Business

Making It Big: How My Life Changed With £250,000 Loan – Otedola

Published

11 months ago

August 21, 2025

Otedola Lauds Dangote Refinery As 'Eighth Wonder,' Credits Tinubu

Billionaire businessman Femi Otedola has revealed that a £250,000 loan from his father Sir Michael Otedola, a former Lagos State governor-was the lifeline that helped scale up Zenon Petroleum, the oil trading company that cemented his place in Nigeria’s business landscape.

Otedola made the disclosure in his memoir Making It Big, where he draws parallels between the support he received from his father and the guidance he now provides to his children.

According to him, mentorship and financial backing were critical to his rise and remain central to how he nurtures the ambitions of his own protégés.

He recalled financing his daughter DJ Cuppy’s first major show, which featured Davido, with N10 million when they were just 16. The concert, however, flopped, attracting only a handful of older attendees including former Cross River State Governor Donald Duke and his wife Onari, as well as lawyer Jide Coker.

“Papa, people aren’t coming,” his daughter lamented. His response was to open the gates for free an experience he describes as a lesson in tenacity and perseverance. Today, both artistes have grown into household names.

More insights
Davido, who has gone on to become one of Africa’s biggest music exports, boasts multiple hit singles, global tours, and awards, including a Grammy nomination in 2024. He is also one of the most streamed Afrobeats artistes globally, with a loyal fan base spanning Africa, Europe, and the United States. DJ Cuppy, meanwhile, has carved out her own niche as a DJ and producer, releasing hit singles, headlining major international events, and serving as a UN ambassador. She has also become a prominent advocate for philanthropy and youth empowerment.

The billionaire also recalled spending the summer of 2019 in Monaco with his children, where he shared “nuggets of wisdom” passed down from his father alongside lessons picked up throughout his career.

Beyond family, Otedola credits role models such as the late Wahab Folawiyo, whose pioneering business exploits he studied closely, as key influences in shaping his entrepreneurial outlook.

What you should know
In 2003, having identified an opportunity in the fuel retail market, Otedola secured the finance to set up Zenon Petroleum and Gas Ltd, a petroleum products marketing and distribution company. As owner and chairman, he moved quickly to dominate the industry.

By 2004, he had invested N15 billion in downstream infrastructure, acquiring storage depots in Apapa and Ibafon, as well as four cargo vessels with a combined total storage capacity of 147,000 metric tons.

That same year, Zenon added a fleet of 100 DAF fuel-tanker trucks worth N1.4 billion.

By 2005, Zenon controlled a major share of Nigeria’s diesel market, supplying fuel to some of the country’s largest manufacturers, including Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestlé, and Guinness.

Otedola’s aggressive expansion culminated in 2007 when ten banks approved a syndicated loan of $1.5 billion to Zenon to build the largest premium motor spirit storage facility in Africa. Later that year, Zenon acquired a 28.7% stake in African Petroleum, one of Nigeria’s leading fuel marketers.

Zenon also expanded into the kerosene market, solidifying its influence in Nigeria’s energy sector. However, in 2012, the company was named in a controversial fuel subsidy scandal, where it was alleged to have owed $1.4 million to the government. The case drew public attention after a sting operation revealed a lawmaker, Farouk Lawan, demanding bribes from Otedola to clear Zenon’s name. Lawan was later charged with corruption, while Otedola maintained his innocence.

Buy Otedola’s ‘Making it Big’ Memoir At These Bookstores Across The World

Business

No More N1,300/Litre: Relief As Petrol Prices Drop, Marketers Announce New Rates

Published

3 hours ago

July 27, 2026

The Daily Voice

Petrol depot prices have dropped again across Nigeria’s key distribution hubs, with loading rates falling at several depots in Lagos, Port Harcourt and Warri amid sustained competition and improved product supply.

