Nigerian billionaire and philanthropist Femi Otedola has returned to Forbes Africa’s Richest List, boasting an estimated net worth of $1.2 billion. While this figure positions him as Nigeria’s fourth-richest individual, it only partially reflects the extent of his considerable wealth.
Forbes ranks Otedola as Nigeria’s fourth-richest individual with a fortune of $1.2 billion, placing him at 2,353rd on the global wealth list. The chairman of Geregu Power Plc and director of FBN Holdings Plc had a noteworthy year in 2023, securing the position of the third-richest investor on the Nigerian Exchange, following fellow Nigerian billionaires Abdul Samad Rabiu and Aliko Dangote.
This is the third time Otedola is appearing on the Forbes billionaires list. He made his debut on the list in 2008 when he became the second Nigerian after Dangote, Africa’s richest man, to be included on the global Forbes list, The World’s Billionaires. At the time, Otedola was the largest shareholder of fuels distributor, African Petroleum, and owned Zenon Petroleum, which dominated Nigeria’s diesel sector. Otedola fell out of the list the following year, but made a reappearance in 2016 on the back of the value of his stake in Forte Oil, the successor of African Petroleum. This time around, his stake in Geregu Power, Nigeria’s first publicly-traded utilities company, as well as his offshore cash holdings, extensive international real estate portfolio, and shareholding in two of Nigeria’s largest commercial banks — Zenith and FBN Holdings — have bolstered his fortune significantly, earning him a place on the highly coveted list.
Otedola’s economic impact: From Forbes recognition to dual trillion-naira companies
In December 2023, Otedola achieved a significant milestone, becoming the second individual on the Nigerian Exchange to own stakes in two companies valued at over N1 trillion ($1,244,555,000). Rabiu, with BUA Cement and BUA Foods, holds the first position with valuations exceeding N3 trillion ($3,733,665,000) each.
The milestone achieved through FBN Holdings adds another accolade to Otedola’s impressive track record. Since making history as the second Nigerian billionaire featured on the Forbes list in 2009, Otedola’s success has continued to soar.
Through strategic investments and unwavering commitment to excellence, Otedola is not only driving success, but also contributing significantly to the Nigerian economy and beyond. His diverse portfolio and astute leadership are bringing positive change to crucial sectors such as power and finance.
Africa’s benevolent billionaire: Otedola’s $1-million scholarship and $1.13-million security boost
While Otedola continues to build success across his diverse business ventures, his commitment to philanthropy remains unwavering. Just yesterday, he donated N1 billion ($1.13 million) to the Lagos State Security Trust Fund (LSSTF) to address urgent security concerns in Lagos.
The ceremony, held at Lagos House, Marina, featured Otedola’s daughter, Olawunmi Christy Otedola, representing him. He expressed satisfaction with the fund’s consistent fulfillment of its mandate and its ongoing relevance in the state’s security structure.
This substantial contribution, part of Otedola’s ongoing philanthropic efforts, is designated to enhance security initiatives in the state, addressing critical challenges faced by Lagos and its residents.
In October 2023, Otedola reinforced his status as one of Africa’s most generous billionaires by donating N750 million ($1 million) to Augustine University in Ilara-Epe, Lagos State. This scholarship fund will cover the tuition fees of 750 students for the 2023-2024 academic session, significantly alleviating financial burdens for numerous students and their families.
