So much public and media attention has been focused on Femi Otedola, one of Nigeria’s wealthiest and most famous businessmen, that his larger-than-life image has almost completely eclipsed that of his wife. While many know very little about the wife of the billionaire, still fewer have an idea of what she does for a living. The reality, however, is that Nana, Otedola’s wife, has built a distinct and towering profile, not just as the wife of a Forbes-rated business tycoon, but also as a highly successful entrepreneur in her own right, believed to have accumulated wealth and assets at levels commonly associated with the stinkingly rich.
The major difference between Nana and Femi is that, while the latter attracts and apparently relishes public visibility, the former prefers to keep away from the public eye, only occasionally appearing in media discussions and social functions. Nana’s reclusive nature speaks to her reserved personality, which contrasts with the attention her family typically attracts. Her low public visibility means that details surrounding her early life, including her birth year and place, have largely remained private. Believed to be of mixed Ghanaian and Nigerian parentage, Nana Otedola is reported have identified herself as a Nigerian who was born in London, in August 1966.
She is better known by the public for her beauty, elegance, sophistication, and her role as a supportive partner to her husband, Femi Otedola. Nana is also recognized as an astute businesswoman in her own right. She started her business in 2005 in the United Kingdom, after working there for 13 years with Fineshade Energy Limited. She is the Managing Director of Garment Care, a laundry service company she founded, which provides professional cleaning services in Lagos and has become a notable player in its field. Her business acumen has contributed to the success and growth of Garment Care over the years, showcasing her entrepreneurial capabilities beyond the shadow of her husband’s sprawling empire. Although her specific roles are not known to the public, Nana is said to be very supportive of her husband in running his companies resulting in the huge success they have recorded and the stupendous wealth he has accumulated.
Mr. Otedola was born in Ibadan, the capital of Oyo State, southwest Nigeria, into the family of the late Sir Michael Otedola, Governor of Lagos State from 1992 to 1993. His first foray into big time business, through the downstream sector of the oil and gas industry, began in 2003 with Zenon Petroleum and Gas Limited, a petroleum products marketing and distribution company. The following year, he invested N15 billion in downstream infrastructure development and acquired storage depots at Ibafon, Apapa as well as four cargo vessels, amounting to a combined total storage capacity of 147,000 metric tons. The same year he acquired a fleet of 100 DAF fuel-tanker trucks for N1.4 billion.
In 2005, Zenon controlled a major share of the Nigerian diesel market, supplying fuel to most of the major manufacturers in the country including Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestle and Guinness.
Thereafter, he initiated the purchase of majority shareholding in the then African Petroleum Plc in May 2007 and became the Chairman of the Board on 25 May 2007. He transformed African Petroleum Plc into Forte Oil Plc (FO Plc) and made it to grow in leaps and bounds to become a model of the possibilities inherent in Nigeria. This earned him numerous accolades in recognition of the successful business turnaround, diversified portfolio, prompt financial reporting, strong corporate governance, and investment of choice within the oil and gas industry.
He divested from the company in 2018 by selling his shareholdings to the Ignite Consortium led by Prudent Energy Services Limited and handed over in June 2019 after completing the transaction. The divestment from Forte Oil Plc and his acquisition of FO Plc shares in Amperion Power Distribution Company Limited, the SPV for the acquisition of controlling shares in Geregu Power Plc, provided him the ample opportunity to focus on the Power Sector as the Company’s Executive Chairman.
Mr. Otedola’s doggedness culminated in the acquisition of a majority stake in the 414MW Geregu Power Plant by Amperion Power Distribution Company Limited in August 2013 (a plant which has since been overhauled and improved to a 435MW capacity) contributing approximately 9% of the generating capacity available to the National Grid. Similarly, Otedola became the single largest shareholder (5.07%) of First bank PLC in October 2021 and was appointed Chairman of the Board of Directors of FBN Holding Co. (later renamed First Holding Co Plc) on 31st January 2024 following his strategic acquisition of Nigeria’s biggest financial institution.
He has investments spread across various other interests including storage, shipping, and insurance brokerage in addition to port agency and petroleum retail outlets and he has built a formidable, value-driven presence along the downstream value chain.
Femi has a rich experience in corporate boards having held several board memberships, including President of the Nigerian Chamber of Shipping. He also served as the Chairman of Transcorp Hilton Hotel, Abuja. He was appointed a member of the Governing Council of the Nigerian Investment Promotion Council (NIPC) in January 2004 and in December of the same year, he became a member of the committee saddled with the task of fostering business relationships between the Nigerian and South African Private sectors.
He was also a member of the National Economic Management Team chaired by the Former President Goodluck Jonathan from September 2011 to May 2015 and the Honorary International Investors Council chaired by Baroness Lynda Chalker. He is currently a member of the revered National Peace Committee.
Femi has received several awards and recognitions for his immense contributions to the growth of the Nigerian economy including the conferment of the prestigious National Honour – “Commander of the Order of the Niger (CON)” by former President Goodluck Jonathan in May 2010.
While Mr. Otedola’s net worth is widely known and estimated to be around $1.8 billion (as of 2024), Nana’s personal wealth is not separately quantified. However, as Femi’s wife and partner in many ventures, she enjoys significant financial privileges. Some estimates suggest her worth could be in the millions, given her successful Garment Care business and her ties to the Otedola fortune. The couple’s combined assets, properties, and investments would undoubtedly place her among the wealthiest women in Nigeria.
Commensurate with the size of their family wealth, the couple are big players in human empowerment, philanthropy and corporate social responsibility, although most reports credit only the husband, for reasons aforementioned. For instance, Otedola has made several donations to the Michael Otedola University Scholarship Scheme, which was established in 1985 to give underprivileged students in Lagos State access to higher education. In 2005 Zenon donated N200 million to the scheme’s fund. Since its inception the scheme has benefited more than 1,000 students.
In 2005, Otedola made a N300 million personal donation to the completion of the National Ecumenical Centre—Nigeria’s primary place of Christian worship—in Abuja. In 2007 he was among a group of donors who gave N200 million to the State Security Trust Fund in a drive to reduce crime in Lagos State. Later that year he donated N100 million to the Otedola College of Primary Education in Noforija, Epe. In 2008 he donated N80 million to the Faculty of Agriculture at the University of Port Harcourt. Femi Otedola fulfilled his pledge of 25,000 dollars to the Super Eagles in the match against Algeria in the 2019 AFCON.
Femi is a Vice President of “Save the Children,” a UK-based charity group, and his invitation to the group bears testament to his impact through the generous donation of ₦5billion to Save the Children’s course in Nigeria.
The couple have one son and three daughters. One of their daughters, Florence Otedola is known as DJ Cuppy while another daughter, Temi Otedola, is a famous style blogger and designer. The Otedola family members are very friendly; they always celebrate holidays together, and like to share photos on social media. Nana Otedola likes to travel together with her children to such countries as France and Italy.
Femi and Nana Otedola have been included in the Top10 Magazine’s 10 Most Impactful Power Couples in Nigeria in recognition of their outstanding contributions to Nigeria’s economic development as they serve as inspiration to upcoming couples.
