FEMI OTEDOLA IS THE BOUNCE BACK BILLIONAIRE

Oil mogul, Femi Otedola, has graciously been made the cover personality for the November 2014 Issue of Forbes Africa

After appearing on Forbes’ billionaires list in 2009 and later dropped out of the rankings shortly after shares of his then African Petroleum (Forte Oil) plunged by 80% following a personal feud with buddy and continent's richest man, Aliko Dangote, oil mogul, Femi Otedola is back on the list of African’s richest.

In 2011, Otedola was listed as one of Nigeria's biggest debtors and owed banks as much as $900 million. But in October 2012, he was said to have paid off his whole debts. This claims was back up by both his Forte Oil and the Asset Management Corporation of Nigeria, AMCON, an institution formed by the Central Bank of Nigeria, CBN, to resolve the non-performing loan assets of Nigerian banks.

Shares of publicly traded petroleum marketing company Forte Oil, where he is the controlling shareholder, are up an astounding amount, more than seven fold in the past year, a very large rise in the wake of a relatively smaller revenue increase. Forte Oil's revenues fell 22% in 2012 from the previous year to $568 million (N90.98 billion).

Revenues did rise in the first half of 2013 to $375 million (N59.96 billion). Some media reports tie the stock surge to an increase in profits and the recent purchase of a power plant.

His Zenon Petroleum is also one of the largest diesel distributors in Nigeria, doing over $2 billion in annual sales.

Words by FUNSHO AROGUNDADE