Former Senate President Bukola Saraki has penned a heartfelt birthday tribute to billionaire businessman Femi Otedola, praising his willingness to stand by his convictions and his generosity toward friends.
In a post on his X handle on Wednesday, Saraki wrote: “One of the things I have always admired about my dear friend, @realFemiOtedola, is his willingness to stand by what he believes in, even when the circumstances appear difficult. It is easy to invest in success, but it takes a rare kind of courage and conviction to stand by institutions and individuals through their most challenging moments” .
The former Kwara governor also highlighted Otedola’s quiet philanthropy: “I have also come to appreciate his generosity of spirit, particularly the many ways he has stood by friends and supported others over the years, often without seeking recognition” .
He concluded: “Dear Femi, as you celebrate your birthday today, I thank the Almighty for your life and all that you continue to do. May the years ahead continue to bring you good health, peace, happiness and even greater fulfilment. Happy birthday, Ote$!”
Femi Otedola, born November 4, 1962, in Ibadan, is one of Nigeria’s most prominent businessmen and philanthropists . He is the son of the late Sir Michael Otedola, former governor of Lagos State .
Otedola built his fortune in the energy sector, founding Zenon Petroleum and Gas before acquiring African Petroleum, which he later rebranded as Forte Oil . He sold his stake in Forte Oil in 2019 and pivoted to power generation with Geregu Power Plc.
In December 2025, he sold his majority stake in Geregu for approximately N1.088 trillion, a deal financed by a consortium of banks led by Zenith Bank . Forbes reported that the sale netted him roughly $750 million .
Otedola has since redirected his capital toward two major plays: First HoldCo, the parent company of First Bank of Nigeria, and the Dangote Refinery.
He became First HoldCo’s largest shareholder in 2021 and its chairman in January 2024 . Throughout 2026, he aggressively increased his stake, spending roughly $300 million on shares to raise his ownership from 5.65 per cent to over 26 per cent . His investments in the banking group now exceed N600 billion of his personal wealth.
In May 2026, Otedola disclosed that he had divested from Geregu specifically to invest in the Dangote Refinery’s planned public offering. He revealed he had appealed to Aliko Dangote for an allocation of $100 million worth of shares, describing the refinery as a “transformative industrial platform”.
