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Femi Otedola hires yacht for $9m to mark birthday with family including Mr Eazi (VIDEO)

Nigerian billionaire Femi Otedola is 60 years old and he is marking it large in a billionaire style.

The business mogul has hired the popular Christina O super yacht which reportedly costs $3m per week. According to DJ Cuppy, daughter of the Nigerian billionaire, her father has hired the yacht for three weeks.

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In a post shared on her social media pages, Cuppy said her father hired the yacht because it once belonged to Greek billionaire, Aristotle Onassis, who is his role model.

Christina O is the world’s 59th largest yacht as of 2022. The superyacht comes at a hefty six-figure per week charter cost, has 17 staterooms, a 40-person dining room, hot tub, piano and a swimming pool that can be covered and converted to a dance floor.

With 37 crew members, the yacht will sail around the Mediterranean Sea for the three weeks.

" My father @FemiOtedola always dreamt as a little boy to visit the iconic 99m super-yacht CHRISTINA O because it was owned by his (and my) role model Aristotle Onassis

To celebrate his 60th, not only did he visit the yacht, but has chartered it for his loved ones so we can live here for the next 3 weeks! Looking at my father I can see how happy, accomplished, and still in disbelief he is. This is what love looks like #FamilyFirst

Chase your dreams, you never know," she wrote. Otedola's family has already boarded the yacht. In the video shared by Cuppy, Nigerian singer, Mr Eazi, who is dating Temi Otodeloa, one of the daughters of the billionaire, was also spotted cruising with the family.

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Femi Otedola rents yacht off French Riviera for an estimated $3 million to celebrate diamond jubilee

Odetola is celebrating in grand style on the french riviera in a 99.13-meter-long yacht.

Femi Otedola, Founder of Zenon Petroleum

Femi Otedola, billionaire energy tycoon and one of the richest men in Nigeria, turns 60 today and is celebrating it in grand style on the French Riviera in a 99.13-meter-long Yacht, Christina O, formerly owned by the late Greek shipping magnate, Aristotle Onassis.

For Otedola, celebrating in the luxury Yacht is a dream come through because Onasis has been his mentor from when he was just 13, he revealed to Nairametrics.

There lies the symbolism of the billionaire’s cruise on the storied Yacht said to have been purchased by Onasis in 1954 for $34,000.

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The Christina O Yacht: The famous Yacht, Christina O, is a private motor yacht that originally belonged to millionaire Greek shipowner Aristotle Onassis, who purchased it in 1954 for $34,000. During the late 1950s, he hosted star-studded parties on board after lengthy and costly restorations. She is the 59th largest yacht in the world as of 2022, measuring 99.13 meters in length.

The yacht is luxury redefined, as it boasts of alfresco dining and bar, chaise loungers, a spacious promenade deck with an aft spa pool, the main deck, a swimming pool, Minoan bull and vaulter mosaic, and a dance floor. 2,250,000 Otedola rented the yacht for three and a half weeks for €750,000 ($745,000) per week, including taxes and fees, for a total cost of about $3 million.

Otedola was inspired to rent the yacht because he had viewed Aristotle Onassis as a role model since his teenage years and even held a vast collection of Aristotle Onassis memorabilia such as books, movies, and documentaries.

The yacht has hosted famous guests such as former British Prime Minister Winston Churchill and Franklin Roosevelt.

About Femi Otedola: On November 4, 1962, in Ibadan, Femi Otedola was born into the family of the late Sir Michael Otedola, who served as governor of Lagos State from 1992 to 1993. Femi Otedola led an audacious takeover of the former African Petroleum, in what later became Forte Oil Plc. That company has Femi Otedola is a former chairman of Forte Oil Plc. Now Adrova Plc and a businessman. In addition, he founded Zenon Petroleum and Gas Ltd. and other companies in the maritime, real estate, and financial sectors.

Business interests:  He founded Zenon Petroleum and Gas Ltd, a marketing and distribution business for petroleum products, in 2003. In 2004, he invested N15 billion in the construction of downstream infrastructure as the owner and chairman of Zenon and purchased a storage depot.

By 2005, Zenon held a significant portion of the Nigerian diesel market and supplied fuel to majority of the nation’s largest manufacturers, which include Dangote Group, Cadbury, Coca-Cola, etc.

Otedola was appointed chairman and CEO of Africa Petroleum in 2007, after purchasing a controlling interest in the company. In 2010, the name was changed to Forte Oil, and in 2020, Adrova Plc.

Personal worth: With an estimated net worth of $1.8 billion, Otedola joined Aliko Dangote as the second Nigerian to be listed on the Forbes list of dollar-denominated billionaires in March 2009. The billionaire also founded CentreForce Ltd. in 1994, with a focus on trading, investing, and finance. Additionally, the Swift Insurance Company was founded.

Otedola is the chief executive and president of SeaForce Shipping Company Ltd., where he got the title of Nigeria’s largest ship owner. He was made a non-executive director of Transnational Corporation of Nigeria Plc Transcorp) in January 2006. Transcorp is a multi-sector conglomerate founded in 2004 by former president Olusegun Obasanjo to take advantage of market opportunities that required significant capital investment in Nigeria and other countries in Sub-Saharan Africa.

Otedola has made several real estate deals, notably Zenon’s N2.3 billion purchase of Stallion House in Lagos in February 2007.

He has served as a member of the Nigerian Investment Promotion Council (NIPC) since 2004 and was appointed to join Nigeria’s National Economic Management Teamkn 2011. In October 2021, he was declared the largest single shareholder (5.07%) of First bank PLC

His latest investment is in Geregu Power Plc, one of Nigeria’s major power generation companies (Genco).

