Femi Otedola is now holding the 20th position among Africa’s wealthiest individuals in 2024, boasting a fortune estimated at N1.1 billion by Forbes.
Notably, his largest holding is a 73 percent stake in Geregu, a public power generation plant, which constitutes about three-quarters of his total wealth. Otedola strategically phased out his oil investments in 2013 during Nigeria’s energy privatization initiative, using a Forte subsidiary to acquire Geregu. Over time, he sold shares to institutional investors, including Afreximbank’s Fund for Export Development in Africa and the State Grid Corporation of China.
Apart from his significant stake in Geregu, Otedola’s wealth has historical roots in ventures such as Forte Oil, formerly African Petroleum, which he acquired a controlling stake in back in 2007. Under his leadership, the company experienced substantial growth, boasting over 500 filling stations at its peak.
Despite eventually divesting his shares, Forte Oil played a pivotal role in accumulating Otedola’s wealth for many years. Additionally, his involvement in Zenon Petroleum and Gas Ltd, contributing to the growth of African Petroleum, along with ventures in shipping, real estate, and financial investments, further diversifying Otedola’s business portfolio. His financial investments include shares in major Nigerian banks like Zenith Bank and FBN Holdings.
Below is the list of the top 20 richest people in Africa for 2024:
1. Aliko Dangote — $13.9 billion
2. Johann Rupert & family — $10.1 billion
3. Nicky Oppenheimer & family — $9.4 billion
4. Nassef Sawiris — $8.7 billion
5. Mike Adenuga — $6.9 billion
6. Abdulsamad Rabiu — $5.9 billion
7. Naguib Sawiris — $3.8 billion
8. Mohamed Mansour — $3.2 billion
9. Koos Bekker — $2.7 billion
10. Patrice Motsepe — $2.7 billion
11. Issad Rebrab & family — $2.5 billion
12. Mohammed Dewji — $1.8 billion
13. Strive Masiyiwa — $1.8 billion
14. Aziz Akhannouch & family — $1.7 billion
15. Othman Benjelloun & family — $1.4 billion
16. Youssef Mansour — $1.3 billion
17. Yassen Mansour — $1.2 billion
18. Christoffel Wiese — $1.2 billion
19. Michiel Le Roux — $1.1 billion
20. Femi Otedola — $1.1 billion
Forbes noted a positive trend in the fortunes of Africa’s wealthiest individuals over the past year, with a collective increase of $900 million in the top 20 billionaires’ wealth from 2023 to 2024. Despite a slight dip in overall wealth, the market performance of Africa’s billionaires is highlighted as comparatively better than the 4 percent decline observed in 2023, aligning with positive global economic shifts in the final months of 2023.
