Femi Otedola gave this interview to Vanguard editors when they visited him in his London home

HOW do you feel about the Vanguard award?

I appreciate the recognition by Vanguard Newspapers. That said, I do things from my heart, without expecting any rewards or recognition for them. If succour comes as a result of my activities then I am content.

How did your birth and childhood days in Ibadan, Oyo State, influence your upbringing, values, education and early life?

Ibadan was my birth place but my life, education and values were shaped by and in Lagos. My father moved the family to Lagos when he got a job with Mobil Oil so I did not really experience Ibadan as a child.

Can you share some good memories of your parents and siblings with us?

My family was close knit and growing up was fun. My mother, Lady Doja, was the thread that held the family together and ensured that we all had a strict Catholic upbringing but as always we got up to our pranks and were disciplined when we passed the boundaries set. Other than that we had a good family life and enjoyed the luxuries that a well paid father could afford his family.

Did your family background influence your decision to take to entrepreneurship early in life?

To a large extent, yes. I always liked to do business. The story of my first business as a shoe shiner at age six is well told. Today it is about impact and that comes with scale.

What factors informed your decision to leave your father’s printing business, which you successfully managed in the 1980s to start your petroleum products marketing venture?

We had built a printing business that weathered many storms and it was running successfully without my day to day presence, so I started other businesses to fill in my time. It just happened that the petroleum marketing business thrust me into the spotlight.

Can you tell us how the name ‘Zenon’ Petroleum and Gas Limited came about?

I was inspired by the Mercedes Benz Xenon lights for cars that were manufactured in the late 90s. The brightness of the lights inspired the name Zenon

What reasons encouraged you to invest N15 billion in the downstream sector of Nigeria’s petroleum industry as far back as 2004?

The Federal Government decided that the sector was ripe for large scale private sector participation and we were already considering expanding our operations due to the increased demand we were getting especially for diesel. The friendly government policies acted as a catalyst.

In your opinion, why did almost all the major banks scramble or offer to provide loans to Zenon Petroleum and Gas Limited within a few years of its operation?

It took Zenon six years to become an overnight success. We spent those years understanding the market and we had a fuel supply solution that needed scaling up to achieve success.

We approached the banks with the model we had which was to have sufficient products in-country and to take advantage of economies that large volumes provided, and they found it competitive and mutually beneficial.

Why did your advent into African Petroleum culminate in shares of the company rising sharply, thus increasing the market capitalisation from N36 billion to N217 billion in six months?

Forces of demand and supply. (Laughs). Seriously though, the capital market must have been positioning itself to benefit from the Zenon effect. Bear in mind that we under pressure to list Zenon Petroleum and Gas Limited too.

From Zenon Petroleum and Gas Ltd to African Petroleum and Forte Oil, what factors were responsible for the growth of your investments in the sector?

Focused leadership and a dedicated team across board. We transited from just diesel to a wide spectrum of fuels and later added power and upstream services to create an enduring integrated energy solutions business.

Why did you decide to sell your interest in Forte Oil?

I had spent almost 25 years in the fuels business and I had seen it all. I had put a lot of energy into building the business with my team. The opportunity to divest came and I decided it was time to move on.

Can you tell us about activities of the Geregu plant, especially now that many stakeholders are worried about Nigeria’s epileptic power situation?

Geregu Power Plc is now a stand-alone company which I took over in June 2019. We have reconstituted the management for better results and continue to invest in the scheduled maintenance programmes to ensure optimum performance. Our commitment to contributing our quota to delivering power to the national grid remains unwavering and we believe that government’s investment in the grid would still welcome more investments.

In terms of investment, what should Nigerians expect from you in the medium and long term?

Our investment plans are geared towards ensuring that the installed capacity is ready for use at all times while also working with technical partners towards improving generating capacity of each of the turbines like we did during the last overhaul which took the capacity of the plant from 414MW to 435MW. Our partners are also looking at emissions and other environmentally friendly ways to generate power. We are also exploring other investment opportunities that would come to light in the fullness of time. Our business objective is to replicate our success story at Forte Oil Plc and contribute a significant chunk of power to the National Grid.

Why are you so committed to philanthropy, unlike some billionaires, who think more about growing their businesses?

I like to focus on my own activities and that said, I am aware that everyone has their own passion projects and are supporting their communities, faith and alma maters through personal interventions or through CSR by their companies. Some get into the media space while others do not. Left to me I would have preferred the anonymity. So I envy those “who think more about growing their businesses”.

Can you comment on your beloved family and what makes you happy?

My family remains the centre of my world and I am proud of the strides each member is taking in their chosen careers. I remain supportive of their goals and continue to wish them well.

Do you think your investment in Geregu power plant is worth it?

Yes it is. The electricity value chain is currently undersupplied, and it would take the concerted effort of all stakeholders to bridge the gap in the sector. There are investments in gas supply pipelines, transmission capacity, injection stations and distribution that would ultimately translate into a beneficial environment for all concerned and it’s a challenge we are up for.

How do you relax?

I love to travel and while I am it I do a lot of reading and resting.

Vanguard News Nigeria