Femi Otedola is without any doubt one of the richest men in Nigeria today. He proved that recently by extravagantly splashing more than half-million dollars on brand new Ferrari’s for his three daughters recently.
One may mistakenly think his wealth is first-generation or self-acquired, but that is not the truth. He actually inherited most of his money from his late father, Michael Otedola. His dad was a prolific businessman, who had shares in several companies all over the country.
When his father kicked the bucket, Femi Otedola inherited all his properties including most of the shares he owned in several businesses. He established Zenon Petroleum and Gas Ltd by using his father’s properties as collateral to get finances for the company’s establishment.
Zenon Petroleum paved the way for him to have a greater share in the country’s diesel market, and eventually to his riches.
He became the CEO of African Petroleum in 2007 by appointment. He modernised their work after he became the head, and concentrated more on the use of technology to do their businesses.