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Femi Otedola’s Winning Streak

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When billionaire businessman, Femi Otedola, announced that he would be quitting the oil and gas sector by selling of his shares in Forte Oil in June 2019,   many business analysts saw this as a wrong move.

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Reason: they could not fathom why he should quit the business that made him a household name and a business phenomenal in Africa’s business sector.

But those who know the brainy business mogul very well did not doubt his ability, shrewdness and brilliance.

This group of people maintained that he still had the magic with which he turned around the moribund African Petroleum, AP, which he rechristened Forte Oil.

Besides, they insisted that Otedola must have thought it out.

As predicted, Otedola, who is blessed with proven magic wand, successfully re-jigged the company from its former declining state to a flourishing  one that became a brand to beat in the sector.

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,  and that his muse has not left him, his N64.3bn investment in the energy sector, Geregu  Power Plant, is already giving his rival a sleepless night is that the  company is not only yielding good investment it has  changed the energy sector for good.

As a son of a former Lagos State governor, the late Sir Michael Otedola, providence has been magnanimous enough to him.

So, many would argue that his paths were already laced with roses because of his background.

But what many do not know is that he himself had sowed with sweats. In other words, the foundation of his business empire was laid with sweat, determination and hard work.

Of course, you cannot rule out the divine grace in his life.

Many years after he floated his business, he resolved to pursue his dream on a global stage.

Though it looked an impossible task, he was determined to pursue his ambition of ruling the world with unwavering doggedness.

Today, the company is not only recognised around the world, but the Lagos State- born  has been listed as one of the richest on the continent of Africa.

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Tinubu Vows to Revive Nigeria’s Dormant National Refineries

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President Bola Tinubu has reaffirmed the Federal Government’s commitment to rehabilitating and repositioning Nigeria’s dormant national refineries, declaring that the facilities will not be allowed to become stranded assets.

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Tinubu was represented by the Permanent Secretary of the Ministry of Petroleum Resources, Mrs Patience Oyekunle, at the 20th OTL Africa Downstream Energy Week in Lagos on Monday.

The President said the government is adopting a more rigorous and commercially sustainable approach to the rehabilitation of the Port Harcourt, Warri and Kaduna refineries.

“At the same time, the government remains committed to ensuring that existing national refining assets are not allowed to become stranded investments,” the statement said.

“We are pursuing a more rigorous, commercially sustainable approach to the rehabilitation and repositioning of our refineries, supported by technical assessment, stronger partnerships, and improved operational discipline.”

The objective, according to the administration, is for Nigeria to refine more of its crude oil, create greater domestic value and become a reliable supplier of energy to Africa.

The national refineries, managed by the Nigerian National Petroleum Company Limited (NNPC), have remained largely inactive for years despite significant spending on turnaround maintenance. The NNPC has signed a memorandum of understanding with Chinese firms as part of ongoing efforts to revive the facilities.

Tinubu also noted the contribution of private refining capacity, particularly the Dangote Refinery, which has reached its 650,000 barrels-per-day nameplate capacity, in strengthening Nigeria’s prospects of becoming a net exporter of refined petroleum products.


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NNPC Records ₦7.2tn Profit as Tinubu Receives 2025 Report

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Tinubu receives NNPC’s 2025 audited report as profit after tax rises 33% to ₦7.2tn, with revenue reaching ₦34.5tn and dividend at ₦5.8tn (more…)

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AICL GMD Tamuno Seeks Stronger Diaspora Investment

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AICL GMD Maureen Tamuno calls for stronger diaspora investment in Africa through trust, transparency, skills transfer and sustainable partnerships

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