Family: Femi Otdeola is married to Nana Otedola and has four children – Tolani, Florence Ifeoluwa aka DJ Cuppy, Elizabeth Temi, and Fewa.

Ngozi Ekugo

A high-performing labour market analyst/ talent acquisition specialist providing research on labor availability, labour migration, workplace trends and career development opportunities. Having worked across various sectors such as the recruitment, consulting, investment banking (Goldman Sachs) and the media, both in Nigeria and the United Kingdom, I possess a unique blend of competencies and experience to thrive in any industry.

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Nigerian billionaire Femi Otedola celebrates 60th birthday on $750,000-a-week yacht owned by Aristotle Onassis

Otedola is one of Nigeria’s richest men.

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Nigerian billionaire Femi Otedola is celebrating his 60th birthday on the French Riviera aboard the 99.13-meter-long Christina O Yacht, once owned by the late Greek shipping tycoon Aristotle Onassis.

Otedola’s daughter, Ifeoluwa, who goes by the moniker “DJ Cuppy” posted videos on her Instagram page on Wednesday showing the energy tycoon, his wife, and children celebrating at a private, intimate soiree off the Italy coast on the yacht, which has a rich history and has hosted some of the world’s most historic figures.

Femi Otedola is paying a pretty penny for chartering the yacht — an estimated $3 million. According to private sources who spoke to Billionaires.Africa, Otedola is renting the vessel for three and a half weeks at a cost of €750,000 ($745,000) per week plus extra taxes and handling fees, bringing the total expenses to €3 million ($2.97 million). He also bought out an earlier charterer for the right to use the yacht during his birthday week.

Plying the seas first as a World War II Canadian frigate and then as a private luxury vessel starting in 1954, the Christina O is a piece of floating history. Aristotle Onassis purchased the vessel in 1954 and named it after his daughter Christina. When Onassis married Jacqueline Bouvier Kennedy, widow of the late U.S. President John F. Kennedy in 1968, the couple held their reception on the Christina O. The yacht would go on to host such famous guests as former British Prime Minister Winston Churchill and Franklin Roosevelt, Jr.

With a line of chaise loungers, an alfresco dining and bar setup, a spacious promenade deck with an aft spa pool, and an impressive main deck, where the Onassis’ swimming pool sits with its renowned Minoan bull and vaulter mosaic alongside a dance floor, Christina O offers a plethora of options for lounging and socializing.

For Otedola, chartering the Christina O to commemorate his diamond jubilee is symbolic. In a past interview with Forbes magazine, Otedola revealed that the late Greek shipping tycoon had been his role model since he was 13. Otedola is also known to possess a large collection of Aristotle Onassis memorabilia such as books, movies, and documentaries at his homes in Nigeria, London, Dubai, Monte Carlo, and London. In modeling parts of his life after Onassis, in 2001 – at the age of 39, Otedola founded Seaforce Shipping Company Limited and built it into Nigeria’s largest indigenous shipping company. Between 2001 and 2007, Otedola was the largest private shipowner in Nigeria, owning a tanker fleet that included Mt. Sir Michael (named after his father), Mt. Lady Doja (named after his mother), Mt. Nana (named after his wife) and Mt. Zenon Conquest. He also served as the President of Nigeria Chambers of Shipping./

Otedola has since divested from his interests in the shipping business and is now channeling his energies towards fixing Nigeria’s electricity deficit. Today, he is the chairman of Geregu Power PLC, a power-generating company that made history in the month of October by being the first electricity generating company to list on the Nigerian Stock Exchange. Geregu Power has three STG5-2000E gas turbine generator units with a 435 MW installed capacity, and the company has been shortlisted by the Nigerian government to acquire a second plant currently owned by the government with a generating capacity of 729 MW. Otedola owns a 95-percent stake in the $650-million (market cap) company. He also owns an estimated six-percent stake in FBN Holdings, one of Nigeria’s largest financial services groups.

Aristotle Onassis also largely shaped Otedola’s outlook on philanthropy. The Greek businessman, who left instructions in his handwritten will for the establishment of a charitable foundation in memory of his son – the Alexander S. Onassis Public Benefit Foundation – also inspired Otedola in his charitable givings. Otedola, one of Nigeria’s most generous philanthropists, has given away more money to philanthropic causes than any other Nigerian billionaire, except Aliko Dangote, over the last twenty years. In November 2019, during an event in Abuja that was graced by Nigerian Vice President Yemi Osinbajo , Femi Otedola donated a record NGN 5 billion – roughly $14 million at the time – to Save the Children, a UK non-governmental organization. The funds have gone a long way towards improving the lives of destitute children who have victims of a lingering humanitarian crisis in Nigeria’s northeast region. In November last year, he was invited by Save the Children to join the prestigious group as the organisation’s vice president, in recognition of his philanthropic efforts to better the lives of children in Nigeria. In 2020, he also donated $2.27 million toward COVID-19 relief efforts and last year he built and donated a $4.7 million complex to the Engineering department of Lagos-based Augustine University. He is also the Chancellor of Augustine University, and has sponsored scholarships for Nigerian students for two decades.

In 2019 when local media inquired about his motivation for donating the NGN 5 billion to Save the Children U.K, Otedola said : “In my life, in my journey, I have taken the risk, I have done the chase, I have enjoyed the thrill, I have achieved success and recognition. What next? You give it back. A lot of people think when they die they’ll take their money with them. We’ll see.”

