When billionaire businessman, Femi Otedola, announced that he would be quitting the oil and gas sector by selling off his shares in Forte Oil in June 2019 to delve into the energy sector, many business analysts saw this as a wrong move for the business tycoon. The reason remains why would anyone quit a lucrative money-spinning business that made him a household name.
While aspiring billionaires and business students in the oil and gas industry need to learn Otedola’s secret on how he was able to navigate back to winning ways after being hit by a fall in the global oil price over a decade ago, the suave and gangling businessman is already writing a book for protegees to learn.
However, those who have come in contact with the highly cerebral business mogul will reel out his ability, shrewdness, and brilliance in making business decisions.
Despite his foray into the power sector, Otedola, it is believed still has wields the magic wand with which he turned around the fortune of moribund African Petroleum, AP, which he rechristened Forte Oil.
Indeed, barely a year after he diversified into the power business, he has proved his critics wrong.
Evidence that he still possesses the Midas touch, his N64.3bn investment in the energy sector, Geregu Power Plant, is already giving his rivals sleepless nights. The company is not only yielding good investment, it has revamped the energy sector for good.
Though he’s the son of a former Lagos State governor, late Sir Michael Otedola, FO, as he’s fondly called, had sowed with sweats and currently reaping bountifully.
Many years after he floated his business, he resolved to pursue his dream on a global stage. And though it looked an impossible task, in the beginning, FO is swimming across global business waters in success just like his Nana yacht does across various waters.