Otedola rejoins Dangote on Forbes billionaire list

Femi Otedola, the Chairman of Geregu Power, has rejoined the ranks of Nigerian billionaires on the Forbes list.

As reported by the Forbes Billionaire Index on Thursday, January 10, 2024, Otedola now holds the fourth position among Nigerian billionaires, following AbdulSamad Rabiu, Mike Adenuga, and Aliko Dangote.

The combined wealth of these four Nigerian billionaires has reached an impressive $29.10 billion, constituting 28% of the total $103.70 billion valuation of the listed 20 African billionaires.

South Africa leads the continent with six billionaires, while Egypt follows closely with five. Nigeria stands strong with four billionaires, accompanied by two in Morocco, and one each in Algeria, Tanzania, and Zimbabwe.

Femi Otedola's net worth, estimated at $1.1 billion, secured him the fourth spot previously held by Folorunsho Alakija, Nigeria's wealthiest businesswoman.

Globally, Otedola is ranked 2,353 and holds the 17th position in Africa, sharing the spot with South African billionaire Michiel Le Roux.

In 2016, Otedola's net worth was $1.8 billion, and he fell off the billionaire's list in 2017. However, his resurgence is attributed to significant gains in his investments, particularly in Geregu and FBN Holdings.

Otedola's investment in Geregu soared by an impressive 227.2%, fuelled by a surge in demand that propelled the company's share price from ₦110 to ₦399 within 12 months. Additionally, his stake in FBN Holdings saw a notable increase, with share values rising from ₦11.25 to ₦23.55, marking a growth of 109.33%.