FEMI OTEDOLA: A MAN OF COURAGE, TENACITY and VISION


I suppose you do know Femi Otedola? He is the man who always wears white and clearly doesn’t believe in doing things by half. He is a man that is extremely dedicated to his family and supports his daughter’s career (musical DJ). He is a man who appears to love the good life and doesn’t mind spending on it: be it homes, cars, gadgets, investments, vision, name it. He is the second Nigerian
to make the FORBES billionaires list in 2009, an oil-and-gas business owner and now, he is The BILLIONAIRE WHO BOUNCED BACK (Forbes).

Femi Otedola’s business empire collapsed along with the shares of his company in 2008, with a debt of over $800 million but, he fought back to take his place among an elite group of successful African entrepreneurs. His fortitude has earned him the respect of his peers.

“The African business landscape is challenging but also full of opportunities for discerning entrepreneurs. Femi Otedola belongs to this class of bold entrepreneurs that have been able to navigate the storms often associated with doing business in Africa,” says Aliko Dangote the President and Chief Executive of Dangote Group.

“He is a man of immense courage, tenacity, and vision who is not afraid to take on new challenges. He represents the indomitable Nigerian spirit – adapt and conquer.” Dolapo Oni, an Energy Analyst with the Ecobank Group, says there are three factors behind Otedola’s and Forte Oil’s recent success.

“The First is the improvements in the payment of subsidiaries in 2013. Faster payment of cycles enabled companies such as Forte Oil to deleverage their balance sheets and improve their bottom line.

The second factor was the optimistic market reaction to the company’s acquisition of the Geregu power plant. The final factor is the inclusion of Forte Oil in JP Morgan’s emerging market stock index (MSCI) in May, which immediately triggered interest from portfolios,” says Oni.

Jim Ovia, Chairman of Zenith Bank, admires Otedola’s resilience. “He has experienced the vicissitudes of doing business on the African continent in recent years. I have however encouraged and believed in him through the entire course. He has remained resolute in his quest and today, it is a pleasure to celebrate his successes,” says Ovia. “Otedola is a true survivor.”

Source: Forbes magazine



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