Ok, I once called him an activist and he did not like it. He said, “Edgar, I am not an activist. I just want the right things to be done. We cannot be running banks and other such institutions and the shareholders—and by extension the larger Nigerian community—not be the better for it.”
So what do you call that if not economic activism?
His actions in some of the firms in which he holds significant stakes have been nothing short of Augean stable cleansing.
Just a few weeks before this writing, he broke all the tables again with the forbearance issue.
Let me explain. The Central Bank of Nigeria (CBN) had said that all banks should clear their books of non-performing loans.
The banks had been carrying these toxic assets and declaring humongous paper profits with no real liquidity—and as if that was not bad enough, were even paying taxes on these bogus profits.
FBN Holdings, under Femi, just woke up one morning and cleared the whole thing—over N700 billion in bad credit—dropping its profits by over 90%.
And wow! The markets screamed, “Oh my God!” While others were dithering and staggering the thing, the Printer’s son just took a cutlass to it and cleared the whole “stubborn grass” so that the century-old institution could breathe.
If this is not activism, I don’t know what it is.
Even before this, he had carried his “wahala” to Zenith Bank, Transcorp, and Geregu Power Plc, which he later offloaded after cleaning it up in one of the most profitable deals in the history of our markets.
Femi has achieved that first-name recognition reserved for immortals in certain classes.
If you don’t get what I mean, let me explain.
In music, once you say Michael, people shout Jackson. When you say Whitney, people shout Houston.
So in our markets, once you shout Femi, people shout Otedola.
That he is an enigma cannot be discounted.
To know him better, just go read his bestseller, Making It Big, and you will be able to track his trajectory from the floor of his father’s printing press to the dizzying heights of international boardroom politics.
Femi has attained a cornerstone positioning in our economy and national life.
If he were Russian, he would be called an oligarch and own a British Premiership club. But he is from Epe and has made do with a huge university and one of the biggest philanthropic gestures in recent memory—a N5 billion donation, after which he told me in a call, “Oya, that is how it is done.”
His humanitarianism is his biggest asset. His donations dwarf many others and remain some of the most strategic.
He has touched millions very deliberately—often with no fanfare but with calculated placements aimed at massive impact.
Olufemi Peter Otedola was born November 4, 1962, in Ibadan, Oyo State, Nigeria, of Yoruba ethnicity.
He is the son of the late Michael Otedola, former Governor of Lagos State (1992–1993).
He attended Olivet Baptist High School but before then had found himself at the iconic University of Lagos Staff School before berthing at the famosu Methodist Boys High School in Lagos, whose alumnae include people like Dr Nnamdi Azikiwe
After his first year at A Levels he found more solace in the grinding furnace that was Impact Press, a new printing concern his father had just set up
From there, he has built a colourful business career, beginning with the founding of Zenon Petroleum and Gas Ltd in 2003, transforming Nigeria’s diesel market.
By 2005, Zenon was supplying fuel to major corporations including Dangote Group, MTN, Coca-Cola, and Nigerian Breweries.
He later acquired a controlling stake in African Petroleum, rebranded it as Forte Oil Plc, and sold it in 2019 to focus on power generation.
He became Executive Chairman of Geregu Power Plc, led its listing on the Nigerian Exchange, and attracted institutional investors including Afreximbank and State Grid Corporation of China.
He has since exited Geregu in what has been described as one of the most lucrative deals ever in the market.
His other investments include significant stakes in Zenith Bank, FBN Holdings, and other financial institutions.
He is said to own properties across Lagos, London, Dubai, Monaco, and New York.
He is known for generous donations to education, health, and disaster relief, including the aforementioned ₦5 billion donation to Save the Children through his daughter DJ Cuppy’s foundation.
He supports various causes through the Femi Otedola Foundation.
He is married to Nana Otedola and is the father of four children: Tolani (singer), DJ Cuppy (Florence Otedola), Temi Otedola (actress and fashion influencer), and Fewa Otedola.
He is listed among Forbes Africa’s richest individuals, with a net worth estimated at $1.7 billion as of 2025, he is widely respected for his business acumen, strategic investments, and philanthropic leadership.
Duke of Shomolu
Femis entry on the Maddtimes Power list Coffee table
Last modified: February 23, 2026
