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Tag: Femi Otedola

  • Femi Otedola Breaks Silence After Nestoil Dispute, Hosts Abdul Samad Rabiu in London

    Billionaire businessman Femi Otedola has reacted indirectly to criticism surrounding his legal dispute with Nestoil by sharing a social media post showing him hosting fellow billionaire Abdul Samad Rabiu in London.

    The development comes days after influencer Kenesgloww, daughter of Nestoil founder Ernest Azudialu-Obiejesi, publicly criticised Otedola over First Bank’s debt recovery efforts against the oil and gas company.

    Nestoil Legal Battle Draws Public Attention

    The dispute stems from attempts by First Bank, under the leadership of FirstHoldco PLC Chairman Otedola, to recover an alleged $1 billion debt owed by Nestoil and its subsidiary, Neconde.

    The bank initiated legal proceedings aimed at enforcing debt recovery and securing control over the OML 42 oil block.

    However, Nestoil recorded a major legal victory after the Supreme Court reportedly set aside previous orders freezing its assets and directed police operatives to vacate the company’s Lagos headquarters.

    Influencer Criticises Otedola

    Following the court ruling, Kenesgloww took to social media to criticise Otedola, accusing him of attempting to take over a business built by her father.

    In a series of posts, she questioned the billionaire’s business record and argued that genuine success comes from building enterprises from the ground up rather than acquiring what belongs to others.

    Her comments generated widespread reactions online as supporters of both businessmen weighed in on the controversy.

    Otedola Shares London Dinner Photo

    Amid the debate, Otedola appeared unfazed by the criticism as he shared a photograph of himself with Abdul Samad Rabiu in London.

    In the post, he described Rabiu as his neighbour in London and one of the wealthiest Black men in the world.

    “Yesterday evening my honour to have the 2nd richest black man in the world (and my London neighbour) over for dinner. The one and only Abdul Samad Rabiu,” Otedola wrote.

    The post quickly attracted reactions from followers, many interpreting it as his first public response since the controversy gained attention.

    Debt Recovery Efforts Remain a Key Issue

    The dispute between First Bank and Nestoil has remained one of the most closely watched corporate battles in Nigeria’s oil and financial sectors.

    Industry observers note that the case gained prominence due to concerns over the impact of non-performing loans on First Bank’s financial position and the significance of the assets involved.

  • Femi Otedola Cycles Lagos Coast in Defiant Response to Critics

    Nigerian billionaire Femi Otedola has taken to the Lagos coastline in a high-profile cycling outing, responding indirectly to critics who previously questioned his preference for cycling in safer international locations.

    The 63-year-old businessman, originally from Ibadan, Oyo State, shared a video of himself riding along the Eko Atlantic corridor, a privately developed waterfront area known for its smooth roads and controlled access.

    Backlash Over Foreign Cycling Clips

    The move comes after Otedola faced criticism online for posting cycling videos from cities such as Singapore and Paris, where infrastructure and safety standards are significantly different from those in Nigeria.

    Critics had argued that his earlier choice of locations highlighted the country’s persistent challenges with road safety, traffic congestion, and insecurity.

    Mixed Reactions On Social Media

    The latest video triggered divided reactions across social media platforms, especially on X (formerly Twitter). Some users praised him for promoting fitness and embracing cycling in Nigeria, while others said the location still reflects a privileged environment rather than everyday Nigerian realities.

    Commentators also pointed to wider national concerns, including insecurity and uneven infrastructure development, arguing that safe recreational spaces remain inaccessible to many citizens.

    Debate Over Inequality And Access

    The discussion has expanded beyond Otedola himself, touching on broader issues of inequality, lifestyle differences, and urban planning in Lagos.

    While some supporters see his ride as inspirational, others insist it highlights the gap between elite enclaves like Eko Atlantic and densely populated areas where safety and infrastructure remain major concerns.

    Otedola has not issued any further statement beyond sharing the cycling clip, but the conversation continues to trend online, reflecting ongoing debates about privilege, lifestyle, and national development.

  • Otedola Commits $100m Stake in Dangote Refinery Amid Billion-Dollar IPO Plan

    Business mogul and Chairman of First HoldCo, Femi Otedola, has announced plans to invest $100 million in Dangote Refinery, marking a fresh boost to the multibillion-dollar energy project.

    Otedola made the disclosure on Wednesday after leading a delegation of top executives from First HoldCo on a visit to the refinery owned by Africa’s richest man, Aliko Dangote.

    The investment is part of a broader private placement exercise targeting about $2 billion ahead of the refinery’s eventual public listing.

    “Personal commitment to Dangote project”

    Otedola said his decision followed repeated engagements with Dangote and a personal interest in supporting the refinery’s expansion and long-term vision.

    He noted that his investment would come through allocated shares in the ongoing private placement, describing it as a strategic shift of his portfolio.

    According to him, “From a personal note, I’ve appealed to him. I’ve been here with him 25 times, so my compensation is he’s going to allocate to me shares worth $100 million in the private placement.”

    He also revealed that proceeds from the sale of his stake in Geregu Power would be redirected into the refinery investment.

    Dangote Refinery IPO plans gather momentum

    The development comes as Dangote Refinery prepares for a potential initial public offering (IPO), which could see up to 10 percent of the company floated on the market.

    Reports suggest the refinery could be valued at as much as $5 billion during listing, with projections pushing overall valuation toward $50 billion.

    Dangote has previously stated that the IPO is aimed at widening ownership and allowing more Africans participate in the continent’s industrial growth.

    Strategic push for energy investment

    Otedola’s latest move adds to growing investor confidence in the refinery, which is regarded as one of the largest single-train refineries in the world.

