Renowned billionaire investor Femi Otedola has reclaimed his position as the fourth richest individual in Nigeria, boasting a net worth of $1.2 billion, as reported by Forbes.
This upward reassessment is attributed to Otedola’s majority ownership of Geregu Power, a substantial player in the power generation sector. In strategic moves during 2022 and 2023, Otedola divested his Geregu stake from over 95% to just above 70%, welcoming institutional investors into the venture.
Notable investors in Geregu include the Afrexim Fund for Export Development in Africa, the State Grid Corporation of China, pension funds and institutional investors.
Beyond his foray into energy, Otedola possesses significant real estate assets in Lagos, Dubai, London, and Monaco. Additionally, he holds shares in Zenith Bank and FBN Holdings.
This valuation update coincides with Otedola’s philanthropic commitment, having recently donated N1 billion to the Lagos State Security Trust Fund.
Key Insights:
- Geregu Power Plc, under Otedola’s control, witnessed a remarkable N625 billion gain. The market capitalization surged from N327.5 billion to N997.5 billion between 2022 and 2023, fueled by a share price increase from N149 to N399.
- FBN Holdings, the parent company of First Bank Limited, experienced 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. The recent crossing of the N1 trillion market cap is noteworthy.
- Otedola’s financial journey has seen him enter and exit Forbes’ billionaire list over the years, notably included in 2009 and re-entering in 2014. These fluctuations were influenced by various economic conditions, including the oil price slump in 2009 and share price dynamics of his oil company, Forte Oil, in subsequent years.
