Femi Otedola, a Nigerian billionaire businessman and philanthropist, has witnessed a remarkable surge in his wealth recently, thanks to the outstanding performance of his power-generating company, Geregu Power Plc. Otedola’s stake in the rapidly growing power company solidifies his status as one of the wealthiest billionaires on the African continent, showcasing his exceptional ability to create value and foster growth.
With extensive holdings and investments across various industries, Otedola is recognized as one of the top billionaires in Africa who have amassed immense fortunes through their entrepreneurial pursuits.
Notably, between 2001 and 2007, he held the distinction of being Nigeria’s largest private shipowner, overseeing a tanker fleet that included vessels such as Mt. Sir Michael, named after his father, Mt. Lady Doja, named after his mother, Mt. Nana, named after his wife, and Mt. Zenon Conquest.
However, Otedola divested from his shipping interests and redirected his focus toward addressing Nigeria’s electricity deficit. Now at the helm of Geregu Power, he again assumes a leading role in one of Nigeria’s most promising sectors, underscoring his business acumen and remarkable knack for identifying opportunities in high-growth industries before they become apparent to others.
Presently, Otedola has set his sights on fortifying his position in the Nigerian power sector, creating a stir with his power-generating company as he pursues ambitious targets. He recently approached Lagos State with a proposal under the Public and Private Partnership (PPP) framework.
The arrangement entails constructing a power transmission plant as part of a strategic move to capitalize on the opportunities presented by the newly enacted Nigerian Electricity Law. This law grants each state the authority to generate and transmit its electricity.
As one of Africa’s richest individuals, Otedola continues to wield significant influence in Nigeria’s economic landscape, with his investments spanning multiple sectors. Billionaires.Africa, a renowned wealth tracking platform, has identified and monitored seven notable assets owned by Otedola:
- Geregu Power Plc: In October 2022, Geregu Power Plc, owned by Otedola, achieved a significant milestone as the first electricity-generating company to be listed on the Nigerian Stock Exchange. This historic feat marked a pivotal moment for Otedola’s flagship company. Geregu Power boasts an impressive capacity with three STG5-2000E gas turbine generator units, collectively generating 435 MW. Recognizing its excellence, the Nigerian government has identified Geregu Power as a potential acquirer for a second plant, currently government-owned, capable of generating 729 MW. With a commanding 90-percent stake in the company, Otedola solidifies his position as one of Africa’s richest billionaires.
- Zenon Petroleum & Gas Limited: In 2003, Otedola recognized a business opportunity in the fuel retail market. He founded Zenon Petroleum and Gas Ltd, a company focused on marketing and distributing petroleum products. As the owner and chairman of Zenon, he invested N15 billion ($120 million at the time) in developing downstream infrastructure and acquiring storage depots with a combined capacity of 147,000 metric tonnes. In 2022, Zenon received $19 million from Ignite Investment, owned by Nigerian energy magnate Abdulwasiu Sowami, as a result of an arbitration case filed in the London Court of International Arbitration (LCIA) the previous year.
- First Bank of Nigeria Holdings Plc (FBNH): FBNH, Nigeria’s oldest bank, is among the top five financial service providers in Nigeria, Africa’s largest economy. Otedola owns 1,818,551,625 shares, equivalent to a 5.07-percent stake, in the bank, establishing him as a prominent investor. He is set to receive a substantial windfall of $2.17 million from his stake in First Bank of Nigeria Holdings Plc (FBNH), solidifying his position as one of Nigeria’s top dividend earners in the banking sector.
- Seaforce Shipping Company Limited: In 2001, Otedola founded Seaforce Shipping Company Limited, which rapidly became Nigeria’s largest local shipping company. Seaforce eventually gained dominance in the diesel product distribution sector, making it Nigeria’s leading shipowner. Notably, one of the company’s vessels, a unique flat-bottomed bunker ship, was considered Africa’s first, boasting a storage capacity of 16,000 metric tonnes.
- F.O. Properties Limited: Otedola maintains luxurious residences in esteemed cities such as Lagos, Abuja, Dubai, London, and New York City. F.O. Properties Limited, one of Otedola’s prominent holdings companies, adeptly oversees a prestigious portfolio of properties spanning across Europe, Africa, and America, collectively valued at millions of dollars.
