Femi Otedola has rejoined the club of global billionaires, a momentous wealth sourced with outstanding gains he made in the petroleum industry. The Forbes magazine, the most recognized and acceptable expert on the evaluation of wealth metrics rated the worth of Otedola at one billion dollars ($1 billion). The significant is not so much of the accumulated wealth but rather a testament of the economic growth in Nigeria and Otedola rejoining the club of the world richest people.
According to Forbes: “Nigeria’s Femi Otedola returns to Forbes’ list of billionaires for the first time since 2009 following a sharp rise in the share price of petroleum marketing company Forte Oil, despite the drop in oil prices in 2014. Otedola is the controlling shareholder of Forte Oil, with a 78% stake. The company owns gas stations and fuel storage depots and manufactures its own line of engine oils.”
Otedola is a 21st century business tycoon and capitalistic executive in wealth creation and a vanguard in the capitalistic enterprise. He is the founder and Chief executive of Zenon Petroleum and Gas. And Zenon Petroleum & Gas has played a vital and significant role in oil and gas industry in Nigeria’s economic growth.
Zenon has what it takes to make a strategic move in exploration and refining of oil and gas in Nigeria. There are many opportunities in the energy industry especially in oil refining at this point in time. Lately, Nigeria has been having problems with oil subsidy issue with deepening subsidy scandal. All these would have been averted with functioning ingenious oil refineries. The country’s state of affairs can be attributed to the poor and under performances of local oil refineries.
Nigeria must encourage local companies to take advantage of the opportunities in the energy industry especially in petroleum refining. It is important that private industries in Nigeria to participate in this industry for needed energy availability. First and foremost, it will bring jobs to our unemployed and underemployed work force. Private industries are more efficient than government in operating business entities due to lack of crony capitalism, in addition massive inefficiency is associated with government run companies.
The challenge that threatens oil and petroleum wealth is the decreasing price of oil and its glut in the global market. For Otedola’s wealth to be maintained and increase a diversification is indispensable in the sphere of wealth creation.
Emeka Chiakwelu, Principal Policy Strategist at AFRIPOL on congratulating Femi Otedola on his business success, also acknowledged that the business executive have what it takes to be at the zenith of business ladder.
Written by Emeka Chiakwelu, Principal Policy Strategist at AFRIPOL.
