Home » Nigerian billionaire Femi Otedola makes $8.6 million from First Bank investment

Nigerian billionaire Femi Otedola makes $8.6 million from First Bank investment

Femi Otedola’s stake in FBN Holdings nears $50-million mark

by Omokolade Ajayi
Femi Otedola

Nigerian billionaire businessman and philanthropist Femi Otedola is on a triumphant run, with his investments in First Bank of Nigeria Holdings (FBN Holdings) and Geregu Power Plc delivering substantial returns.

In the past two weeks, Otedola’s wealth has experienced a significant boost, thanks to a remarkable surge in the market value of his holdings in these two companies, consolidating his position among Africa’s wealthiest individuals.

According to data tracked by Billionaires.Africa, Otedola’s 5.65-percent stake in FBN Holdings, a financial services holding group based in Lagos, has increased by $8.6 million in the last two weeks.

Femi Otedola’s stake in FBN Holdings nears $50-million mark

FBN Holdings serves as the parent company for First Bank of Nigeria Limited, the country’s oldest commercial bank, with operations spanning ten countries.

Otedola’s stake in FBN Holdings comprises 2,029,376,358 shares, making him the largest individual shareholder. Since he became a shareholder in 2021, the group’s financial performance has reaffirmed its status as one of Nigeria’s leading lenders.

Over the past 14 days, FBN Holdings’ share price has experienced a 21-percent increase, climbing from N16 ($0.0203) on Oct. 25 to N19.35 ($0.0246) at the time of this report. This has pushed the lender’s market capitalization beyond the $800 million mark.

As a result, Otedola’s stake in FBN Holdings has increased significantly by N6.8 billion ($8.64 million) over the past two weeks, rising from N32.47 billion ($41.26 million) on October 25 to N39.27 billion ($49.9 million).

Femi Otedola’s Geregu Power stake surges by $250 million

Simultaneously, Otedola’s majority stake in Geregu Power Plc, a major player in Nigeria’s energy generation sector, has also experienced remarkable growth.

The market value of his stake in Geregu Power has surged by N192.31 billion ($251.45 million), rising from N752.51 billion ($983.95 million) on October 23 to N944.82 billion ($1.23 billion) at the time of this report. This can be attributed to a 25.5 percent surge in Geregu Power shares.

Femi Otedola’s recent gains in FBN Holdings and Geregu Power further solidify his status as one of Africa’s wealthiest individuals, demonstrating his shrewd investment acumen in Nigeria’s financial and energy sectors.

Otedola’s success in these investments not only highlights his prowess in the financial and energy sectors but also underscores the potential for significant returns for investors in Nigeria’s vibrant market. 

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