Femi Otedola, before the billions, was Nigeria’s largest private shipowner

Key Points

• Otedola built Nigeria’s largest private shipping fleet by 2007, supplying over 90% of the country’s diesel and powering major industries.
• He expanded into energy and banking, leading Geregu Power and FirstHoldco Plc to record-breaking profits and landmark projects like a 44-story headquarters.
• Through bold philanthropy, including a $14 million donation to Save the Children U.K., Otedola pairs business success with transformative giving.

Before billionaire businessman and philanthropist Femi Otedola became one of Nigeria’s most recognized billionaires, and long before he was leading major corporate turnarounds across Africa, he was quietly building his empire, one tanker at a time. In the early 2000s, before the headlines and the high-profile boardroom moves, Otedola was focused on a simple but powerful idea: creating Nigeria’s largest privately owned shipping fleet. It was steady, deliberate work, but it laid the foundation for one of the most remarkable business success stories on the continent.

Born on Nov. 4, 1962, into the family of Sir Michael Otedola, a former governor of Lagos State, Femi’s early life hinted at the ambition to come. He started off working at his father’s Impact Press before venturing out on his own, launching Centerforce Limited, a finance, and investment firm, during Nigeria’s tough economic climate in the 1990s. But the real turning point came in 1999 when, at 37, he founded Zenon Petroleum & Gas Limited, an indigenous company focused on the procurement, storage, marketing, and distribution of petroleum products. In the high-stakes world of oil and gas, few understood logistics the way Otedola did.

Shipping dreams built on family values

By 2001, recognizing that transportation was the lifeblood of the petroleum trade, he founded Seaforce Shipping Company Limited to challenge an industry long dominated by foreign players. Within six years, Seaforce became Nigeria’s largest private shipping company, operating a fleet with a combined capacity of over 150,000 metric tons. His ships weren’t just business assets—they were personal. Vessels like the Mt. Sir Michael, Mt. Lady Doja, Mt. Nana, and Mt. Zenon Conquest carried the names of his father, mother, wife, and company, each one a tribute to the family values that anchored his ambitions.

Between 2001 and 2007, Otedola’s control of the shipping sector helped him supply more than 90 percent of Nigeria’s diesel needs—a staggering achievement in a country where diesel was the engine behind everything from factories to mobile networks. Companies like Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestlé, and Guinness all relied on Zenon for fuel, putting Otedola at the center of the country’s industrial heartbeat.

While many saw Nigeria’s poor infrastructure as an obstacle, Otedola saw opportunity. In 2004, he invested N15 billion (then about $100 million) into expanding his operations—building massive storage depots at Ibafon and Apapa ports and purchasing four more cargo vessels. That same year, he spent N1.4 billion (around $10 million) to acquire 100 DAF tanker trucks, extending Zenon’s reach across Nigeria’s vast landscape. These moves didn’t just grow his business—they built the backbone for his future empire.

By March 2007, Otedola’s influence was impossible to ignore. Ten Nigerian banks came together to back him with a $1.5 billion syndicated loan aimed at constructing Africa’s largest premium motor spirit storage facility. Later that year, he made an even bolder move—Zenon acquired a 28.7 percent stake in African Petroleum, one of Nigeria’s biggest fuel marketers. Within a year, his stake was worth more than $1.2 billion, and African Petroleum was rebranded as Forte Oil Plc, aligning with Otedola’s expanding vision.

Femi Otedola reshapes banking and power sectors

At just 46 years old, Otedola became the second Nigerian—after Aliko Dangote—to make the Forbes Billionaires List. Even now, at 62, he holds the title of Nigeria’s youngest billionaire to reach that milestone. Yet for Otedola, success was never about reaching a destination; it was about building something even bigger.

In 2013, he set his sights on the power sector, acquiring a 414-megawatt plant during the Nigerian government’s privatization drive. That deal gave birth to Geregu Power Plc, which has since become one of Africa’s leading power companies. In 2018, he made another decisive move—selling off Forte Oil’s downstream operations for hundreds of millions of dollars and focusing fully on power and finance, two sectors he believes are key to Nigeria’s future.

Today, as Chairman of Geregu Power Plc and FirstHoldco Plc—the parent company of Nigeria’s oldest bank, First Bank of Nigeria—Otedola oversees an empire that drives two of the economy’s most critical sectors. Under his leadership, Geregu’s profits surged from N24.4 billion ($15.8 million) in 2023 to N41.27 billion ($26.8 million) in 2024, cementing its place as a leader in Africa’s energy landscape. Geregu was also recognized as the “Most Compliant Listed Company of the Year” in 2024, a nod to Otedola’s focus on governance and high standards.

His impact on FirstHoldco has been just as powerful. Gross earnings topped $2 billion, and total assets hit $17.46 billion by the end of 2024. But the numbers only tell part of the story. The rebranding of FirstHoldco wasn’t just cosmetic—it was a statement of intent. The groundbreaking of the group’s new 44-story headquarters in Eko Atlantic City, attended by Vice President Kashim Shettima, Aliko Dangote, Lagos State Governor Babajide Sanwo-Olu, and other key figures, marked a new chapter under Otedola’s leadership.

Otedola pairs philanthropy with bold strategy

Even with luxury homes spread across Victoria Island, Ikoyi, Abuja, London, Dubai, and Monte Carlo, Femi Otedola has always kept his eyes on what’s next. His approach to philanthropy mirrors the way he built his businesses—bold, direct, and meant to make a real difference.

In 2019, when he gave $14 million to Save the Children U.K.—the largest cash donation ever made by a Nigerian—he explained it in simple, powerful words: “In my life, in my journey, I have taken the risk, I have done the chase, I have enjoyed the thrill, I have achieved success and recognition. What next? You give it back. A lot of people think when they die they’ll take their money with them. We’ll see.”

Femi Otedola’s journey isn’t a story of luck or overnight success. It’s a story built on vision, hard work, and a deep refusal to stand still. Long before the skyscrapers, the billions, or the spotlight, there were ships—and a young Nigerian entrepreneur who believed he wasn’t just meant to cross oceans, but to shape the future.