Nigerian billionaire businessman Femi Otedola, chairman of leading power generation company Geregu Power and Nigeria’s most valuable lender, First Bank of Nigeria Holdings Plc (FBN Holdings), has seen his net worth climb to $1.7 billion, according to Forbes.
Solidifying his position among Africa’s richest individuals, Otedola rejoined the Forbes Rich List in January with a net worth of $1.2 billion. This month, his fortune rose further to $1.5 billion before reaching its current level.
A $500 million rise this year: Naira’s rebound boosts Otedola’s fortune
Otedola’s wealth has increased by $400 million in 2024 alone, rising from $1.2 billion on Jan. 1. This surge is attributed to the strong performance of his diverse investment portfolio and a recent strengthening of the Nigerian naira against the U.S. dollar.
Naira’s recent strengthening in both official and black markets has fueled Otedola’s net worth growth. Speculative dollar selloffs and the Central Bank of Nigeria’s (CBN) efforts to clear foreign exchange backlogs have bolstered the local currency.
CBN clears $1.5 billion of forex backlog, naira gains traction
CBN Governor Olayemi Cardoso’s pledge to address a $7-billion backlog in forex claims has seen significant progress, with $1.5 billion cleared so far. This, along with renewed confidence in the naira, has strengthened its position.
As of March 21, 2024, the naira traded at 1,280/dollar on the parallel market and N1,370 at the official Nigerian Autonomous Foreign Exchange Market (FMDQ Securities Exchange data).
Femi Otedola makes bold move, acquires stake in Dangote Cement
Femi Otedola, with a net worth of $1.7 billion according to Forbes, is among Africa’s wealthiest and ranks within the top 2,000 richest people globally. He holds a majority stake in Geregu Power, a major player in Nigeria’s power sector, and significant investments in FBN Holdings.
Otedola’s diversified portfolio recently expanded with his acquisition of shares in Dangote Cement, Africa’s leading producer with a 51.6-million-tonne annual capacity across 10 countries.
