in ,

Interesting Facts You Don’t Know About Successful Nigerian Entrepreneur Femi Otedola

Femi Otedola as we all know is one of the prominent, efficient, big, and successful entrepreneurs in Nigeria, he is ranked the second richest man in Nigeria after Aliko Dangote.

There are a lot of interesting facts about Otedola that you have never heard about, and will definitely amaze and surprise when you get to find out what it is in this article.

Femi was born in 1962 in the ancient city of Ibadan. His father, Sir Michael Otedola was a disciplinary, former governor of Lagos and a key player in the oil industry working for Mobil.

Femi Otedola became the second Nigerian after Aliko Dangote to make the Forbes list of the richest people in the world but something went wrong and he almost lost everything, he later revealed he was considering suicide at the time due to the pressure and all.

A major funny fact about Femi Otedola is that at a very tender he was always wishing to be a reverend father when he grows up as he used to admire reverend fathers in their clean white clothing.

“As a young boy growing up, I always had the ambition of becoming a Catholic reverend father. I used to admire reverend fathers in their clean white cassock and I thought this was my destiny” He told ProShare.

And his reason for not being a reverend father is because they don’t and yo getting married.

“Well to be a Reverend father you must be celibate and never get married.”

Femi Otedola knew what he wanted to do right from his childhood as he started discovering his business instinct. He started his first business at the age of 6 years, and this business had a plan and a name as at that then.

Femi Otedola discovered his business instinct very early in life. He started his first company at the age of 6, as this business entails him to nails of his father’s guest then issue them receipts for his services, and he was being paid.

“I had my first business at the age of six. It was called the FEMCO. I would offer to groom my parents’ guests’ nails. Then, write a receipt and charge them for my service. They paid me too. I always had an interest in the business”. And that was how Femi’s success story started, as he had always had flair for business right till now.

Femi graduated from Obafemi Awolowo University and immediately after graduation, he ventured into the family business which he did for years in order to gain experience.

After a while, he established his company Zenon Petroleum and Gas Limited which was controlling 91% of the market as his company acquired three large cargo ships that he named after his family. MT Sir Michael (named after his father), MT Lady Doja (named after his mother), and MT Nana (named after his wife).

Another fact is that he was in debt one time like that where He had to sell almost all his property to repay the debt. In the end, he was left with just two properties, his office space and a 34-percent stake in African Petroleum.

But that didn’t discourage him He went back to work and started all over again and it paid off.

By 2014, Femi Otedola was back again in the Forbes list of richest people in the world. This time, bigger than ever. With a Net worth of $1.8 billion.

Femi Otedola can be referred to as a great entrepreneur and business personnel as he wasn’t weighed down even after the debt issue and all but rather he did what he had to do and raised back even bigger and better.

Leave a Reply

Your email address will not be published. Required fields are marked *

Impact of Digital Skills to Organisation

5 Common Mistakes You Should Avoid When Managing Crisis