Femi Otedola Ranks Fourth On Nigeria’s Wealth List With $1.2b

Femi Otedola, the Nigerian billionaire investor, has climbed to the fourth position on Nigeria’s list of top billionaires, boasting a current valuation of $1.2 billion, according to Forbes.

This surge in his net worth is attributed to his ownership of over 70% of Geregu Power, a prominent power generation business.

In a strategic move in 2022 and 2023, Otedola strategically sold down his stake in Geregu Power from over 95%, paving the way for institutional investors to enter the business. Key investors in Geregu include the Afrexim Fund for Export Development in Africa, the State Grid Corporation of China, as well as pension funds and institutional investors.

Apart from his ventures in the energy sector, Otedola holds substantial real estate assets in Lagos, Dubai, London, and Monaco. Additionally, he owns shares in Zenith Bank and FBN Holdings.

During the same period, FBN Holdings, the parent company of First Bank Limited, witnessed a commendable N437.9 billion surge in market capitalization. The group achieved an impressive 116.1% annual gain on the NGX, closing the year at a share price of N23.55 compared to N10.90 in December 2022. FBN Holdings reported gross earnings of N922.2 billion, reflecting an 80.1% year-on-year increase from 2022. FBN recently crossed the N1 trillion market cap.

Otedola’s financial trajectory has seen him enter and exit Forbes’ billionaire list over the years, with his notable inclusion in 2009 and subsequent re-entry in 2014. These fluctuations were influenced by various economic conditions, including the oil price slump in 2009 and the share price fluctuations of his oil company, Forte Oil, in subsequent years.