Date of Birth: 1967
Place of Birth: Epe
Married with 4 children
Career: Set up Centreforce Limited, 1994; incorporated Zenon Petroleum and Gas Limited, 1999; incorporated Seaforce Shipping Company Limited, 2001; member of the Governing Council of the Nigerian Investment Promotion Council, 2004; Director, Transnational Corporation of Nigeria Plc, 2005.
Commentary: In March 2009, with a net worth of US$1.2 billion, Otedola became the second Nigerian to make Forbes annual list of world billionaires. The son of a former Lagos State governor, Otedola began importing diesel in 1999 through his company, Zenon. In 2008, he became company CEO using a majority stake in publicly traded African Petroleum (AP).
A feud between Otedola and fellow billionaire Aliko Dangote, an earlier entrant on the Forbes list, had Otedola accusing his former friend of manipulating a fall in AP’s share prices. Dangote in turn sued Otedola for 2 billion naira, alleging libel.
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NIGERIA | ECONOMY