Video: Billionaire businessman, Femi Otedola, splashes over N2billion on super yacht to mark his 60th birthday

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Billionaire businessman, Femi Otedola, has reportedly splashed a whopping €3 million (over N2billion) on Aristotle Onassis’ Christina O super luxury yacht ahead of his 60th birthday celebration.

The Street Journal reports that the oil mogul, who turns 60 on Friday, November 4, rented the yacht to celebrate with his family and friends.

According to the report, the superyacht will sail on the Mediterranean Sea for three weeks with 37 crew members.

The super yacht, the biggest yacht in the world, belongs to one of Otedola’s childhood idols, the late Greek shipping magnate Aristotle Onassis, who was once regarded as the wealthiest man in the world.

n December 2010, African Petroleum rebranded, changing its name to Forte Oil PLC.[26] Otedola carried out a restructuring of the business, focusing on technology and improved corporate governance.[9][25] Forte Oil returned to profit in 2012.[25]

In 2013, as part of the Federal Government’s push to liberalise Nigeria’s ailing power sector, Otedola financed 57% of Forte Oil subsidiary Amperion Ltd, which acquired the 414 MW Geregu Power Plant for $132 million.[27][28]

Forte’s improved financial position and diversification into power generation resulted in a 1,321 per cent rise in its share price during 2013. The first half of 2014 saw the company’s pre-tax profit more than double year-on-year to 4.19 billion naira ($25.7 million).

Revenue growth for the whole year was 33 per cent. In November 2014, Otedola returned to the Forbes rich list having dropped off it following the fall in share price during 2009.

In September 2015 Forte Oil sold 17 per cent of its equity to Swiss commodity trader Mercuria Energy Group, giving Forte access to global commodity markets. The deal was thought to have given Otedola an estimated $200 million.

In 2019, Femi Otedola sold Forte Oil Plc and announced plans to change focus from oil to power with his company, Geregu Power Plc.

‘Gentleman of Leisure’ Femi Otedola Splurges Three Million Euros on Aristotle Onassis Luxury Yacht to Celebrate 60th Birthday

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NewsWireNGR
NewsWireNGR
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