The fresh cuts, ranging from N5 to N25 per litre on Monday, July 27, were recorded at multiple depots nationwide

In Lagos, all six monitored depots lowered their ex-depot rates. Bulk Strategic trimmed its price from N1,260 to N1,250 per litre, while Liquid Bulk moved from N1,270 to N1,256, data from Petroleumprice.ng shows.

Masters dropped from N1,275 to N1,260, and Matrix reduced its rate from N1,270 to N1,255. Sigmund recorded the largest single cut in Lagos, shaving N20 off its price to settle at N1,250 per litre. T.S.L also lowered its loading price from N1,265 to N1,250.

Port Harcourt depots followed suit. Hong Petroleum reduced its ex-depot price from N1,255 to N1,246 per litre, while Mainland moved from N1,255 to N1,250. Northwest did not publish a current loading price.

In Warri, Optima posted the biggest single reduction across all three cities, cutting its price by N25 from N1,270 to N1,245 per litre. Matrix in Warri also reduced its rate by N24 to N1,246, and Rain Oil trimmed its loading price by N5 to N1,268 per litre.

Below is a snapshot of current ex-depot prices: Snapshot of petrol depot prices on Monday at depots

LAGOS

Bulk Strategic – N1,250/litre

Liquid Bulk – N1,256/litre

Masters – N1,260/litre

Matrix – N1,255/litre

Sigmund – N1,250/litre

T.S.L – N1,250/litre

PORT HARCOURT

Hong Petroleum – N1,246/litre

Mainland – N1,250/litre

WARRI

Optima – N1,245/litre

Matrix – N1,246/litre

Rain Oil – N1,268/litre

Business

Top 10 Richest Yoruba Billionaires: South West Wealthiest Entrepreneurs, Key Factors Behind Their Wealth

Published

1 day ago

July 26, 2026

The Daily Voice

The Yoruba ethnic group, predominantly located in Nigeria’s southwestern region, has long been home to some of the wealthiest and most influential entrepreneurs in Africa.

Over the years, these Yoruba billionaires have made significant impacts across various sectors, including oil and gas, banking, telecommunications, real estate, and entertainment. Their business acumen and achievements have not only helped shape Nigeria’s economy but have also garnered international recognition.

Here’s a look at the top 10 richest Yoruba billionaires and the key factors behind their wealth:

10. Sulaiman Adebola Adegunwa
Sulaiman Adegunwa is a billionaire philanthropist and businessman from Ogun State. He is the founder of Rite Foods Limited, a company best known for producing popular food and beverage brands in Nigeria. His investments also extend to education, as he founded the Sulaimon College of Education in Ogun State.

9. Fola Adeola
Fola Adeola is best known as the founder of Guaranty Trust Bank (GTBank), one of Nigeria’s largest and most respected financial institutions. He is also involved in several other ventures, including heading MainOne, a telecom company, and running the FATE Foundation, which supports entrepreneurship in Nigeria. His net worth is around $550 million.

8. Dele Fajemirokun
Dele Fajemirokun is one of the most respected Yoruba business figures, with investments spanning insurance, oil, and telecommunications. He is the chairman of AIICO Insurance and a key investor in Food Concepts, the parent company of Chicken Republic. His business acumen has earned him a net worth of $500 million.

7. Samuel Adedoyin
Samuel Adedoyin is a self-made billionaire who overcame humble beginnings to become one of the wealthiest Yoruba men in Nigeria. He is the founder of the Doyin Group, a conglomerate involved in manufacturing, agriculture, and real estate. Adedoyin’s journey from small business ventures to becoming a billionaire is truly inspirational, and his net worth is estimated at $540 million.

6. Oba Otudeko
Oba Otudeko, a respected business magnate and philanthropist, is the founder of Honeywell Group, a diversified industrial conglomerate with interests in food processing, oil and gas, and real estate. He also played a pivotal role in the Nigerian banking industry, previously serving as the chairman of First Bank of Nigeria. Otudeko’s net worth is around $550 million.

