Business
Is DJ Cuppy’s father, Femi Otedola, still a billionaire? — Here’s what we know
Femi Otedola is usually described as a billionaire entrepreneur, philanthropist, founder of Forte Oil, a husband, and the father of four lovely children.
Otedola is presently the Executive Chairman of Geregu Power PLC after selling his controlling stake in Forte Oil.
He was ranked by Forbes to have worth about $1.8 billion in 2016.
Is he still a billionaire?
In 2016, Otedola lost about $400 million of his net worth within nine weeks. This was because the stock price of Forte Oil, the Nigerian-listed energy behemoth he controlled at the time, shed 43.5% in value within that period.
No longer a billionaire in dollar
Later in 2016, October 17, Forbes announced Otedolas net worth has plunged from $1.8 Billion to $550 million following a massive drop in the stock price of Forte Oil, the Nigerian Stock Exchange-listed petroleum marketing company.
In December 2018, Femi Otedola donated $6 million to construct a multi-storey building at the Augustine University in Epe, Lagos.
Later in the month, he sold his 75% controlling stake in Forte Oil, to Prudent Energy, a local oil trading firm.
The next year (2019), he received approval from shareholders to enter into negotiations to acquire the power business of Forte Oil.
Sale of his 75% stake in Forte Oil was completed on June 19, 2019. He confirmed the development in an Instagram post on the same date.
“A few years ago, my team and I embarked on an arduous task of transforming a moribund petroleum marketing business, African Petroleum Plc (formerly British Petroleum) into Forte Oil Plc; a leading integrated solutions provider with solid footprints in downstream petroleum marketing, Upstream Services and Power Generation and one in which we built intrinsic value to the benefits of our shareholders. In line with my principle of business focus, we have divested from our marketing and upstream businesses and shall from now on focus and consolidate on the gains of our power generation business, Geregu Power Plc. We wish our successors the very best and urge them to build on our legacies which have been established since 1964 ?? …F.Ote” his post caption reads.
In November 2019, he donated $14 million to the Save the Children Fund through his daughter, DJ Cuppy’s Foundation, to support various intervention programmes for destitute children in Nigeria’s northeast region.
His present net worth cannot be ascertained but going by Forbes coverage of the businessman, he is no more a billionaire in dollars but unarguably a billionaire in Naira.
He acquired substantial shares in First Bank of Nigeria, FBN Holding in 2021 but sold down about 834 million shares valued at about N9.28 billion.
Read Femi Otedola FULL BIOGRAPHY.
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