From Oil Empire to Energy King: How Fermi Otedola Built an African Business Legend with a Positive Mindset

Mindset Determines Height: The Success Secrets of Billionaires

In Nigeria’s business world, Femi Otedola has long been a legendary figure. The 62-year-old energy and financial magnate firmly believes that a positive attitude, self-confidence, and bold conviction are the three pillars for identifying the right opportunities, making successful investments, and expanding business scale. He has maintained his composure during life’s lowest points thanks to these principles, rising from the “abyss of despair.”

Currently serving as Chairman of Geregu Power Plc, Otedola’s assets are valued at $1.5 billion, and he has appeared multiple times on Forbes’ list of global billionaires. As early as his school days, he was known as the “restless soul”—believing that his true mission was not within the ivory tower but in the cutthroat world of commerce. “I dreamed of my first business before I was ten, and by 41, I had earned my first billion dollars. Over these decades, there has been hardship, uncertainty, brilliance, and of course, painful failures.”

From a Printing Factory to an Oil Empire: A Thirty-Year Business Journey

Otedola’s entrepreneurial path began at his father’s printing factory, eventually extending into two key sectors of Nigeria’s economy—energy and finance. Through a series of carefully planned investments, he made a name for himself in crude oil trading and ultimately led Forte Oil Plc.

Under his leadership, Forte Oil experienced organic growth combined with strategic acquisitions, completely reshaping the competitive landscape of Nigeria’s downstream market. The company adopted flexible procurement strategies, distributing various petroleum products such as diesel, jet fuel, kerosene, and lubricants. In 2019, Otedola sold the company at a favorable price, marking the end of an era.

“This is my business philosophy—acquire struggling companies, completely transform their destiny, then sell at a high price and move on to the next challenge. I wouldn’t call it simple asset flipping,” he explained. “My goal is to breathe new life into companies, leaving a legacy of success and long-term prospects for the next owner. When Forte Oil was sold, it was one of the most efficient companies on the Nigerian Stock Exchange.”

Rational Planning in the Energy Transition

Why shift from the oil king to the power tycoon? Otedola’s answer is pragmatic and forward-looking: “The future belongs to electricity. I am optimistic about the energy transition. But I am also a pragmatist, believing that oil and natural gas will still play a role in the global energy landscape for at least thirty more years.”

He pointed out that crude oil demand will shift toward petrochemicals and aviation, while the rapidly digitalizing global economy’s demand for electricity is growing—this demand cannot be met solely by renewable energy and also requires nuclear power and natural gas.

“For emerging markets like Nigeria and the vibrant African continent, this cannot be ignored,” he emphasized. As Africa’s largest traditional energy producer, with an average daily crude oil output of about 1.3 million barrels, Nigeria is poised to become the center of the next wave of global energy investment.

“We have the historical advantage of traditional energy and the future potential of renewable energy and nuclear power,” he added. The Dangote Refinery, which opened in May 2023 with a daily processing capacity of 650,000 barrels, is expected to become the world’s largest single-line refinery, profoundly reshaping Nigeria’s downstream market. “This will help Nigeria lead a profound transformation in Africa’s energy and fuel structure, significantly reducing energy import dependence.”

Philanthropy: Turning Success into Social Value

If business is Otedola’s battlefield, then charity is his mission. “In business and investment, I have taken risks, chased dreams, enjoyed excitement, and experienced disappointment, ultimately gaining success and recognition. What I want to do next is give back to society and help those less fortunate.”

His understanding of charity aligns with his investment philosophy—adopting a “direct involvement approach.” “When doing business, I never rely on investment managers or family office advisors to think for me. I make decisions based on my own research and intuition, whether acquiring companies or supporting startups. My approach to philanthropy is the same—through my daughter and her foundation, with deep personal involvement.”

His daughter is Florence “Cappy” Otedola, an internationally renowned DJ and youth empowerment advocate. She was recently appointed as the “Guardian of Sustainable Development Goals” for the Bill & Melinda Gates Foundation. Through the Cappy Foundation, father and daughter have engaged in numerous charitable activities: donating $17 million to the UK Children’s Rescue Fund (directly supporting humanitarian aid in Nigeria), $135,000 to the Oxford University Africa Fund, $67,500 to the King’s College London Africa Fund, and $100,000 to the New York University Africa Fund.

Over the past two decades, Otedola has also donated to various educational institutions in Nigeria to support impoverished students’ advancement. He believes that social issues cannot be solved by an individual or a family alone, but by like-minded leaders pooling their strength to change a nation’s prospects.

Book “Making It Big”: Passing Experience to the Next Generation

The recently published book, “Making It Big: Lessons from a Life in Business,” combines a business guide and personal memoir. It has topped Amazon’s bestseller list in finance and business categories. Otedola explained his motivation for writing: “I am at a stage in life where I feel responsible for passing on my knowledge, investment philosophy, and the power of positive thinking to the next generation of entrepreneurs, helping them embark on their own journeys.”

The book vividly showcases Otedola’s tumultuous yet brilliant business trajectory, from early bold decisions to strategic foresight, all serving as valuable lessons for future entrepreneurs.