Femi Otedola In 2009, with an estimated net worth of over US$1.2billion, he was named as one of only two Nigerians (the other, Alhaji Aliko Dangote) on the prestigious Forbes list of world billionaires. Otedola can sail an 80-foot boat with admirable finesse. He knows enough about Nana, his £12 million luxury yacht, named after his wife, Nana, to cruise it dexterously across the salty and highly silted waters of the Lagos coast. By curiosity and practiced aplomb, he can skipper a Nigerian Naval ship through fierce Atlantic gales with the skill of a yachtsman handling a racing sloop.
He is a keen student of history, he can dialogue persuasively on the neglected virtues of the Nigerian private entrepreneur, and is hip enough to fraternize appealingly across generations of peers, the elderly and youngsters. Unlike the fabled explorer, Christopher Columbus, who didn’t have a business plan when he discovered America, Femi Otedola had a well-thought plan when he founded his dynasty. He proved that he was no rookie in the cut-throat world of business in the country’s oil sector.
He is a gifted survivalist; for instance, just when many have written him off on the strength of his brush with few Nigerian banks over certain transactions that upset some of his businesses, Otedola made good his promise to bounce back to the economic arena more powerfully and convincingly, courtesy the rejuvenation and re-branding of AP to Forte Oil Plc.
Forte Oil is Africa’s largest downstream oil company by market capitalization. The company operates more than 400 gas stations and fuel storage depots and manufactures its own line of engine oils. The company currently has a market capitalization of US$1.5 billion. Femi Otedola has a current net worth of $1.29 billion according to a recent FORBES’ realtime billionaire scoreboard.
It is charming to be in the same epoch as Femi Otedola. It is quite enlightening too. Being a witness to the Forte Oil boss’ exploits, is quite inspirational and replete with interesting anecdotes for ambitious young men and women seeking his kind of entrepreneurial success and acclaim. His company, Forte Oil, is regarded by oil (diesel) marketers as a force to reckon with as it supplies the fuel to almost all large-scale manufacturing firms in the country.
Forte Oil PLC is primarily engaged in the distribution of petroleum products such as diesel, aviation fuel and Premium Motor Spirit (PMS). The company has over 500 company-owned, dealer-assisted and dealer-developed gas stations spread across the country, oil storage depots in Lagos and Rivers states, a Power plant and a Joint User Hydrant Installation facility in Lagos. The company also sells its own range of automobile lubricants.
Recently, Otedola, who is the chairman and controlling shareholder of Forte Oil, a publicly-listed Nigerian oil marketing company, ordered all Forte oil retail outlets across Nigeria to henceforth sell HHK at N50/litre (25 U.S. cents), down from the current market price of N125 per litre (62 U.S. cents).
In a press release issued to Nigerian journalists, Forte Oil said the company’s decision to slash the price was in furtherance of Otedola’s decision to identify with President Muhammadu Buhari’s bid to lighten the burden faced by millions of low-income Nigerians who rely on the fuel primarily for cooking, powering kerosene lamps and other domestic purposes.
And just recently, the founder of Forte Oil encountered fortune in common hours, for the umpteenth time. Some will term it the proceed of his industry and uncommon sense but by the time Otedola sealed the $265.7 million deal with Mercuria Energy Group Limited, his place was assured as the most fortunate oil magnate in Nigeria’s energy sector till date.
Forte Oil stock price, which has bucked by the recent selloff in Nigerian equities, is up 25 percent in the past month, with its market capitalization rising by N76 billion to N323.6 billion.
Otedola became at least $398 million richer between March 3 and June 2 as shares of Forte Oil PLC, surged 167% within the period.
By the new deal, Forte Oil’s market capitalization is currently valued at N53.1 billion ($265.7 million), the company’s total assets is valued at N117.5 billion, it’s gross revenue is estimated at N61.1 billion while its share price hovers at a record 239.99.
The deal, according to pundits signify massive benefits for Forte Oil and other local stakeholders in the Nigerian oil and gas sector. The benefits are expected to rub off positively on the energy sector in general as it opens up the sector as a lucrative investment haven to major international players in the global energy market.
Today, there are no new worlds, no fresh battles for Femi Otedola to conquer. And as he adds another year to his rewarding experience on mother earth this day November 4, the Chairman of Forte Oil would be entrenching a culture of success and acclaim that has been the inspiration for generations of aspiring entrepreneurs and Nigeria’s nouveau riche.
Very few men excite interminable tribute of clamorous cheers in the wake of their most glorious exploits and attainments like Femi Otedola; the Chairman of Forte Oil stunningly teaches Nigeria, the African continent and the rest of the globe, to trust in his soul and entrepreneurial depth in order to love him.
from AfrikMouth http://ift.tt/1MyP41f
via JimiVaey
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