Otedola has also gained acclaim for funding the exorbitant medical bills of some of Nigeria’s most prominent personalities. In 2019 he paid over $50,000 for the treatment of former Super Eagles captain and coach Christian Chukwu in London. Otedola also paid over €130,000 to save star actor Victor Olaotan at a hospital in Turkey, and footed the bills of Reggae super star Majek Fashek when he was battling neck and throat cancer at a London hospital. Other people who have benefited from Otedola’s generosity in a similar regard include Super Eagles former goal keeper Peter Fregene, award-winning actor Sadiq Daba, Professor Ini Ebong and celebrated romance writer Kayode Ajala among many others. On various occasions, some of the recipients of Otedola’s generosity were unable to reach him to thank him for his generosity and thereby opted to make videos which they put up in the public domain with the hopes that he would see them.

Born on Nov. 4, 1962 to the family of Sir Michael Otedola, one-time governor of Lagos State, Femi Otedola worked for his father’s Impact printing press in the early nineties and then went on to establish Centerforce Limited, a finance and investment company.

In 1999, he founded Zenon Petroleum & Gas Limited, an indigenous company that engaged in the procurement, storage, marketing, and distribution of petroleum products. At some point, Zenon Petroleum controlled more than 90% of the diesel supply business in Nigeria for nine years. In 2007, he acquired a controlling stake in the government-owned African Petroleum Plc which operated gas stations across the country. He grew the company into one of the largest publicly-traded downstream oil companies in Sub-Saharan Africa at the time. At some point, he was also one of the largest private owners of real estate in the swanky Victoria Island and Ikoyi neighborhoods in Lagos and owned some of the most prestigious commercial landmark properties in Abuja.

In 2008, his stake in African Petroleum was worth over $1.2 billion, and that same year, he became the second Nigerian, after Aliko Dangote, to be included in Forbes magazine’s annual ranking of the world’s billionaires. At 46, he was the youngest African billionaire on the Forbes list at the time. Otedola subsequently renamed his company Forte Oil (FO) to match his name, and in 2013, he led the company to acquire a 414-gigawatt power-generating plant from the Nigerian government during a government-led privatization round. In 2018, he unbundled the power assets of Forte Oil and created a separate company, Geregu Power, which he controls today. That same year, he sold off Forte Oil’s downstream businesses for hundreds of millions of dollars to a leading oil distribution firm in Nigeria.

At 60, Femi Otedola is one of Nigeria’s most influential power players. In 2010, he played a crucial role in encouraging the then Vice-President Goodluck Jonathan to assume the presidency when President Umaru Yar’Adua became incapacitated. He still remains one of the more colorful personalities in Nigerian business and social circles. And that popularity spills into social media. In 2020, he ‘broke the internet’ in Nigerian media when his daughter, DJ Cuppy, announced that he had purchased a Ferrari Portofino for each of his three daughters. With 1.4 million followers on Instagram, Otedola is social media royalty in Nigeria, and he gives quite a show: From a video where he is dancing with his daughters , to another where he is dancing with his wife during her birthday celebrations in London, to a picture where he is hosting his daughter and her fiance at his Dubai villa – and yet another where he is just chilling in Monte Carlo, where he also has a home – every single post he makes on Instagram goes viral and generates buzz in Nigerian media circles, and gets Nigerians young and old, longing for the good life.

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Femi Otedola: Billionaire Dines with Family in Luxurious Yacht Rented for KSh 688.9m on His Birthday

• Nigerian billionaire Femi Otedola spent his birthday in a luxurious Aristotle Onassis' Christina super yacht
• The businessman and his family boarded the yacht, and they had a lovely time before his big day
• Otedola shared photos of his wife Nana, DJ Cuppy and her siblings, as well as Temi's fiancé, singer Mr Eazi

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Nigerian billionaire oil mogul Femi Otedola is set to make history with his 60th birthday party on November 4.

Otedola set the internet on fire by reportedly splurging over KSh 688.9 million to rent Aristotle Onassis' Christina O super luxury yacht that will sail for three weeks on the Mediterranean Sea.

Femi Otedola birthday

Counting down to his big celebration, Otedola took to his Instagram account, posting several photos showing off moments with his family .

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Video of Beautiful Bride Going to Her Wedding on Matatu Rooftop Causes Stir: "Why Now?"

DJ Cuppy, Temi and her fiancé Mr Eazi, Tolani and their brother Fewa were all sighted on the table.

Otedola's wife, Nana, was also sighted, enjoying herself as the entire family dined and wined.

The businessman used the opportunity to show off views and the yacht's interior he had spent billions on.

"Welcome Aboard the Christina! Are you ready for #FO60 …F.Ote" he captioned the photo.

The post enlisted mixed reactions from Instagram users, some encouraging people to work hard and enjoy life.

Below are some of the sampled comments;

klalaphotography:

"Age gracefully sir ...."

mc_akinola:

"People will say money is not everything. We know, but poverty too is not everything. Money is good..."

raymilliuniverse_:

"Tell yourself I will never be poor. But remember, you need to work smart."

hussaini_john_fashanu:

"May thunder fire poverty. Money is good ️. Happy birthday my mentor himself ..."

Grandma spotted betting in Matatu

Meanwhile, an old woman was recently spotted betting in a public service vehicle .

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The display on her screen revealed that she had lost all her money playing Aviator, which attracted a lot of sympathies.

The image shared sparked debate among social media users, with some wondering who introduced the woman to the game .

They blamed the current economic hardship experienced across the world that has seen many people engage in all sorts of activities to raise money.

