According to Forbes, Femi Otedola is currently ranked as the fourth richest individual in Nigeria with a valuation of $1.1 billion. The Nigerian billionaire investor who initially made his fortune in commodities later transitioned to the energy business.
The surge in his wealth is attributed to his ownership of over 70% of Geregu Power, a power generation business. Otedola strategically sold down his Geregu stake from over 95% during 2022 and 2023, bringing in institutional investors such as the Afrexim Fund for Export Development in Africa, the State Grid Corporation of China, as well as some pension funds and other institutional investors.
He follows Aliko Dangote, the CEO of Dangote, whose current net worth is $14.6 billion, as well as the telecom giant Mike Adenuga with $7.4 billion, and BUA Group founder Abdulsamad Rabiu with $6.3 billion.
The update in valuation coincided with Otedola’s philanthropic gesture of donating N1 billion to the Lagos State Security Trust Fund, highlighting his commitment to giving back to the community.
The financial success is further evident in the remarkable gains experienced by Geregu Power Plc, with a market capitalization surge from N327.5 billion to N997.5 billion between 2022 and 2023. Additionally, FBN Holdings, the parent company of First Bank Limited, witnessed substantial growth in market capitalization, gross earnings, and share prices during the same period.
Otedola’s financial trajectory has seen fluctuations over the years, influenced by various economic conditions, including the oil price slump in 2009 and the share price fluctuations of his oil company, Forte Oil. His wealth journey includes notable inclusions in Forbes’ billionaire list in 2009 and subsequent re-entry in 2014.