    Analysts say the investment signals renewed momentum in Nigeria’s downstream oil sector and could attract more high-net-worth participation ahead of the listing.

  • Femi Otedola Reportedly Buys £53m London Mansion Amid Luxury Property Boom

    Nigerian billionaire businessman Femi Otedola has reportedly acquired a luxury mansion in London valued at £53 million, approximately N96 billion.

    According to a report by Bloomberg, the 10-bedroom property is located in the prestigious St John’s Wood district near Regent’s Park in London.

    Luxury Mansion Features Cinema, Spa

    Reports indicated that the mansion was built in 2016 and comes with several luxury facilities including a private cinema, spa and cigar room.

    The property was reportedly listed for sale in 2020 with an initial asking price of £75 million before the recent acquisition.

    A filing in the United Kingdom was also said to have confirmed the purchase, although representatives of the billionaire businessman reportedly declined to comment on the deal.

    London Luxury Market Still Attracting Billionaires

    The acquisition comes amid continued activity in London’s luxury housing market despite increasing taxes and policy changes affecting foreign residents.

    According to reports, sales of properties valued above £5 million reportedly declined by 28 percent in the first quarter of 2026 compared to the same period in 2025.

    Despite the drop, several mega property deals above £20 million have still been completed this year.

    Earlier in 2026, businessman Suneil Setiya reportedly acquired a Chelsea mansion owned by Nick Candy for more than £270 million.

    John Aylward also reportedly purchased a Belgravia mansion valued at £35 million.

    Otedola’s Expanding Investments

    Otedola is widely known for investments spanning finance, power generation, shipping, storage and insurance brokerage.

    He currently serves as chairman and largest shareholder of First HoldCo Plc.

    Reports also recalled that Roosevelt Ogbonna, the Chief Executive Officer of Access Bank Plc, reportedly purchased a £15 million property in London’s Hampstead area, popularly called “Billionaires’ Row,” in 2025.

    Social Media Reactions Trail Purchase

    The reported acquisition has continued to spark reactions online, with many Nigerians sharing mixed opinions about the billionaire’s latest investment.

    While some users congratulated Otedola, others questioned why wealthy Nigerians continue investing heavily abroad instead of channeling more resources into local development projects.

  • Otedola Breaks Silence, Denies Funding Dangote Refinery, Calls Report ‘Complete Falsehood’

    Billionaire businessman Femi Otedola has firmly denied reports linking him to the financing of the Dangote Petroleum Refinery, describing the claims as entirely false and misleading.

    The clarification comes amid growing speculation online suggesting that Otedola and other top Nigerian business figures played a role in funding the multibillion-dollar project.

    Otedola dismisses claim outright

    In a statement released on Monday, Otedola stated clearly that he had no financial involvement in the refinery project.

    He said, “Reports claiming that Femi Otedola funded the Dangote Petroleum Refinery are completely and utterly false. I have not invested a single kobo, not one dollar, not one naira.”

    His response directly counters viral claims that have circulated across social media platforms in recent days.

    Clarifies actual interest in refinery

    Otedola explained that his only connection to the project was a request to participate in its planned public offer.

    He noted that this detail had been ignored by those spreading the claims.

    According to him, the narrative being pushed online does not reflect the true situation surrounding the refinery’s financing.

    Other business leaders also not involved

    The businessman also addressed reports linking other prominent figures, including Tony Elumelu and Mike Adenuga, to the refinery’s funding.

    He stated that none of them were approached for financial support by the Dangote Group.

    “I can categorically state that at no point did Alhaji Dangote request for financing from Mr Elumelu, Mr Adenuga and myself,” he said.

    He added that the Dangote Group has the capacity to raise structured capital independently without relying on personal borrowing.

    Warns against ‘mischief’ and misinformation

    Otedola described the circulating reports as a deliberate attempt to create division within Nigeria’s business community.

    He said such claims undermine the credibility of individuals who have spent decades building businesses and contributing to the economy.

    “These are men who have built businesses, created jobs, and invested in this nation for decades. They deserve better than to be used as props in a social media fabrication,” he said.

    Dangote Group had earlier reacted

    The development follows an earlier response by the Dangote Group, which also denied claims that the refinery was funded through personal borrowing.

    The company insisted that its projects are financed through structured and institutional funding channels, not informal arrangements.

    Calls for focus on facts

    Otedola urged the public to disregard false narratives and rely on verified information.

    He stressed the need for accuracy in public discourse, especially on issues involving major economic investments.

  • “My First Princess” — Otedola Celebrates Daughter Tolani at 40

    Nigerian billionaire businessman Femi Otedola has celebrated his daughter, Tolani Otedola, as she marked her 40th birthday on April 21, sharing a heartfelt message and photos to honour the milestone.

    Birthday message draws attention

    Taking to social media, Otedola described Tolani as his “first princess,” expressing pride in the woman she has become.

    “Happy Birthday to my first princess @tolani 🎂 Watching you grow into the woman you are today has been a real blessing. Proud of you even if you think you know everything now 😂 … F.Ote💲,” he wrote.

    About Tolani

    Tolani is the eldest of Otedola’s children and a singer and songwriter.

    She is also the older sister to DJ Cuppy, Temi Otedola and Fewa Otedola.

    Born on April 21, 1986, she studied Psychology at the University of St Andrews.

    Family background

    Tolani is from Otedola’s earlier relationship with Olayinka Odukoya.

    The businessman later married Nana Otedola, with whom he has three other children.

    Despite the family’s history, Tolani has maintained a close relationship with her father and remains part of the Otedola family.

    Reactions trail post

    Fans and followers flooded the comment section with birthday messages, celebrating Tolani and praising the family’s bond.

    The post has continued to generate attention online as many highlighted the relationship between father and daughter.