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Muyela Roberto (HOD Business) Muyela Roberto is a journalist with over 9 years of experience. He graduated from Maseno University with a BA in Communication & Media with IT in 2017. At TUKO, he's the head of the business desk. He previously served as lead copy editor. Before copy editing, he was a business and current affairs editor. He's undergone training from Google News Initiative and WAN-IFRA. Before TUKO, he worked as People Daily correspondent in Kisumu, Scholar Media correspondent and content contributor at Kenya News Agency. Email: [email protected]

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Entertainment of Saturday, 5 November 2022

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Nigerian billionaire Otedola hires private yacht worth $3m a week for 60th birthday

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Nigerian billionaire, Femi Otedola, has been spotted in a Christina Onassis super-luxury yacht with his family to mark his 60th birthday. According to reports, the yacht costs $3 million a week to charter. "The yacht is one of the world’s largest sea vessels and it has been Otedola’s dream to ride in the yacht," the daughter of the billionaire, CuppyMusic wrote on her Twitter page. Otedola was spotted with his daughters, Cuppy Music, Temi and future son-in-law Mr. Eazi while enjoying some meals on the yacht in a viral video. A Facebook user Iyen Na Nice detailed the total worth of the billionaire’s celebration as follows. “The Master suite comprises 5 large spaces including a dining, a walk wardrobe/dressing room, 2 large bedrooms & a restroom. “He flew in 2 Gulfstream private jets alongside his wife & kids from their London residence to Vernice Italy to board the yacht. He added that Otedola and his family will be on board the yacht for a month, he noted in a Facebook post. He also noted that the billionaire will be touring cruising regions of Monaco, Mykonos, Ibiza, St. Barth's, British Virgin Islands, Bahamas, Barbados & Cuba. “The yacht comes with a helipad & a bell 427 helicopter; they'll fly the helicopter from the helipad to the city centers wherever the yacht berths. Asides from paying €750k per week, translating to €3m for the one-month cruise, they'll spend an additional €1m which is $970k on Utilities for the Duration of their Cruise. €3m is about N2.2B, and $970k is about N776m.” “So the billionaire is Splashing N2.9B on his 60th birthday cruise,” he said. According to Forbes, Otedola’s net worth stood at $1.18 billion as of 2016. My father @FemiOtedola always dreamt to visit the super-yacht CHRISTINA O owned by his role model Onassis. And now at 60 he has chartered it for next 3 weeks to share with his loved ones! ????⚓️ This is what love looks like ❤️ #FamilyFirst Chase your dreams, you never know… pic.twitter.com/wbBYGICi1N— Cuppy (@cuppymusic) November 3, 2022 SSD/FNOQ

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Christina O: 7 Things You Should Know About The Yacht Otedola Hired

As billionaire Femi Otedola celebrates his 60th birthday, he has been joined by his family and loved ones to tour the Mediterranean sea in the Christina O super luxury yacht he rented for N2.2 billion.

In the spirit of his birthday, Otedola hired the super yacht belonging to one of his childhood idols and the late Greek shipping magnate, Aristotle Onassis, who was one of the richest people in the world before passing away.

In a statement cited by  BizWatch Nigeria , Otedola said disclosed that the Greek shipping magnate who owned the superyacht has been his role model since he was 13 years old, which is 47 years ago.

“As I mark my 60th birthday in the coming days, I am grateful to God for his continuous blessings and the wisdom he has continued to bestow upon me.

“The days leading up to this milestone have been marked by deep reflection, and I’m looking forward to sailing the CHRISTINA O with my family for the next three weeks,” the billionaire was quoted as saying.

Below are 7 things you should know about Christina O

• Christina O is a private motor yacht that once belonged to billionaire Greek shipowner Aristotle Onassis.
• She is the 59th largest yacht worldwide as of 2022, measuring 99.13 metres long.
• The boat initially served as a Canadian anti-submarine River-class frigate called HMCS Stormont, launched in 1943.
• Onassis purchased the Stormont after the end of World War II, as it was one of the many surplus naval vessels.
• Purchasing the ship at a scrap value of US$34,000, Onassis then spent an additional $4 million to convert the vessel into a luxurious superyacht named after his daughter Christina.
• The yacht features large, ornate interiors and elaborate luxuries: such as a mosaic swimming pool that, once drained, can be raised to deck level to become a dance floor.
• Christina O has a main suite, eighteen-passenger staterooms, and numerous indoor and outdoor living areas, all connected by a spiral staircase.

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Billionaire businessman, Femi Otedola spends over N2.2billion to rent Onassis' Christina O super luxury yacht ahead of his 60th birthday (photos/videos)

Nigerian billionaire business mogul, Femi Otedola spent €3million, which is over N2.2billion, to rent Aristotle Onassis' Christina O super luxury yacht ahead of his 60th birthday.  

In celebration of his 60th birthday which holds this Friday November 4th, the astute businessman and Chairman of Geregu, rented the super yacht belonging to one of his childhood idols, the late Greek shipping magnate, Aristotle Onassis, who was once regarded as the richest man in the world.

Femi Otedola with his family and friends exchanging pleasantries with the crew members

Otedola rented the yacht to celebrate his 60th birthday in it with his family and friends.

The yacht will sail for three weeks around the Mediterranean Sea with 37 crew on-board.

Otedola was filmed entering the yacht with his family and son-in-law to be, Mr Eazi, this afternoon.

How did you celebrate your birthday again, you peasants! Lol

Watch videos of Femi and others in the yacht, in the slides below.....

          View this post on Instagram                       A post shared by Lindaikejiblog (@lindaikejiblogofficial)

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Comments (85)

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That means it costs more than that amount to buy the yacht, otherwise it makes no economic sense.

