African Millionaires: Femi Otedola

This is a continuation of a series featuring millionaires across Africa who have turned heads with their dynamic approaches in the business, oil, and technology industry.


Femi Otedola, 46, is the CEO of African Petroleum Plc. Femi Otedola is also the Nigerian President Chief Executive officer of Zenon Petroleum and Gas limited.  Zenon Petroleum supplies fuel used to power the generating sets of most Nigerian industries to nearly all the major manufacturing firms in the country. These include Dangote Group, Cadbury, Coca Cola, Nigerian Breweries, MTN, Unilever, Nestle, Guinness among others. Otedola started Zenon few years ago and within a short time seized control of the market. Today he has become the pacesetter in the downstream sector while expanding the frontiers of competition.

Otedola owns one of the largest oil storage facility which he purchased for N2.8 billion. He bought hundred brand new trucks purchased for N1.3 billion to strengthen the distributive arm of his business and acquired a massive flat bottom bunker vessel with a storage capacity of 16, 000 metric tonnes of diesel for 6.8 million dollars. Zenon owns four cargo ships. He owns Atlas Shipping Agency, Swift Insurance, FO Properties Limited, FO Transport.

Based in London, Otedala is married to Nana Otedola, and has three children.