LAGOS NIGERIA. Billionaire oil mogul Femi Otedola, one of the country’s most successful businessmen, will reportedly run for governor of Lagos next year, stoking expectations of an expensive fight to take charge of Nigeria’s premier industrial and commercial state.
According to reports by Nigerian newspapers, the 55-year-old oil magnate will run on the platform of the People’s Democratic Party (PDP), Nigeria’s opposition party. Billionaire Otedola will run against the incumbent Governor or candidate of the All Progressives Congress (APC), during the 2019 general elections.
Mr Dele Momodu, a former presidential aspirant and close friend of the business mogul disclosed on Tuesday via his Instagram and Twitter handles that Otedola has accepted to run for the Lagos State governorship election under the platform of the Peoples Democratic Party.
“Lagos 2019 promises to be interesting. PDP offers Femi Otedola governorship ticket. He’s accepted and confirmed personally to The Boss newspaper,” Momodu said.
Sir Michael Otedola:
Otedola, whose late father, Sir Michael Otedola, was governor of Lagos state from 1992 to 1993, is the controlling shareholder of publicly traded Forte Oil, an oil marketing and power generation company.
Forte Oil has more than 500 gas stations across the country. It owns oil storage depots and manufactures its own line of engine oils. Femi Otedola is also one of Nigeria’s most popular philanthropists and over the years has given millions of dollars to causes in education, health and the arts. He featured in the 2016 ranking of Forbes billionaires with a net worth of $1.8 billion at the time.