Yolo enjoy yourself. People are dying everyday

exceeding vanity

Nigerians this is your oil subsidy money , 2b has gone to white men's pockets while this money was made from Nigeria oil thief money.

waaaaoooo just 60???!!!

Sir ,enjoy your life jarree.....We only live once......I can imagine Cuppy having mad fun and shouting.

All of you making poverty comments a yacht like this costs over 100m pounds. Don’t think u guys are wiser than FO.

niger delta oil money

going through the comment section, you’ll see why africa is a shithole… they admire those who are used to rob their resources

Jesus is here! How do you know? The veil is broken? How? What do you mean! #supportkanye# #Blackbank# Who controls the bank? Who controls the Industries? Even Dangote, the richest black man does not own a bank! All banks all over black lands is owned by? Go figure! Even UBA, the biggest bank in black land, is a branch of Citi bank. Operating a trust bank under Citi bank. What does Jesus stand for? Freedom. Freedom from what? Freedom from oppression. Oppression from who? Oppression from the state and bankers. Who are the state and bankers? The serpent! Who is the serpent? The enemy of Freedom! What is Freedom? Peace, love and everlasting life. Who gives Freedom? It’s a choice. Black fellah, support your Freedom today or else, you’ll be forever enslaved.

To Linda Ikeji's Baby Girl first Life. Yes, people are dying every day. Should Otedola kill himself or carry everybody's problems? Let the man enjoy his Diamond Jubilee, ojare. All the fingers could never be equal. I might celebrate my birthday by having beers and 'point-and-kill' fish with a few friends, but I won't begrudge Otedola his Mediterranean cruise on a luxury yacht. We all operate on our individual levels.

Enjoy sir...it's well deserved. Better trills than this ahead by God goodness and mercy. Happy birthday and more year's of great joy, sound mind and health, and greater glory.

Abeg enjoy ursef oo, u no fit help everybody. 60yrs na good to celebrate 🍾

Pls don't question his rationality on this lavish spending, rather pray your hustle gets you into that league too. "But why is he not giving all of that to poor ??", bros make your own rabba and give it to the poor. And who told you he is not big on philanthropy too. Leave him, that is how he wants o spend his own. And To FO, happy 60th birthday sir. May you continue to reap the fruits of your labor. God bless you and yours. And thank you for posting the photo story of Zenon oil on Instagram and how you built your business empire. It was a huge motivation for me. Happy birthday once again sir! God bless. 🎉🎉❤️

Someone is talking about "economic sense". So think u are economically wiser than an economic billionaire? Na wa for delusion. And pls by no means should u justify poverty... don't ever do that...

Oil embezzlement money for the Nigerian top elites. At least the Arab countries, wealthy families actually developed their countries with the oil resource.

Are you sure all is well health wise. He's been spending lavishly for couple of years. The good thing us that he helps actors across the board unlike some known billionaires like Arthur Eze, Mr Tramadol importer, Cubana and Emoney and the rest that we don't see them sponsor any surgery or help IDP camps in Anambra talk less of outside their region. Dangote give hundreds of millions to charity and sponsor lots of his people in the North and build heath facilities and road and employ millions. Other Billionaires without staff and offices and branches be like hushpuppy tins.

He's a billionaire. That's why he's been spending lavishly.

We don’t see you do you exist? We didn’t hear/see you pay your tithe did you do it? You sound like the same type of person that would also say why make noise about charitable deeds. Dummy!

poverty na bastard, meanwhile, guys, LIB called us peasants on instagram🤣🤣🤣🤣

It's written here as well, just read up. Crazy lib 🤪

He needs to spend the money now that he is alive. If he dies tomorrow, strangers will spend it

Why not he just complete the money and buy a Yacht for himself then use it anytime he wants

Because yacht are very expensive to buy, staff, insure and mentain.

A yacht of this class will be averaging 100 million euro. So it makes economic sense to rent one. Imagine you have £800,000 and a rolls Royce is worth £400,000. You've always wanted to celebrate your 30th birthday with a rolls Royce. Would it be wiser to rent a rolls Royce for 2 days at £20,000 or buy a new rolls Royce @ £400k just for a two days enjoyment.

You can do that okay? Always apply Ur wisdom on urself first...b4 teaching others okay?

When flood has rendered alot of people homeless and hungry in Nigeria, I know is not his responsibility but what happens to humanity? If you have such amount of money to spend on nonsense why not assist the homeless and needy? And pls don't tell me he does in secret cause that's a lie and babash. GOD in heaven knows if I have such amount of money people around me won't suffer.

It is part of his responsibility Abeg. Isn’t he chopping subsidy money? Isn’t subsidy a scam?

To you it might be nonsense, let me ask you simple questions. Have you sold your car and given the money to those who have no shoes? Have you moved to a cheaper area and into smaller accommodation and given the extra to people that live under the bridge? Have you refused to buy and eat good food and settled for bread and water whilst giving out your food money to people who haven't got any food? Bottom line, his money to do as he pleases. Fact is, he can't possibly solve all the problems of 200M people, he'd become a church rat otherwise. You need someone to blame, face the government, that's their job!

I understand your point but this guy gives alot to charity. If he has worked hard he also deserves to enjoy. It's very easy to say if it was me... get there 1st oo

You should help people with the little one you have,not till you have the money plenty…poor man talk…Oga Femi abeg enjoy your money,no mind poor man talk

And how about the money he gave during COVID-19? How was it spent? People sad down to share it amongst themselves. Even paliative they still collected it. Abeg, let him spend his money the way he wants to. His money, his spending. Besides I like how he preferred quiet to having a party.

