Billionaire investor Femi Otedola has made a comeback on Forbes' Billionaire list, securing the fourth position among Nigeria's wealthiest individuals with an estimated net worth of $1.1 billion. This marks a significant achievement for Otedola, who had dropped below the billion-dollar mark in 2017.
Otedola's resurgence in wealth can be attributed to his majority ownership of Geregu Power, a power generation business. In a strategic move, he sold a portion of his stake in Geregu Power to attract institutional investors such as the Afrexim Fund for Export Development in Africa, the State Grid Corporation of China, pension funds, and other institutional investors. This diversification of ownership has contributed to his increased valuation.
Apart from his energy ventures, Otedola holds substantial real estate assets in prominent locations like Lagos, Dubai, London, and Monaco. Additionally, he possesses shares in Zenith Bank and FBN Holdings, further adding to his wealth portfolio.
In Africa, Otedola ranks as the 17th richest individual, and globally, he holds the 2,353rd position on Forbes' list. Topping the Nigerian billionaire list are Aliko Dangote, the CEO of Dangote, with a net worth of $14.6 billion, followed by telecom giant Mike Adenuga with $7.4 billion, and BUA Group founder Abdulsamad Rabiu with a net worth of $6.3 billion.
Otedola's recent philanthropic gesture also gained attention. He generously donated N1 billion to the Lagos State Security Trust Fund, demonstrating his commitment to giving back to his community.
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