7 Companies Owned By Femi Otedola

Femi Otedola, a prominent Nigerian billionaire businessman, has been making waves in the business world with his diverse portfolio of companies. His impressive success and wealth accumulation are attributed to his strategic investments and business acumen. Otedola’s prominence extends across various sectors, showcasing his remarkable ability to create value and foster growth. 

While he is best known for his involvement in the power generation industry, Otedola’s influence transcends this single sector. With extensive holdings and investments in various industries, he stands as one of Africa’s top billionaires, leaving an indelible mark on the continent’s business landscape. Let’s take a look into the achievements of Femi Otedola, a visionary entrepreneur who has redefined success through his diverse companies.

Geregu Power Plc

In a historic development in October 2022, Geregu Power Plc, a company under the ownership of Femi Otedola, achieved a remarkable milestone by becoming the first electricity generation company to be publicly listed on the Nigerian Stock Exchange. This groundbreaking achievement marked a pivotal moment in the company’s journey. 

Geregu Power is renowned for its substantial capacity, featuring three STG5-2000E gas turbine generator units with a combined output of 435 MW. Its excellence has garnered recognition from the Nigerian government, which is considering Geregu Power as a potential acquirer for a second government-owned power plant, capable of generating 729 MW. With an impressive 90-percent ownership stake, Femi Otedola further solidifies his status as one of Africa’s most affluent billionaires.

Zenon Petroleum & Gas Limited

Back in 2003, Femi Otedola spotted a lucrative opportunity in the fuel retail market and laid the foundation for Zenon Petroleum and Gas Ltd. Serving as its owner and chairman, he made substantial investments of N15 billion (equivalent to $120 million at the time) to develop downstream infrastructure and acquire storage depots with a combined capacity of 147,000 metric tonnes. 

Zenon’s growth trajectory took an interesting turn in 2022 when it received a significant boost of $19 million from Ignite Investment, owned by Nigerian energy magnate Abdulwasiu Sowami. This infusion of capital resulted from an arbitration case filed in the London Court of International Arbitration (LCIA) the previous year, showcasing the company’s resilience and Otedola’s strategic leadership.

First Bank of Nigeria Holdings Plc 

First Bank of Nigeria Holdings Plc (FBNH), Nigeria’s oldest and one of the top five financial institutions in Africa’s largest economy, holds a significant place in Femi Otedola’s investment portfolio. Otedola’s ownership of 1,818,551,625 shares, equivalent to a 5.07-percent stake in the bank, highlights his stature as a prominent investor. 

Notably, his stake is poised to yield a substantial windfall of $2.17 million. This dividend income solidifies his position as one of Nigeria’s leading earners in the banking sector, showcasing his savvy investment choices and the importance of FBNH in his diverse financial endeavors.

Seaforce Shipping Company Limited

Founded by Femi Otedola in 2001, Seaforce Shipping Company Limited swiftly rose to prominence as Nigeria’s preeminent local shipping company. It achieved unparalleled success in the distribution of diesel products, solidifying its position as the country’s leading shipowner. 

Notably, one of Seaforce’s distinctive vessels, a pioneering flat-bottomed bunker ship, held the distinction of being Africa’s first of its kind, boasting an impressive storage capacity of 16,000 metric tonnes. Seaforce’s rapid ascent in the shipping industry underscored Otedola’s entrepreneurial acumen and his ability to create innovative solutions within the maritime sector.

F.O. Properties Limited

Established by Femi Otedola, F.O. Properties Limited is a significant player in its portfolio of companies. While it may not be as widely recognized as some of his other enterprises, it plays a crucial role in Otedola’s real estate investments. Founded with a vision for property development and investment, F.O. Properties has likely contributed to his wealth diversification strategy. 

Real estate is known for its long-term investment potential, and Otedola’s involvement in F.O. Properties reflects his commitment to building a robust and diversified portfolio of companies beyond his well-known ventures. It underscores his prudent approach to wealth management and investment.

CentreForce Ltd

In 1994, Femi Otedola established CentreForce Ltd, a company specializing in finance, investments, and trading. While details about CentreForce Ltd’s specific activities may be limited, its establishment reflects Otedola’s early foray into the world of finance and investment. It underscores his entrepreneurial spirit and the diversification of his business interests, adding to the roster of companies within his extensive and diverse portfolio.

Swift Insurance

Femi Otedola is also the owner of Swift Insurance, adding yet another company to his diverse portfolio of companies. While specific details about Swift Insurance may be limited, its inclusion in Otedola’s business holdings highlights his involvement in the insurance sector, further expanding his reach as a prominent entrepreneur and investor across various industries.