" if u have money"...blah blah blah. Your first assignment should be to learn from those that have...how to have... not to be teaching them how to spend what they have.

Please don't celebrate your birthday and do not eat because I am sure there are people on your street or environs who don't get to eat .

you peasants are always singing this stupid song...how many people have you helped with the little you have? he can spend his money anyway he likes. even jesus said the poor will always be amongst us.... he is not the cause of the poverty in nigeria and only him cannot solve it so let him enjoy his money abeg

Happy Birthday to him. At least he is charitable, so that makes up a bit for this kind of spending.

Does not make any sense, yes, it's his money but God blessed him, instead of wasting this much for vanity, he should spread more on charity, those areas he hasn't touched. Let's know that God will ask everyone he created, how we lived our lives and how we spent the riches he blessed every man with.

This is total waste. Who actually said this "How did you celebrate your birthday again, you peasants! Lol"

Go make money bro

Lucky Man.. Happy Birthday in advance Mentor. #kachi

Na you be peasant!! Waste of money! Tueh!

Clap for yourself sir 👏 🙌 👍🏿 👌 🙏🏾 I know it's your money enjoy it ,Don't forget your root I mean where you come from is on fire 🔥. If you had donated fire truck 🚒 in certain areas in Lagos, that fire wouldn't burn poor people's goods..Like I said ,it's your money enjoy 😉 😜

Even the money a while unites states donated to flood victims in Nigeria no reach this one. God, the way you share this things still baffles me sometimes.

U nor know waitin to use money do again

They are not involved in Nigeria's politics, but they are, if u know u know

I hope no be we you dey call peasants so .

All of you envying him, can you sacrifice your only son to make money? Can you sacrifice your wife to make money? The ones I am talking about know themselves in the so-called big men cycle in Nigeria.

Femi Otedola comes from a prominent family. His father was also the former gov of Lagos state. What is this Biafraud talking about

Congratulations sir, but this money would have gone a long way to change so many lives this hard time

Happy birthday sir, the payment needs to be paid in installments.

I don't understand the last part, what did you mean by "you peasants"?

Bless you sir. Happy birthday in advance. God Almighty, please make me at least the first multi millionaire in my lineage 🙏🙏🙏🙏

Linda, even you are a peasant in this scenario because as you can see, this one pass ‘I bought myself a Range Rover’ level. Please take a seat at the back. LOL!

Levels mehn, all of una wey dey through bundles of naira for club still be peasants. Una still no reach so make you dey humble

Toke eh! You dey miss o

Okay. Are we supposed to go into depression or what na??

No sir get inspired... you can achieve your dreams...

Here is where we see the poor become preschers of vanity upon vanity advising a successful man how to spend his momey.. As they say like attracts like. The money we are talking here is less than or about 4 millin dollars. .that is the level of enviroment those in the billionaire cirlcle are accustoed to . Those who will be invited . And in this setting , business desls will be struck with the target audience brought onboard like dangite and. Othee bikionaires At the end 2.2 billion naira may just be an investment , a means to a targetted end . This billionaire is not wasting bucks like dem.cubana , dem.drug trafikkers and yahoo boys . Its is a strategic move. . fools will say looted funds but even if so , it takes an intellgent man to sustain snd increase wealth.

typical eviI person, defending eviI… kidnappers must be intelligent to you and as such commendable…destroying, selling

"Behind every Great Wealth, there is a Crime". I envy him Nut.

Na poor man wisdom u dey peddle about.... guess where it will lead u....... exactly.....to the level of Ur teacher

Its insulting and an awful joke to call your readers peasants. It's not funny at all. You need to apologise for that. Otedola can spend his money anyhow he likes, we all will die and go home naked and broke someday. Spend it here but wisely

Dear BAT come and see the life u should be living at your age and wealth.. rubbish!!!

What???,poverty is a disease 2.2B,the money that can take me for the rest of my life!

people like him ensure you and other gullible fools have that poverty disease

Between the man and his first daughter, not sure who is dumber.

PMS subsidy scam

In this Nigeria, only a Yoruba .an. €3m?? Damn!

Hunger is too much in Nigeria I don’t think your doing a right thing

I thought Femi Otedola had a yacht of his own already? Now how does this Onassis' yacht compare to the modern day superyachts in elegance, beauty, speed etc. Ain't this Babanla Nonsensi?

hope Davido and Chioma fans will not come for him, lol.

Happy birthday Sir, Please enjoy yourself you deserve more fine bobo

Who made the comment, Peasants? Wow! So foolish of you! Do you know Tomorrow?

He has the right to spend as he wants without anybody questioning him, but that money for yatch alone?, It is much sha

God bless ur new age sir happy birthday sir see u in aging in ur next age in good hearth sir but I need help badly oo to pay my house rent sir

Those white folks still dont give a shit about him ,they want his money and called him stupid negro.

Define your vanity and enjoy it.............

I see someone planing to die with his guests on his 60th birthday .. water go carry people that day ..

Me, I like good life too! Abeg were are the January born? Please gather here, let's go and hire our own, and reach out to Mr. otedola , he will help us pay. Hahahahahaha! Congratulations and happy birthday to you Sir! Long life and good health.

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“You Can Lose It All Tomorrow”

London could be Nigeria’s 37th state. From the underground to the finest hotels, you can hear an army of Nigerians on the march. There is an attitude about them – forward thinking, money spending – a force steeling Britain’s economy with streetwise Lagos cut-and-thrust. Be it academia, business, or just plain rich, there is plenty of Nigeria to go around in London. One of the best known is the Nigerian billionaire, Femi Otedola, who owns a $53.5-million home in the heart of rich Knightsbridge.

