Nigerian tycoon Femi Otedola has climbed to the fourth spot on the country’s richest list, boasting a net worth of $1.2 billion thanks to his savvy investments in the energy sector. Forbes attributes this rise to his significant stake in Geregu Power, a power generation company.
Otedola strategically reduced his ownership of Geregu from over 95% to 70% in 2022-2023, attracting major players like the Nigerian government, Afreximbank, and State Grid Corporation of China. This move not only solidified Geregu’s financial footing but also allowed Otedola to diversify his holdings, which include real estate across four continents and shares in Nigerian banking giants Zenith Bank and FBN Holdings.
The company’s market capitalization skyrocketed from N327.5 billion to N997.5 billion, driven by a share price surge from N149 to N399. Similarly, FBN Holdings, where Otedola holds shares, witnessed a 116.1% annual gain on the Nigerian Stock Exchange.
This marks Otedola’s second return to Forbes’ billionaire list after exiting in 2014 following oil price fluctuations.
