Billionaire investor Femi Otedola is currently ranked as the fourth richest individual in Nigeria with a valuation of $1.1 billion.
According to the Forbes Billionaire Index seen on Thursday, Jan. 11, Otedola, who fell below the billion-dollar mark in 2017, returned to the list this year to occupy the fourth position.
The surge in his wealth is attributed to his ownership of over 70% of Geregu Power, a power generation business. Otedola strategically sold down his Geregu stake from over 95% during 2022 and 2023, bringing in institutional investors such as the Afrexim Fund for Export Development in Africa, the State Grid Corporation of China, as well as some pension funds and other institutional investors.
Apart from his energy ventures, Otedola holds significant real estate assets in Lagos, Dubai, London, and Monaco. He also owns shares in Zenith Bank and FBN Holdings.
He follows Aliko Dangote, the CEO
of Dangote, whose current net worth is $14.6 billion, as well as the telecom
giant Mike Adenuga with $7.4 billion, and BUA Group founder Abdulsamad Rabiu
with a net worth of $6.3 billion.
In Africa, Otedola is ranked the
17th richest individual and he is ranked 2,353 globally.
The Forbes ranking comes after
Otedola gave back to his community by donating N1 billion to the Lagos State
Security Trust Fund.
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