5. Tunde Folawiyo
As the managing director of Yinka Folawiyo Group, a conglomerate with interests in energy, agriculture, and real estate, Tunde Folawiyo carries on the legacy of his family’s business empire. His ventures in shipping and energy are particularly notable, and he also serves on the board of MTN Nigeria. His estimated net worth is around $650 million.

4. Deji Adeleke
Dr. Deji Adeleke is a prominent businessman and philanthropist, best known as the father of the famous Nigerian musician Davido. He is the founder of Pacific Holdings Limited, a company with interests in oil and gas, real estate, and logistics. Adeleke is also an investor in education, having established Adeleke University in Osun State. His net worth is estimated at over $700 million.

3. Jimoh Ibrahim
Jimoh Ibrahim is another leading Yoruba entrepreneur who has built his fortune through diversified business ventures. He is the CEO of Global Fleet Group, a conglomerate with interests in oil and gas, insurance, real estate, aviation, and publishing. A lawyer by training, Jimoh Ibrahim’s net worth stands at around $1.1 billion, largely due to his ability to navigate various industries successfully.

2. Femi Otedola
Femi Otedola is one of Nigeria’s most recognized billionaires, primarily due to his involvement in the oil and gas industry. He is the former chairman of Forte Oil, a major petroleum marketing company in Nigeria, and his business ventures have expanded into power generation, finance, and real estate. Otedola’s investments in key sectors like shipping and energy make him a major player in Nigeria’s economy. As of 2024, his net worth is estimated at $1.8 billion.

1. Mike Adenuga
While Mike Adenuga is a Yoruba billionaire, his reach extends beyond Nigeria to the rest of Africa. He is the founder of Globacom, one of Nigeria’s largest telecommunications companies, and he also has interests in oil exploration through his company Conoil. Adenuga’s strategic positioning in telecoms and oil has made him the second-richest man in Nigeria, with a net worth of over $6 billion.

SEE THEIR NET WORTH

Business

FG Unveils Portal, Targets 26,961 Nigerians for New Positions

Published

2 days ago

July 26, 2026

The Daily Voice

The Federal Government has launched the online registration portal for Phase III of the Renewed Hope Employment Initiative (RHEI), with plans to train 26,961 unemployed Nigerians in 70 high-demand skills as part of efforts to tackle unemployment and boost entrepreneurship nationwide.

The programme, which will run across the 36 states and the Federal Capital Territory (FCT), is expected to commence in August 2026 after the registration process is completed.

Speaking during the launch, the Minister of Labour and Employment, Dr Mohammed Dingyadi, said the initiative is designed to equip unemployed Nigerians with practical, market-driven skills that can lead to employment or self-reliance.

He explained that the government would adopt a ward-to-ward selection process to ensure that beneficiaries are drawn from communities across the country, promoting fairness and wider participation.

According to the minister, the programme aligns with the Federal Government’s broader agenda to reduce unemployment by expanding access to vocational training and enterprise development.

As part of the initiative, the government also announced plans to resettle 3,405 outstanding graduate trainees with starter packs and work tools after completing their training.

The support package is intended to help beneficiaries establish businesses or begin careers in their chosen trades, strengthening the government’s push for sustainable job creation.

Dingyadi acknowledged complaints from beneficiaries of the earlier phases regarding unpaid stipends and delayed resettlement support.

He attributed the setbacks to funding constraints and assured participants that the ministry was working with relevant authorities to secure the release of funds needed to settle all outstanding obligations.

“I wish to assure all affected beneficiaries that this Ministry is fully aware of the matter and is working with the relevant authorities to ensure the release of the necessary funds so that all outstanding obligations can be met without further delay,” he said.

Director-General of the National Directorate of Employment (NDE), Silas Agara, said the upgraded registration portal includes new security and verification features to improve transparency and efficiency.

Applicants will be required to verify their identities using their National Identification Number (NIN), while the system will automatically prevent multiple registrations and assign applicants to training centres closest to their locations.

Agara added that persons living with disabilities would be identified during registration and matched with skills programmes suited to their needs.