Otedola is also the founder of Zenon Petroleum and Gas Ltd, and the owner of a number of other businesses across shipping, real estate and finance.
[18] It subsequently emerged that Otedola had previously reported Lawan's harassment and demands for bribes to the State Security Services, who had orchestrated a sting operation.
[16] In 2008, in response to public concerns over the availability and pricing of kerosene, African Petroleum launched an initiative to saturate the market and sell fuel at N50 per litre from more than 500 service stations across Nigeria.
[22][23] In March 2009, Otedola became the second Nigerian after Aliko Dangote to appear on the Forbes list of dollar-denominated billionaires, with an estimated net worth of $1.2 billion.
[25] Difficult economic conditions caused by the slump in world oil prices and credit squeeze of 2008–09 led African Petroleum to record a loss in 2009.
[28][29] Forte's improved financial position and diversification into power generation resulted in a 1,321 per cent rise in its share price during 2013.
[34][37][38] Otedola has made a number of real estate investments, including a N2.3 billion acquisition in February 2007 by Zenon of Stallion House in Victoria Island in Lagos, from the Federal Government.
[39] The following month he was appointed chairman of the Transcorp Hilton Hotel in Abuja and tasked with driving its expansion and upgrade to a seven star facility.
[40] He is the owner of FO Properties Ltd.[13] Otedola has been reported to be a financier of the People's Democratic Party and is said to have contributed N100 million to President Obasanjo's re-election expenses in 2003.
[18] He has served as a member of the Nigerian Investment Promotion Council (NIPC) since 2004, and the same year was appointed to a committee tasked with developing commercial relations with South Africa.
[41] In 2011, Femi Otedola was appointed by President Goodluck Jonathan to Nigeria's National Economic Management Team.
[46] The reason reported by witnesses as pertains the actions of Femi Otedola was that he wanted the name of his company removed from the list of firms indicted by Farouq Lawan's committee for abusing the fuel subsidy regime in 2012 .
On 2 February 2013, Both individuals Farouk Lawan and Boniface Emenalo were charged to court by Independent Corrupt Practices and other related Commission (ICPC) their trial was at the Capital Territory High Court in Abuja to face a seven-count charge of bribery, an offense that violates Section 10 (a) (ii) of ICPC Act, 2000 and punishable under Section 10 of that same Act.
Be that as it may, new evidence provided by the prosecution was very concrete as Femi Otedola was caught in a video of him giving a bribe and Farouk Lawan accepting it.
[54] In 2005, Otedola made a N300 million personal donation to the completion of the National Ecumenical Centre—Nigeria's primary place of Christian worship—in Abuja.