Otedola, the man who always wears white, clearly doesn’t believe in doing things by half. He owns a fleet of custom Rolls Royce cars in London and a Mercedes fleet in Nigeria, together worth $7.7 million. On the waters off Lagos, he has a sleek, custom-made, $19.5-million yacht in the Victoria Island lagoon. His home in Lagos is bigger than the one in Knightsbridge, with more expansive balconies and better weather.

Be it homes, gadgets or cars; Otedola appears to love the good life and doesn’t mind spending on it.

On a Thursday morning, in his tastefully furnished London pad adorned with family portraits, we meet for a chat; Otedola is jolly, answering phone calls and checking stocks on his tablet. He does this every morning after a few hours in the gym. There is no doubt it has been another prosperous year for the chairman of a leading Nigerian downstream oil company.

Otedola was the second Nigerian to make the FORBES billionaires list in 2009. Following a major plunge in the shares of African Petroleum (now Forte Oil), he fell off the list. Another blow came when he topped the list of Nigeria’s debtors – owing banks around $900 million. Otedola has since reshuffled his finances and paid off every cent, according to the Asset Management Corporation of Nigeria (AMCON). He returns to the FORBES rich list in 2014 wealthier and wiser. He is worth at least $1.2 billion, as valued this year by the FORBES wealth unit in the United States and FORBES AFRICA. The rise in net worth was helped by a spike in the share price of his company, Forte Oil where he owns an 80% shareholding.

Otedola is part of a group of relatively young men who represent the new face of Nigerian capitalism. Born around the sixties and seventies, they came of age in the eighties and nineties as Nigeria inched deeper into military dictatorships that crippled the economy and the ambitions of entrepreneurs. They had to wait until the return of democracy in 1999 – and the subsequent opening up of the economy – to unleash their entrepreneurial skills. They have since taken advantage of the upturn in the country’s fortunes; their rise coinciding with waves of Nigeria’s economic reform.

So, how do you run up $1.5 billion in debt and become solvent in a few years? Just ask Otedola, who believes it was something he had to go through that had an echo in his childhood.

“I had my first business at the age of six. It was called FEMCO. I’d offer to groom my parents’ guests’ nails. Then, write a receipt and charge them for my service. They paid me too. I always had an interest in business. For my seventh Christmas present, I remember asking my dad for a briefcase. I just thought it was a good look. He gave me one of his and I insisted on taking it to school with me. The kids laughed at me, but I still loved the briefcase.”

Down the years, Otedola nursed his passion and grew up to work for his late father, Michael Otedola, the former governor of Lagos State.

It was a career that began with inky fingers. Otedola ran the marketing side of the family printing press in the late 1980s. It was a springboard to becoming a name in the world of Nigerian business.

An insight into the way Otedola’s mind worked came years later in a very public feud with his now best friend and one-time business partner, Aliko Dangote – the richest man in Africa. The squabble was over a bid for the Nigerian arm of Chevron, Texaco’s downstream business, which the company put up for sale in 2006. Otedola – the oil-and-gas man and second largest shareholder in Texaco at the time – was beaten to it by a company with links to Dangote, the cement-and-commodities man; a move said to be in violation of a gentleman’s agreement to respect each other’s turf. When Otedola announced that he would be investing in sugar and cement factories – Dangote territory – few missed the dig in the ribs.

The squabble lingered, but the storm passed, leaving the two men closer than brothers. A nautical manifestation of this is their identical yachts that bob side-by-side in the lagoon off Lagos.

“It was a case of conspiracy theories. Aliko and I have a genuine relationship and it was only natural that we had a few differences along the line. Today, he is my mentor. I like his sincerity and integrity. Aliko’s word is his bond and I have a lot of respect for my friend. I believe he is a real blessing to Nigeria and Africa as a whole. He is a godsend to this continent. I believe Aliko is highly underrated too. He will become the richest man on the FORBES list someday,” says Otedola.

TO GO WITH AFP STORY IN FRENCH BY JACQUES LHUILLERY ******Nigeria-économie-énergie-société-politique*** (FILES) File picture of Nigerian businessman Aliko Dangote (L) and Femi Otedola are pictured during the opening of the second Lagos domestic airport MM2, 7 April, 2007. Aliko Dangote said that he is far more wealthier than US TV anchorwoman Oprah Winfrey which US magazine Forbes said her wealth fetches USD 1,5 billion. AFP PHOTO / PIUS UTOMI EKPEI/FILES

Otedola’s foray into the oil business began after he stopped working for his father and started working for himself.

Being the son of a governor, Otedola had friends in government who supplied him with diesel. Friends that didn’t do his business any harm down the years. When the political climate changed, the supply stopped. He made enquiries and approached a company for fresh supplies of diesel.

The light bulb in his head went off when Otedola saw a clanking, broken-down truck deliver supplies to his house three days after placing the order. He decided to open his own, more efficient, diesel supply business.

“I started buying diesel from a guy who had control of the market for retailing. I soon realized that a lot of companies in the country actually used diesel. I once received an order from a big transport company. The banks were closed and I could only offer a cheque. I was my supplier’s biggest customer but he refused to take a cheque from me. I immediately realized I needed to source alternative methods of getting my diesel.”

With outrageous ambition, Otedola approached the new management of the depot, which was worth $4 million, and offered to buy it for $20 million.

“I contacted Zenith Bank, sold my pitch on the venture and how we would finance it. I had a meeting that barely lasted 10 minutes with Jim Ovia (another billionaire on the FORBES rich list); he believed in me and it was a done deal. This was in 2003.”

