Tag Archives: otedola

Femi Otedola No Longer A Billionaire – Forbes

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Nigerian businessman Femi Otedola has fallen off the billionaire cadre of entrepreneurs.

According to Forbes, Otedola who is the Chairman of Forte Oil, suffered the plunge as he lost $1.3bn following a fall in the stock price of the company.

Forbes said, “As at the close of trading on Friday, Forte Oil’s share price plunged to a one-year low of N145 ($0.44) per share, down from an all-time high of N342 ($1.1) in March this year when FORBES published its annual ranking of the world’s richest people.

“Apart from the tumble in Forte Oil’s stock price, Otedola’s fortune has also been adversely affected by a central bank devaluation of the Naira in June. In dollar terms, the devaluation in addition to Forte’s floundering share price has knocked about $1.3 billion off the value of Otedola’s fortune which was pegged at $1.8 billion in March.


Otedola is now worth only $550 million according to the FORBES’ billionaires’ database.

Alleged Bribe: Otedola To Testify Against Farouk Lawan

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Billionaire businessman, Mr. Femi Otedola, has been scheduled to appear as a prosecution witness before a Federal Capital Territory High Court in Lugbe, Abuja, in the ongoing trial of a former Chairman, House of Representatives Ad-hoc Committee on Fuel Subsidy, Mr. Farouk Lawan, for alleged bribery.

The Independent Corrupt Practices and other related offences Commission is prosecuting Lawan for allegedly “corruptly” collecting $500,000 out of the $3m bribe he requested from Otedola in exchange for the removal of the businessman’s company’s name from the list of firms indicted by the House committee for allegedly abusing the fuel subsidy regime in 2012.

The presiding judge, Justice Angela Otakula, on Tuesday adjourned the case till March 7 and 8 to enable the first prosecution witness, Mr. Boniface Emenalo, who was then secretary to the Lawan-led committee, to conclude his evidence.

Otedola, the chairman of Zenon Petroleum and Gas Limited, is expected to appear in court as the second prosecution witness on either of the two days, depending on how soon Emenalo concludes his own part.

Otedola was initially scheduled to testify against Lawan on February 2, but the businessman, who was somewhere within the court premises during the proceedings, was said to have taken his leave when it was clear that Emenalo was going to stay much longer in the witness box.

Credit: Punch

Photos From Dangote Cement Commissioning in Ethiopia

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Africa’s richest man Aliko Dangote yesterday June 4th took a lot of Nigerian businessman and captains of industries to Addis Ababa, Ethiopia for the commissioning of his Dangote Cement Plant. CBN governor, NSE CEO, former Cross River State governor, Donald Duke, billionaire business men Femi Otedola, Jim Ovia and MDs of Access Bank, Zenith Bank and First Bank and the Prime Minister of Ethiopia were all at the event. See the photos below…

Cecil Hammond with CBN governor
Dangote and his guests
Former MD of Access Bank Aig with other guests admiring the plant
MDs of First Bank and Access Bank
Cecil Hammond with ex-governors Donald Duke and Niyi Adebayo
Dangote with NSE CEO
Aliko Dangote giving a speech
Prime Minister of Ethiopia giving a speech

DJ Cuppy Talks About What It Feels To Be The Daughter Of A Billionaire

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Weeks ago, a photo was all over the net after she met with a famous American OAP.

The celebrity disc-jockey, DJ Cuppy who is currently doing her Masters degree in New York was recently interviewed by Charlamagne tha God, and Andrew Schulz on the podcast show ‘The Brilliant Idiots‘.

During the hour long interview, DJ Cuppy spoke on her privileged background, and it’s perceived advantages.

“With this so called background I have, it’s something I have not always been associated with. When I was born, my dad works in oil, he did not own his company. He started about 15 years ago. It took a while for him to develop it. I grew up in the mainland. In Lagos you have different areas so the island is where I guess you there’s a higher income, and the mainland is where there isn’t” said DJ Cuppy, daughter to the oil tycoon Femi Otedola.

“So I grew up moving around so for me I grew up knowing there is a value to money, and hard work is very important, which is clear with what i am doing with my own life as well. I think nothing is deserved, things are earned” she further said.

DJ Cuppy also stressed that because her father is a billionaire it does not mean that his money is hers. “If you are privileged, you use it in a way that is productive. Also my dad’s money is not mine” said the celeb DJ.