SmartPreneur
Advertisement
  • Home
  • Trending News
  • Brand Insights
  • Profiles
  • Hustle Life
  • Weekend Teaser
  • Radio
  • TV
  • Games & Quizzes
No Result
View All Result
  • Home
  • Trending News
  • Brand Insights
  • Profiles
  • Hustle Life
  • Weekend Teaser
  • Radio
  • TV
  • Games & Quizzes
No Result
View All Result
SmartPreneur
No Result
View All Result
Home SME

A Billionaire Entrepreneur Who Started from a Printing Press: 5 Lessons from Femi Otedola

Blessing Osazuwa by Blessing Osazuwa
July 7, 2022
in SME
0
A Billionaire Entrepreneur Who Started from a Printing Press: 5 Lessons from Femi Otedola
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on Whatsapp

Femi Otedola is definitely one of the well-recognized business moguls in Nigeria. He is a popular name in the oil and gas industry as he was famously known as the former chairman of Forte Oil. He also founded Zenon Petroleum and Gas Ltd. Aside from dominating the oil industry, Otedola is a force to reckon with in other sectors such as power, finance, shipping, real estate and more. The billionaire has his footprints in viable businesses, that’s why he’s admired by both the old and young when it comes to building generational wealth and doing business.

Join our communityJoin our communityJoin our community

There’s so much that we can learn from Femi Otedola, from his early days working at his father’s printing press to amassing and maintaining a fortune while leading in major industries. Here are a few lessons we can draw from the magnate’s business journey:

Don’t allow learning opportunities to pass you by

Before venturing into oil and gas, Otedola worked at his family’s printing press in the 1980s. The experience exposed him to what was to come in the world of business; it’s only that he’s applying the knowledge on a bigger scale currently. But it laid the foundation for his career. As entrepreneurs, we should never shy away from opportunities, in any capacity, that will enable us to sharpen our skills.

Don’t limit yourself

He could have remained at his father’s printing press but Otedola decided to start his own company. In 1994, he founded CenterForce Limited, a company which focuses on trading and finance investments. This, without a doubt, must have exposed the businessman to the intricacies of running a business at a much broader level and succeeding in it. As entrepreneurs, we should always strive to grow wherever we find ourselves because we never know how our experiences would help us in future.

Don’t be afraid to explore

After establishing his financial investments firm back in 1994, he went ahead to explore opportunities in various other sectors such as oil, shipping, properties, insurance, and transportation, and also became a major shareholder in top commercial banks such as United Bank for Africa (UBA) and Zenith Bank. Femi Otedola’s story shows that in business, the wind of entrepreneurship could take you anywhere, to favourable places that you might never have conceived in your mind. You either go big or go home as there is no room for half measures when in business.

Don’t work in isolation, work with developments around you

Change is constant and this applies to the business space which is an evolving one. As entrepreneurs, we should be willing to adapt to developments so that we’re not left behind in the scheme of things.

Femi Otedola understands the dynamics of working in an ever-changing environment, hence in 2019, he sold his 75% shares of Forte Oil to concentrate on Geregu Power Plc, a power generating company he purchased during the privatization of the power sector. Prior to this, he had invested the sum of $350 million into the plant. This was a move he made after he saw that the power sector was becoming more profitable.

Don’t stay down, always get back up

Just like everyone else, Otedola has had his fair share of disappointments and setbacks. One of which was the time he had over one million tons of diesel on the high seas when the price dropped from $146 to $34. The Nigerian currency, Naira was subsequently devalued, stocks crashed and at the end of it all, Otedola had lost millions of dollars. But he weathered the storm, became smarter and came back on top. He had to give up some of his valuable assets in order to pay his debt.

It is easy to accept defeat in such a situation but Otedola didn’t take the easy way out, he forged on, although it would have been tough he didn’t mind losing some properties and letting go of some reputable achievements or positions so as to recover.

Now we can attest that entrepreneurship is a blend of sacrifices, humble beginnings, difficult decisions and a lot of learning. Femi Otedola’s story is one that young and prospective businessmen and women should gain insights from, at least for the fact that the Oyo-born billionaire has been a serial entrepreneur for decades, managing his own multinational companies while also overseeing various other notable organisations.