Soon, Otedola had full control of the diesel supply infrastructure with his company, Zenon Petroleum and Gas Limited, holding 91% of the market. It turned out to be a great business decision. He set up a transport and shipping company in line with the logistics attached with diesel supply – F.O. Transport and Seaforce Shipping. At a stroke, he took control of the entire chain. He went further to diversify into property and buying into a string of other large companies. He was 35; he felt the adrenalin rush and wanted to dominate the market. All this in a mere seven years.

At this point, Otedola’s biggest competitors were oil giants Total and Mobil. Soon, he was setting the diesel price and supplying his competitors.

“While my competitors were sleeping, I was busy strategizing. I was liberal too. My strategy was: high volumes, little margins. I was very excited at this point. However, I knew that at some point the government would fix the power issue (diesel is mainly used for generators during power cuts) and I needed to move a step forward.”

In what proved a wise move to cushion the business, Zenon bought a 28.7% stake in African Petroleum. Zenon invested aggressively across the financial sector becoming the second largest shareholder in Zenith Bank, largest individual shareholder at United Bank for Africa (UBA) and many more banks in Nigeria. As the banks sought share capital, following a new directive from the reserve bank, many approached Otedola. He rolled the dice in the knowledge he was playing safe.

At that time, Zenon was very solvent and the largest diesel importer in Nigeria. It invested a lot of money in African Petroleum with Otedola increasing the shareholding from 28.7% to about 55%, at a cost of $400 million. Then, the worst happened – the crude oil prices plunged from $146 to $36 in 2008.

“We took a very big hit and I lost about $1.5 billion, plus interest, in the process. When the oil prices were dropping, I saw it all coming. I could see myself losing big money. I had diesel worth $400 million on the high seas. It didn’t look good. I’m a capitalist though. It was great while the money was rolling in. Now that I lost so much, it was also time to face the tune. It was a very low time for me and I explored different options, including suicide, but ultimately, I knew I had to solve this problem. My debts had to be paid.”

“The same banks that had once sent pretty sales ladies to get money from me for their accounts in the past were now sending tough looking men to knock at my door to get me to pay my debts in the mornings. The only people I’d credit at this point were my wife for her great support, Jim Ovia of Zenith Bank and Segun Agbaje of Guaranty Trust Bank who understood the situation and offered a restructure of the loans for ease of payment. I was however determined to pay it all up and move on. The banks sold the debt to Asset Management Corporation of Nigeria. It was a total of N200 billion

($1.2 billion).”

Otedola separated his personal fortune from his business, so Zenon was bankrupt but he wasn’t. AMCON bought the debt for $867 million. They valued the Zenon assets, Otedola’s property company and existing assets. He added some cash and there was a court settlement. He had also started selling his bank shares, before the big plunge. It dragged on for four years.

“The most important lesson I learned, is that no one is invincible. No matter how high up there you are today, you can lose it all tomorrow if you’re not on top of your game. I also learned that being a good entrepreneur does not necessarily make you a good business manager. I learned to keep my hands off managing and leave it in the hands of experts.”

Today, Otedola describes his approach to business as very risk averse and content. Having sold all the Zenon assets to pay his debts, he shifted his focus to African Petroleum which had to go through restructuring.

Otedola’s fingers were burned and he was going to be tougher this time around. In 2011, a complete overhaul saw him sack all staff at African Petroleum, albeit with a handsome severance package. In the restructuring, African Petroleum became Forte Oil.

“I also made a decision not to run the business as I had failed at running it well. I then brought in a crop of fresh young talented guys to take over. I wanted fresh, brilliant minds and ideas. I wanted to build an institution based on the best corporate governance practices; a whole new direction.”

Forte Oil owns about 500 retail outlets across the 36 states of Nigeria. Its audited half year 2014 results show growth. Its revenue grew by 33% to $511.18 million as against the $385.03 million in 2013. Contributing significantly to revenue, for the first time, is the company’s power generation segment from Amperion Power. Under Nigeria’s power privatization program, it acquired the 414MW Geregu plant in Kogi State. Overall sales costs increased by 30% to $453.39 million from $348.20 million in 2013. Gross profit surged by 57% to $57.79 million from $36.82 million while profit before tax grew by 152% to $26.92 million from $10.68 million.

Alongside recovery in underlying business performance, exposure to the power sector acted as a catalyst for a rise in the share price at Forte Oil. The company has aggressive ambitions and is on the brink of a big deal.

On returning to the FORBES list, Otedola says: “It is good to be back and is simply an indication of how well we are doing.”

On family, he says: “I’m extremely dedicated to my family. They come first at all times.”

Speaking of family, Otedola’s daughter is on the way up through turntables rather than oil barrels. Florence Otedola, one of four children who is also known as ‘DJ Cuppy’, plays and produces music on the dance floors and flies around the world to spin the tunes.

“Cuppy is a very smart young lady who will go places. She has done very well and is currently in the United States for her Master’s program. She is very talented at her DJing. It is her passion and I have no choice but to support her. I want my children to follow their respective passion and I’ll support them to the best of my ability.”

Otedola believes Nigerians are enterprising and therein lies the country’s strength. He detests the bad light in which Nigeria is often seen and hopes for fairer reporting that celebrates its successes as well.

“I’d like to see a Nigeria with about 50 Dangotes,” he says on Nigeria’s future.

As the FORBES list welcomes Otedola back, he is looking towards a brighter future and increasing his $1.2-billion wealth. He may have made a small slice of FORBES history by making a billion, losing it and clawing it back. Either way, he is burned, humbled and bouncing back – w

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