serve as Chairman and Chief Executive of African Petroleum before taking the helm at Forte Oil PLC, one of Nigeria’s best-known fuel marketing companies, as its chairman. Under his leadership, Forte Oil grew into a major listed company on the Nigerian stock exchange. In 2015, Swiss commodities firm Mercuria agreed to acquire a stake in Forte Oil, a deal that underscored the company’s standing at the time. Otedola eventually exited the oil marketing business entirely, completing the sale of his stake in Forte Oil to Prudent Energy in 2019 and closing a major chapter of his career in the sector that first made him a household name.
Rather than stepping back from business, Otedola redirected his focus toward power generation and finance. He became Executive Chairman of Geregu Power PLC, a role he still holds, and has retained majority ownership even after bringing in institutional investors such as the Nigerian government, the Afrexim Fund for Export Development in Africa, and the State Grid Corporation of China. Geregu Power has since become a central pillar of his current business identity, positioning him as a significant figure in Nigeria’s electricity generation sector.
Beyond energy, Otedola expanded into banking and finance. He acquired a significant stake in First Bank of Nigeria’s holding company in 2021, becoming one of its largest shareholders, and he also holds shares in Zenith Bank. His broader portfolio includes Swift Insurance and SeaForce Shipping Company, reflecting a deliberate strategy of diversifying beyond any single sector. He also maintains real estate holdings in Lagos, Dubai, London, and Monaco.
Femi Otedola’s Net Worth in 2026
Because Otedola’s fortune is tied heavily to publicly traded shares and private holdings, published net worth estimates vary depending on the source and the date of calculation. Forbes has placed his 2026 estimate at different points between roughly $1.3 billion and $1.7 billion over the course of the year, reflecting fluctuations in the value of his energy and banking holdings. Some outlets have cited figures closer to $1.4 billion to $1.5 billion as a general midpoint.
Notably, Forbes’ 2026 Africa rich list showed a decline in his fortune compared to the prior year, a shift attributed to changes in the market value of his core holdings rather than any single business event. Even with that decline, he remains one of only a small number of Nigerians to consistently appear on Forbes’ global billionaires list, and one of the wealthiest individuals in Nigeria overall.
As with most privately held fortunes, any specific figure attached to Otedola’s net worth should be treated as an estimate rather than a confirmed number, since it depends heavily on stock performance, asset valuations, and methodology used by whichever outlet is reporting it.
Family Life
Otedola is married with four children, and his family has become almost as publicly recognized as his business career. His eldest daughter, Florence “DJ Cuppy” Otedola, is a well-known Nigerian disc jockey and philanthropist who has used her platform to support charitable causes, including donations connected to child welfare programs in Nigeria. Another daughter, Temi Otedola, has built a career as a fashion blogger, actress, and designer, and married Nigerian musician Mr Eazi in a widely covered wedding held across multiple international locations. His son, Fewa, is the youngest of his children and lives with autism spectrum disorder; the family has been open about supporting autism awareness and inclusion.
Otedola has also drawn public attention for his taste in luxury assets, including a collection of high-end vehicles, a private jet, and a superyacht. In one widely discussed moment, he gifted brand-new Ferrari sports cars to each of his three daughters on the same day, a gesture that generated significant conversation on Nigerian social media at the time.
Conclusion
Femi Otedola’s career reflects a pattern of reinvention that has defined much of Nigeria’s modern business landscape, starting in commodities, building a name in oil and gas, exiting at a strategic moment, and then redirecting that capital into power generation and banking. While his exact net worth continues to shift with market conditions, his position as one of Nigeria’s most influential business figures, and one of Africa’s recognized billionaires, remains firmly intact heading into 2026.
Frequently Asked Questions
1. What is Femi Otedola’s full name? His full name is Olufemi Peter Otedola.
2. How old is Femi Otedola in 2026? He was born on November 4, 1962, making him 63 years old in 2026.
3. What is Femi Otedola’s net worth in 2026? Estimates vary by source and by the date of calculation, generally ranging between roughly $1.3 billion and $1.7 billion in 2026.
4. What companies has Femi Otedola led? He has led Zenon Petroleum and Gas, African Petroleum, Forte Oil PLC, and currently serves as Executive Chairman of Geregu Power PLC. He also holds interests in Swift Insurance, SeaForce Shipping, and stakes in First Bank of Nigeria’s holding company and Zenith Bank.
5. Did Femi Otedola sell Forte Oil? Yes. He completed the sale of his stake in Forte Oil to Prudent Energy in 2019, exiting the oil marketing business.
6. Who is Femi Otedola’s daughter, DJ Cuppy? DJ Cuppy, whose full name is Florence Otedola, is a Nigerian disc jockey and philanthropist and is Femi Otedola’s eldest daughter.
7. What sector does Femi Otedola focus on now? His primary business focus today is power generation through Geregu Power PLC, alongside investments in banking and finance.
8. Where did Femi Otedola study? He completed his university education at Obafemi Awolowo University in Ile-Ife, graduating in 1985.