JOBS IN TANZANIA>>>Zenon Oil and Gas Limited
Zenon Petroleum and Gas Ltd operates an oil and gas company. SECTOR. Energy. INDUSTRY. Oil & Gas. SUB-INDUSTRY. Oil & Gas Producers. INCORPORATED.
Femi Otedola (born 4 November 1962) is a Nigerian businessman, philanthropist, and former chairman of Forte Oil PLC, an importer of fuel products. Otedola is the founder of Zenon Petroleum and Gas Ltd, and the owner of a number of other businesses across shipping, real estate and finance. He has recently invested in power generation as part of the liberalisation of the sector in Nigeria
Zenon Oil and Gas Limited
Femi Otedola (born November 4, 1962) is a Nigerian businessman, philanthropist, and former president of Forte Oil PLC, an importer of fuel products. Otedola is the founder of Zenon Petroleum and Gas Ltd, and the owner of a number of other companies in shipping, real estate and finance. He has recently invested in power generation as part of the liberalization of the sector in Nigeria
In 2003, after identifying an opportunity in the retail fuel market, Otedola secured funding to create Zenon Petroleum and Gas Ltd, a petroleum products marketing and distribution company.
As owner and president of Zenon, in 2004 he invested N15 billion in downstream infrastructure development and acquired storage depots in Ibafon and Apapa as well as four cargo ships, with a combined total storage capacity of 147,000 metric tons. In the same year he acquired a fleet of 100 DAF fuel tank trucks for 1.4 billion N.
By 2005 Zenon controlled a large share of the Nigerian diesel market, supplying fuel to most of the country’s major manufacturers including Dangote Group, Cadbury, Coca-Cola, Nigerian Breweries, MTN, Unilever, Nestle and Guinness.
In March 2007, it was announced that ten banks had agreed to a syndication of US$1.5 billion (US$193.5 billion) to Zenon as working capital to build the largest premium engine spirit storage facility in Africa. Later that year, Zenon acquired a 28.7 percent stake in African Petroleum, one of Nigeria’s largest fuel marketing companies. Zenon has also invested in the financial sector, becoming the largest shareholder in a number of Nigerian banks including Zenith Bank and United Bank for Africa (UBA). In addition to diesel, Zenon has also become an important player in the kerosene market.
In 2012, Zenon was among a number of companies mentioned in a report in an alleged fuel subsidy scam. According to the report, Zenon owes the government $1.4 million. It was further reported that Farouk Lawan, the Nigerian lawmaker who compiled the report, was apparently filmed collecting $500,000 of the supposed $3 million total from Femi Otedola to remove Zenon from the list. It later emerged that Otedola had previously reported harassment of Lawan and solicited bribes to the state security services, who orchestrated the stinging operation. Lawan was accused of corruption in February 2013
Contacts:
Zenon Oil and Gas Limited
P.O.BOX 71800 Dar es Salaam Plot No. 2364,
Block “208” X – Kamata Street, Ilala
Municipality Dar es Salaam, Ilala Dar Es Salaam