FEMI OTEDOLA
Nigeria's oil and energy tycoon who built Zenon Petroleum, then became chairman and largest shareholder of First HoldCo, the parent of Nigeria's oldest bank
Nigeria's most flamboyant billionaire. Femi Otedola built a fortune in oil and energy, cashed out of power generation for roughly $750 million, and then spent the proceeds buying up First HoldCo — the parent of Nigeria's oldest bank — until he was its chairman and biggest shareholder. He lives like a man who has read the billionaire playbook and decided to do everything in it. Lamborghinis, London mansions, and a philanthropic foundation, all while navigating the most complex business environment in Africa. He made Forbes' billionaire list, lost it during an oil price crash, and clawed his way back. In Nigeria, that is basically a Tuesday.
Net Worth
$1.9 billion
Verified Sep 2026
Nationality
Nigerian
Time Horizon
Long-Term
Risk Appetite
8 / 10
Net Worth Context
- · Still a billionaire — just the quiet kind at the end of the table.
CAREER & BACKGROUND
Born in 1962 in Lagos, Nigeria. His father, Sir Michael Otedola, was a former governor of Lagos State.
Grew up with political connections but built his fortune independently.
Started in the finance industry before moving to oil trading and downstream petroleum. Founded Zenon Petroleum and Gas Ltd, which became one of Nigeria's largest diesel and fuel distribution companies.
At its peak, Zenon supplied an estimated 30% of Nigeria's diesel fuel.
His fortune has been volatile — tied heavily to oil prices and Nigerian economic conditions. He made the Forbes billionaire list, then lost billionaire status when oil prices crashed in 2015-2016, then regained it as his investments diversified.
He then shifted from pure oil to financial services and power. Geregu Power Plc listed on the Nigerian Exchange in 2022, the first power generation company to do so in Nigeria, and he sold his majority stake in 2025 for around $750 million.
He is now chairman of First HoldCo Plc and its largest shareholder, having pushed his holding past 25% and stated that he is aiming for outright control.
COMPANIES & ROLES
Zenon Petroleum was the original fortune — fuel distribution across Nigeria. First HoldCo Plc (formerly FBN Holdings, parent of First Bank of Nigeria) — he is chairman and by far its largest shareholder, holding roughly a quarter of the company and openly targeting majority control.
Geregu Power Plc — he took it public on the Nigerian Exchange in 2022, then sold his majority stake in 2025 for around $750 million, retaining about 5%. He also has real estate holdings in London and Lagos.
INVESTING STYLE & PHILOSOPHY
Concentrated bets on Nigeria's essential industries. Otedola invests in the sectors that Nigeria absolutely cannot function without: fuel, banking, and power generation.
His thesis is simple: 200 million people need energy and banking services. The execution is hard.
The demand is guaranteed.
THE PLAYBOOK
Risk Approach
Very high. Operating in Nigeria's oil sector requires navigating political uncertainty, currency volatility, infrastructure challenges, and regulatory complexity.
Otedola has repeatedly bet big and been right, but the risks are real — his net worth has fluctuated by billions based on oil prices and currency movements.
Money Habits
Otedola lives large. Properties in Lagos, London, and Monaco.
He is famous for buying Ferraris and Lamborghinis, and once bought luxury cars as gifts for friends. He also gives at genuine scale: in 2019 he donated $14 million, about N5 billion, to Save the Children to help displaced children in Borno, Adamawa and Katsina — routed through the Cuppy Foundation, the charity run by his daughter Florence.
The Vice President called it the single largest philanthropic donation in the country. He is one of Africa's most visible billionaires.
BIGGEST WIN
First HoldCo. Otedola quietly accumulated shares in what was then FBN Holdings, became its single largest shareholder, and then its chairman.
He has kept buying — his stake passed 25% in 2026 and he has said openly that his threshold has always been above 51%. The move diversified his fortune away from oil and into one of Nigeria's oldest and largest banking groups.
The 2025 sale of his Geregu Power majority stake for roughly $750 million was the other big one.
BIGGEST MISTAKE
Oil price dependency. When crude oil crashed in 2015-2016, Otedola's net worth dropped below the billionaire threshold.
He had been too concentrated in petroleum. The experience drove his diversification into banking and power generation.
In Nigeria's oil-dependent economy, concentration risk is particularly brutal.
FINANCIAL PHILOSOPHY
Control the essentials. Otedola invests in industries that people need regardless of economic conditions — fuel, banking, electricity.
He believes the safest long-term bet in Africa is infrastructure and essential services for a growing population.
FAMILY & PERSONAL LIFE
His father was Sir Michael Otedola, former governor of Lagos State. He has daughters who are publicly prominent — DJ Cuppy (Florence Otedola) is a well-known DJ and media personality.
The family is one of the most visible in Nigerian society.
EDUCATION
Studied at various institutions. His education is less documented than his business career.
He learned business through trading and Nigerian commerce, not through an MBA program.
BOOKS & RESOURCES
On why the poorest countries stay poor. Essential context for understanding the business environment Otedola operates in
On institutions and prosperity. Nigeria's institutional challenges are central to Otedola's business story
The free market principles that underpin Otedola's approach to private enterprise in a developing economy
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