Tags: Business lessons from Femi OtedolaCrude oil productionDJ CuppyFemi OtedolaForte OilMr EaziNana OtedolaNigerian business mogulSmart TipsSmartpreneurTemi OtedolaZenon Petroleum and Gas
Previous Post

Nigeria’s External Reserve Loses $1.37 Billion In Six Months Despite Elevated Crude Oil Prices

Next Post

H1 2022: Nigeria’s Economic Report Card

Blessing Osazuwa

Blessing Osazuwa

Blessing does the research to bring you needed information for success.

Related Posts

Mailchimp users will now pay 7.5% more as VAT from April 20, 2023.
Trending News

Mailchimp users will now pay 7.5% more as VAT from April 20, 2023.

by Ruth Okwumbu-Imafidon
March 22, 2023
0

Nigerians using MailChimp will have to pay 7.5% more from April 20, 2023, as the company is set to implement...

Read more
2023 VALUE4HER Women Agripreneurs of the Year Awards: Call for Applications
Trending News

2023 VALUE4HER Women Agripreneurs of the Year Awards: Call for Applications

by Ruth Okwumbu-Imafidon
March 17, 2023
0

The Alliance for a Green Revolution in Africa (AGRA) has launched a call for applications for the 2023 Women Agripreneurs...

Read more
Stop These 5 Common Online Business Mistakes and Achieve Success
SME

Stop These 5 Common Online Business Mistakes and Achieve Success

by Blessing Osazuwa
March 13, 2023
0

Starting an online business can be tough, especially with so much information available online. It's easy to get lost in...

Read more
Celebrating Women's Month: Ways To Appreciate Your Female Customers and Employees
SME

Celebrating Women’s Month: Ways To Appreciate Your Female Customers and Employees

by Blessing Osazuwa
March 8, 2023
0

March marks the celebration of Women's Month, a period to honour the accomplishments of women and their notable impact on...

Read more
4 Essential Tips for Keeping Your Business Safe On Election Day
SME

4 Essential Tips for Keeping Your Business Safe On Election Day

by Blessing Osazuwa
February 23, 2023
0

The Presidential Election in Nigeria is a significant event that can impact businesses of all sizes. On the day of...

Read more
5 Ways Entrepreneurs Can Seize Opportunities As Nigeria's 2023 Presidential Election Approaches
SME

5 Ways Entrepreneurs Can Seize Opportunities As Nigeria’s 2023 Presidential Election Approaches

by Blessing Osazuwa
February 20, 2023
0

The buildup to the Presidential election in Nigeria is a time of heightened political activity and anticipation. Entrepreneurs can find...

Read more
Cracking the Code: How to Win Over Gen Z Consumers
SME

Cracking the Code: How to Win Over Gen Z Consumers

by Blessing Osazuwa
February 1, 2023
0

Generation Z, those born between 1996 and 2012, is an important demographic for businesses to consider as they are becoming...

Read more
Load More
Next Post
H1 2022: Nigeria’s Economic Report Card

H1 2022: Nigeria’s Economic Report Card

Please login to join discussion

Recent News

7 Things to Normalize in Your Daily Business Operations

7 Things to Normalize in Your Daily Business Operations

March 29, 2023
Chinazom Arinze

How I saved my company from making a 30 million naira loss – Chinazom Arinze

March 29, 2023
Twitter will be removing Blue Ticks from April 1, 2023

Twitter will be removing Blue Ticks from April 1, 2023

March 29, 2023
How to build business partnerships that last a lifetime

7 things investors want to see in your Pitch Deck / Presentation

March 27, 2023
SmartPreneur

© 2020 SmartPreneur

Navigate Site

  • Home
  • Trending News
  • Radio
  • Games & Quizzes
  • TV

Follow Us

No Result
View All Result
  • Home
  • Trending News
  • Radio
  • TV
  • Hustle Life
  • Brand Insights
  • Profiles
  • Game & Quizzes
  • Weekend Teaser

© 2020 SmartPreneur