After making a notable comeback to the Forbes Billionaire list earlier this month, Nigerian billionaire and philanthropist Femi Otedola has experienced a substantial increase in his net worth, solidifying his spot among Nigeria’s richest individuals and Africa’s billionaires.
According to Forbes, Otedola’s net worth has surged by $300 million since the start of the year. His wealth has risen from $1 billion on Jan. 1 to $1.3 billion. This remarkable increase has marked his return to Forbes Africa’s Richest List for the third time since his debut in 2009.
The surge in Otedola’s net worth is attributed to the stellar performance of his diverse investment portfolio. Holding a majority stake in Geregu Power Plc, a prominent player in Nigeria’s electricity generation sector, and substantial investments in FBN Holdings, Otedola’s multifaceted approach to investing spans both power and financial services.
Strategic power play: Otedola’s bold move in acquiring Dangote Cement shares
In a strategic move, Otedola recently announced a significant acquisition of shares in Dangote Cement, Africa’s leading cement manufacturer. Dangote Cement boasts an annual production capacity of 51.6 million tonnes across 10 countries.
Otedola’s investment underscores his confidence in Dangote Cement’s potential to contribute to Nigeria’s economic resilience by generating foreign exchange. This strategic investment has propelled the company’s shares to soar by over 110 percent this year alone.
Dangote Cement’s stock has soared to record levels, rising from N319.9 ($0.356) at the beginning of the year to N694.1 ($0.772) as of the time of writing. This surge has propelled the company to a market capitalization of N10 trillion ($11.2 billion) on the Nigerian Exchange, marking a historic milestone as the first Nigerian company to reach this valuation.
Otedola’s philanthropy: Strengthening Nigeria’s future through education and security initiatives
Beyond his business successes, Otedola has been a notable philanthropist, making substantial donations to various causes. His commitment to supporting businesses that contribute to Nigeria’s economic resilience is evident in his strategic investments and acquisitions.
Earlier this month, he donated N1 billion ($1.13 million) to the Lagos State Security Trust Fund (LSSTF) to address urgent security concerns in Lagos. 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.