Meet Nigeria's Newest Billionaire

Femi Otedola is Nigeria's newest billionaire according to Forbes magazine's 2009 ranking of The World's Billionaires. Mr. Otedola is the chairman of African Petroleum a marketer of refined petroleum products, Forbes estimates his net worth at $1.2 billion an is ranked as 601st richest person on the planet.

Mr. Otedola is also the chairman of Transcorp Hilton Hotel, Abuja, the President and Chief Executive Officer of Zenon Petroleum & Gas Limited, Seaforce Shipping Company Limited, Atlas Shipping Agency Company Limited, F. O. Transport Limited, F.O. Properties Limited, Swift Insurance Brokers Limited and Garment Care Limited.

In 1994, after consolidating his fathers businesses, Mr. Otedola diversified and set up his own company, Centreforce Limited, specializing in finance, investment and trading.

In 1999, he ventured into the oil and gas sector and incorporated Zenon Petroleum & Gas Limited, an indigenous company engaged in the procurement, storage, marketing and distribution of petroleum products i.e, Petrol, Diesel, Kerosene, Gas, Fuels Oils and Lubricants.

In 2001 he incorporated Seaforce Shipping Company Limited and currently owns and manages a modern tanker fleet of four vessels, namely Mt. Sir Micheal, Mt. Lady Doja, Mt. Nana and Mt. Zenon Conquest, aggregating 60,158 metric tons {deadweight) that transport petroleum products.

Mr. Femi Otedola was appointed member of the Governing Council of the Nigerian Investment Promotion Council (NIPC), in January 2004. In December 2004, he was appointed a member of the committee with the task of fostering business relationship between Nigerian and South African private sectors.

In March 2005 he was appointed a pioneer director of the Transnational Corporation of Nigeria Plc and also elected president of the Nigeria Chamber of Shipping in April 2005. Mr. Otedola is a fellow of the Nigerian Institute of Shipping.