Wednesday, October 29, 2014
The Return Of The Oil Mogul! Femi Otedola Celebrated By Forbes
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Oil mogul, Femi Otedola, has graciously been made the cover personality for the November 2014 Issue of Forbes Africa as he reclaimed the spot he once forfeited.
He appeared on Forbes' billionaires list in 2009 but couldn't retain the spot for long as he was later dropped out of the rankings after shares of his then African Petroleum (now Forte Oil) plunged by 80% following a personal feud with friend and continent's richest man, Aliko Dangote. The young entrepreneur Femi Otedola is however back on the list of African's richest.
Femi Otedola sometimes in 2011 was listed as one of Nigeria's biggest debtors who owes many banks as much as $900 million. But in 2012, he was said to have settled all his incurred debts. This claims was backed up and confirmed by both his Forte Oil and the Asset Management Corporation of Nigeria (AMCON), an institution formed by the Central Bank of Nigeria, CBN, to resolve the non-performing loan assets of Nigerian banks.
Shares of publicly traded petroleum marketing company Forte Oil, where he is the controlling shareholder are up an astounding amount more than seven fold in the past year, a very large rise in the wake of a relatively smaller revenue increase. Forte Oil's revenues fell 22% in 2012 from the previous year to $568 million (N90.98 billion).
Revenues did rise in the first half of 2013 to $375 million (N59.96 billion). Some media reports tie the stock surge to an increase in profits and the recent purchase of a power plant.
His Zenon Petroleum is also one of the largest diesel distributors in Nigeria, doing over $2 billion in annual sales.
-Odunayo Dehinbo
He appeared on Forbes' billionaires list in 2009 but couldn't retain the spot for long as he was later dropped out of the rankings after shares of his then African Petroleum (now Forte Oil) plunged by 80% following a personal feud with friend and continent's richest man, Aliko Dangote. The young entrepreneur Femi Otedola is however back on the list of African's richest.
Femi Otedola sometimes in 2011 was listed as one of Nigeria's biggest debtors who owes many banks as much as $900 million. But in 2012, he was said to have settled all his incurred debts. This claims was backed up and confirmed by both his Forte Oil and the Asset Management Corporation of Nigeria (AMCON), an institution formed by the Central Bank of Nigeria, CBN, to resolve the non-performing loan assets of Nigerian banks.
Shares of publicly traded petroleum marketing company Forte Oil, where he is the controlling shareholder are up an astounding amount more than seven fold in the past year, a very large rise in the wake of a relatively smaller revenue increase. Forte Oil's revenues fell 22% in 2012 from the previous year to $568 million (N90.98 billion).
Revenues did rise in the first half of 2013 to $375 million (N59.96 billion). Some media reports tie the stock surge to an increase in profits and the recent purchase of a power plant.
His Zenon Petroleum is also one of the largest diesel distributors in Nigeria, doing over $2 billion in annual sales.
-Odunayo Dehinbo
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