Femi Otedola’s close relationships with influential figures in both business and politics serve as pillars of strength, propelling him forward on the path to success and becoming a force behind Nigeria’s economic landscape.
Femi Otedola, one of the most famous billionaire businessmen in Nigeria, is a major investor in several sectors of the economy including power and banking.
Otedola, whose net worth stood at $1.6bn as of 28 March on Forbes’ billionaire list, is the chair of two of the largest companies by market capitalisation on the Nigerian bourse: Geregu Power Plc and FBN Holdings Plc.
Earlier this year, he hit the headlines following a significant acquisition of shares in Dangote Cement, the flagship company of his friend and fellow billionaire, Aliko Dangote. The announcement – which came at the same time as the establishment of Dangote’s oil refinery – saw Dangote Cement’s market capitalisation jump to N13trn in January from N5.45trn a month earlier.
On 31 January, he was appointed chairman of FBN Holdings, less than six months after he became a non-executive director of the company, where he has a major shareholding.
Last week, the financial institution announced the appointment of five directors, three of whom are for its subsidiary First Bank of Nigeria Limited. At least one of them is close to Otedola. The management team and board of his listed company, Geregu Power, is also dominated by people who worked with him in Forte Oil Plc, the downstream oil business he divested from in 2019 and whose name has since been changed to Ardova Plc by the new owners.
Here are some of the key people in Otedola’s inner circle, including close friends and long-serving leaders in his business who have remained invaluable over the years.
Akin Akinfemiwa
The chief executive officer of Geregu Power is one of the key people in Otedola’s business empire.
In July 2023, the billionaire disclosed how he met Akinfemiwa 19 years ago and employed him to work for him at his London-based company, Fineshade Energy.
During Akinfemiwa’s 50th birthday party, Otedola recalled how his business empire collapsed and he had to sack himself. “I made Akin the CEO of the London office, and I was so impressed by the way he turned around the business.”
“I gave him 1% of the business. I later made him the CEO of Zenon Oil, and then the CEO of African Petroleum which I later changed to Forte Oil,” he added.
Akinfemiwa is said to be responsible for the massive turnaround witnessed in Forte Oil before Otedola divested from it. He also served as chairman of Forte Upstream Services and the Major Oil Marketers Association of Nigeria, now known as the Major Energy Marketers Association of Nigeria.
Christopher Adeyemi
When Otedola was the chairman of African Petroleum, the precursor to Forte Oil, Adeyemi was a director on the board of the company. He was a non-executive director of Forte Oil from 2009 to 2019.
He is currently a board member of Geregu Power with vast experience in corporate and commercial, international property and entertainment law.
Adeyemi attended the same university as Otedola, Obafemi Awolowo University, Ile Ife, where he obtained his LLB (Hons) degree in 1989. He became a Barrister and Solicitor of the Supreme Court of Nigeria in 1991.
He began his legal career as head of the Green Form Advice and Assistance Team in the Legal Aid Board of England and Wales. After leaving the public sector, Adeyemi, in partnership with others, set up Agape Consulting, a legal practice and management consultancy that assists in setting up and advising law firms in the UK.
He is currently the principal partner of Agape Solicitors, a leading Lagos-based commercial law practice.
Julius Omodayo-Owotuga
He played a pivotal role as group executive director of finance and risk management at Forte Oil, which he joined in 2011. He was a major contributor to the transformation of the company into a multimillion-dollar profit-making business.
He has been the deputy chief executive of Geregu Power since 2019, overseeing the finance, risk management, treasury, information technology and general administration of the group.
His appointment in December 2021 as a non-executive director of FBN Holdings Plc was a further sign of Otedola’s confidence in his ability. He was appointed to represent the interest of Otedola after the tycoon became the biggest individual shareholder of the banking group.
Before Omodayo-Owotuga joined Forte Oil, he was at Africa Finance Corporation, Standard Chartered Bank Nigeria Limited and KPMG Professional Services,
He is an alumnus of Oxford University’s Saïd Business School, UK, IE Business School, Spain and the University of Lagos, Nigeria. He holds a B.Sc. in Accounting and a Masters in Business Administration.
Anil Dua
He is a foreigner who has been on the boards of three companies in which Otedola has significant stakes. From 2015 to 2019, he was a non-executive director at Forte Oil. He is currently a director of Geregu Power.
Last week, he was appointed as an independent non-executive director of First Bank of Nigeria less than two months after Otedola became the chair of its holding company.
Before joining Forte Oil in 2015, he was the CEO for West Africa at Standard Chartered Bank, where he worked for over three decades.
Dua is a co-founder and partner of Gateway Partners, a private equity fund focused on growth markets including Africa, the Middle East and Asia. He doubles as a member of its investment committee, leading deal origination and execution across Africa.
Aliko Dangote
Africa’s richest man has been friends with Otedola for many years, and their friendship is well publicised. In late 2008, a feud broke out between them and lasted a year before they were reconciled. Since then, their friendship has blossomed as they are often seen together at functions.
In 2022, Otedola described Dangote as a brother, mentor and best friend in a post on Instagram to celebrate him on the occasion of his birthday. “Happy birthday to the greatest man that has come out of Africa… Aliko Dangote is a titan that God created especially for mankind. You have broken every boundary in worldwide business and industry. Thanks for the brotherly love.”
Dangote is the founder and president/chief executive of the Dangote Group, the largest conglomerate in West Africa with a presence in 17 African countries
Bola Tinubu
Ahead of the 2023 election on 4 July 2022, Otedola visited Tinubu, the then-presidential candidate of the ruling All Progressives Congress (APC), in Paris, France, and called him a “great friend”. “May God grant him his heart’s desire in becoming the President of this great nation,” he said on X, formerly Twitter.
Tinubu, who became governor of Lagos State six years after Otedola’s father left office, was elected president of the country last year.
Dapo Abiodun
He is the governor of Ogun State, which shares borders with Lagos. Before taking the helm of the state in 2019, he was the chief executive officer of Heyden Petroleum Limited, a company he started in 2001, and chairman of the Depot and Petroleum Product Marketers Association.
He and Otedola have remained friends for years. “I had a great time with my friend, Prince Dapo Abiodun CON,” Otedola said on X on 19 July 2023. “I commended him for his strides in Ogun State particularly on the ongoing construction of the Agro Cargo International Airport and other people-oriented projects being undertaken by his administration.”
Babajide Sanwo-Olu
The childhood friend of Otedola is the governor of Lagos, one of the largest and fastest-growing mega-cities in Africa.
In November 2018, the business magnate posted on Instagram a picture of himself and his friend taken after a dinner at the former’s residence. He described Sanwo-Olu, who was then the candidate of the APC for the 2019 election, as “governor in waiting”.
In January this year, Otedola donated N1bn to the state in support of its security trust fund.
Olawunmi Otedola
She is the first child of Otedola and a board member at Geregu Power. She has worked with several organisations including Zenon Petroleum and Gas Limited and Scottish Church Heritage Research.
She is the founder of The Utopia Group, a non-governmental organisation focused on alleviating the plights of Nigerian children, and an alumnus of the University of St. Andrews where she obtained an M.A. in psychology in 2009.
(The African Report)
