From positive thinking to a billion-dollar fortune: the success philosophy of Femi Otedola

Nigerian entrepreneur and investor Femi Otedola embodies the classic example of how a positive attitude, self-confidence, and determination can be transformed into economic greatness. With a net worth of $1.5 billion, this 62-year-old businessman is recognized as one of the most influential figures in Africa’s energy sector and regularly appears on Forbes’ list of the continent’s wealthiest people.

Femi Otedola’s story begins in his youth when he worked at his father’s printing house. Even as a child, he realized that his true calling was not in academia but in entrepreneurship. This early conviction allowed him to focus his energy on building his own business. By the age of 41, Otedola had already earned his first billion, having gone through periods of intense work, anxiety, triumphs, and painful losses.

The Three Pillars of Investment Success

According to Femi Otedola’s own philosophy, three key elements determine the ability to recognize the right opportunities and scale an entrepreneurial project. The first is a positive mindset—the ability to see prospects even in critical moments. The second is confidence in one’s judgments and the ability to rely on personal research and instincts. The third is the courage of convictions—the willingness to go against the tide if it aligns with long-term strategy.

This philosophy not only shapes his current approach to business but also served as an anchor during times when luck was scarce. Positive thinking helped him stay “sane” and rise from “depths of despair.” Femi Otedola repeatedly emphasizes that these beliefs are not just motivational slogans but practical tools he applies in every investment decision.

Practice of Transformation: From Oil Products to Energy

Otedola’s career path demonstrates the consistent application of his investment philosophy. His rise began in the energy and financial sectors—key areas of Nigeria’s resource-rich economy. Through a series of targeted acquisitions and investments, he built significant wealth.

The pinnacle of his activities in the oil industry is associated with his leadership of Forte Oil Plc. Under his guidance, the company underwent transformation through organic growth and strategic mergers. An innovative procurement approach allowed Forte Oil to become a disruptor in Nigeria’s lower market segment, supplying and distributing a wide range of petroleum products—from diesel and aviation kerosene to lubricants. At the time of its sale in 2019, it was one of the most efficient companies on the Nigerian Stock Exchange.

Otedola’s asset management approach reflects his overall philosophy: acquire a struggling company, completely rethink its strategy and operations, and then pass it on to the next owner with a sustainable business model and long-term potential. This is not a classic asset resale but rather a transformation of the company’s destiny.

Energy Transition as a Strategic Decision

Otedola’s shift from the oil sector to electricity reflects his pragmatic outlook on the future. He is convinced that electricity is the future, but also recognizes that traditional energy sources, including oil and gas, will retain their role in the global energy balance for at least three more decades.

In his vision, Otedola sees a shift in demand from crude oil toward petrochemicals and aviation, while the rapidly digitizing global economy will require increasing amounts of electricity. Renewable sources will not be able to fully meet these needs, so nuclear energy and natural gas will be necessary.

Today, Femi Otedola is the executive chairman of Geregu Power Plc, an electricity company in which he holds a controlling stake. He is also the largest shareholder of First Bank Plc. His portfolio has expanded to include assets in insurance, real estate, and shipping.

African Potential and Underlying Opportunities

Otedola emphasizes that if global investors view Africa as the next major hub for energy investments, Nigeria—as a leading traditional energy producer and the largest crude oil exporter, averaging 1.3 million barrels per day—will likely be at the center of this phenomenon.

Nigeria has a historical strength in traditional energy production and also possesses potential in renewables and nuclear sectors. The opening of the Dangote refinery in May 2023 is a significant event for the region. This refinery can process about 650,000 barrels per day, making it the largest single-train refinery in the world and radically changing the structure of Nigeria’s downstream market.

The Legacy of Positive Thinking in Philanthropy

As he matures, Femi Otedola naturally turned his attention to giving back to society and supporting less fortunate populations. His approach to philanthropy reflects his investment philosophy—what he calls “the straight path.” Instead of relying on a whole team of managers or delegating decisions to family office executives, Otedola personally directs his charitable initiatives, guided by his own research and convictions.

The main channel of his philanthropy is the Kappi Foundation, founded by his daughter Florence “Kappi” Otedola, an international DJ and advocate for youth empowerment. Florence was recently appointed “Guardian of the Goals” of the Bill & Melinda Gates Foundation in recognition of her charitable work. Through this foundation, Otedola has directed substantial sums toward noble causes.

The family’s charitable investments include $17 million for the UK-based Save the Children Foundation(focused on humanitarian aid in Nigeria), $135,000 for the Oxford African Students Assistance Fund, $67,500 for African students at the Royal College of London, and $100,000 for programs supporting African students at New York University. Over the past two decades, the family has also provided significant financial support to educational institutions in Nigeria aimed at helping underprivileged students.

A Book as a Guide to Wisdom

The recently published book by Femi Otedola, “Making It Big: Lessons from a Life in Business”(published in August), is a hybrid of business book and memoir. The work has already become a bestseller on Amazon in the finance and business categories. Otedola explains his motivation for writing this work: he is at a stage in life where he feels a moral obligation to share his accumulated knowledge, investment philosophy, and belief in positive thinking with the next generation of entrepreneurs.

From Individual Success to Collective Prosperity

For Femi Otedola, his daughter, and the entire family, the essence of their activity is to bring about positive change with a positive attitude. He recognizes that social problems and poverty are not uniquely Nigerian phenomena but challenges faced by every country.

However, Otedola is also realistic: one person or one family cannot solve all societal problems alone. That is why he relies on his compatriots and respected colleagues, including other outstanding entrepreneurs and government leaders who share his vision. Otedola believes that a small group of people with the right ideas and noble motives can change the trajectory of the nation toward a better future.

Femi Otedola’s journey demonstrates that a positive attitude combined with perseverance, strategic thinking, and confidence in one’s judgments becomes a powerful tool that can transform not only personal destiny but also have a beneficial impact on society as a whole.