In 2016, Femi Otedola's net worth was estimated to be $1.8 billion, according to a ranking of Forbes billionaires.
This made him the second Nigerian after Aliko Dangote to make this prestigious list. He dropped off the list after a massive drop in the stock price of his company, Forte Oil.
Now, he is said to be worth only $550 million.
Here is how the chairman of Forte Oil and businessman spends his fortune:
Reportedly, Otedola lives in a luxurious mansion in Ikoyi, Lagos. Forbes also reports that he has properties in the United States, United Kingdom, France and Monaco.
The business mogul is reported to own many expensive automobiles awell as a fleet of bulletproof Mercedes Benz cars rumoured to cost about $8 million.
A visit to his Instagram page is all the proof needed to know how much this businessman loves to travel.
On November 4, 2018, he spent his birthday in Marrakesh, which is located in western Morocco.
The next week, he was off to Paris writing, "work fills your pockets but vacation fills your soul. Rushing off to Paris!"
He spent the previous month in Monaco, hanging out with Africa's richest man, Aliko Dangote.
Other places he has visited include Malaysia and London.
Over the years, Otedola has given away a lot of money to many worthy causes. In December 2018, he donated $6 million to the Augustine University (AUI) in Epe, Lagos state for the construction of a new Engineering Faculty.
Speaking during the foundation laying ceremony of the new building, the Forte Oil chairman explained his reason for supporting this university.
"My father was very passionate about a university being built in Epe because he was very passionate about education. Rather than spend my money on building more houses or buying a jet for myself, I decided to spend the money to support this laudable cause by the Lagos Catholic archdiocese through the Augustine University," the businessman told journalists.
About a week later, the Nigerian multimillionaire agreed to settle the medical bills for veteran Nollywood actor Victor Olaotan's treatment abroad.
Following a serious automobile accident in October 2016, he needed $50,000 to get the appropriate medical care overseas and Otedola took care of it.