Nigerian billionaire Femi Otedola’s wealth grows by $400 million despite naira devaluation

Omokolade Ajayi -
Key Points
  • Femi Otedola's net worth has surged by $400 million in 2024, rising to $1.5 billion, despite Nigeria’s economic challenges.
  • Geregu Power's stock price jumped 188 percent in 2024, boosting Otedola's 78.64 percent stake value to $1.4 billion, amid Nigeria's economic challenges.
  • Otedola’s leadership at FBN Holdings and Geregu Power resulted in strong H1 2024 performance, with profits rising by 93.7 percent and 148.5 percent, respectively.

Despite the devaluation of the Nigerian naira, Nigerian billionaire Femi Otedola has seen a remarkable increase in his fortune, defying the economic challenges that have weighed on many of his peers. Otedola’s net worth has surged by $400 million since the beginning of 2024, increasing from $1.1 billion to $1.5 billion, according to Forbes.

This leap, driven by his investments in energy and finance, cements his position as one of Africa's wealthiest individuals, even as other business leaders in Nigeria struggle to navigate the impacts of currency fluctuations.

As the chairman of Geregu Power Plc and First Bank of Nigeria Holdings Plc (FBN Holdings), Otedola’s strategic leadership has helped these companies thrive in a volatile market. His 78.64 percent stake in Geregu Power has surged in value, fueled by a 188 percent rise in stock price on the Nigerian Exchange (NGX). As of this report, Geregu Power’s market capitalization stands at N2.88 trillion ($1.75 billion), with Otedola’s stake worth N2.26 trillion ($1.4 billion).

Otedola’s investments in the banking sector have also paid off. His 11.67-percent shareholding in FBN Holdings, Nigeria’s first commercial bank, has also increased, now worth more than $55 million. This is largely due to renewed investor interest on the local bourse, further boosting his fortune.

Geregu Power and FBN Holdings' financial performance

Under the leadership of Femi Otedola, both Geregu Power and FBN Holdings have delivered robust financial results in the first half of 2024. Geregu Power reported a 148.5 percent year-over-year increase in profit, rising to N20.01 billion ($12.8 million) in H1 2024, up from N8.05 billion ($5.1 million) during the same period in 2023.

This significant growth was underpinned by strong revenue, which reached $51.9 million during the period, cementing its position as one of Nigeria’s leading power-generating companies.

Meanwhile, FBN Holdings reported a 93.7-percent surge in profit, climbing to N360.27 billion ($217 million) in H1 2024 from N186.02 billion ($112.2 million) in H1 2023. The banking group’s flagship subsidiary, First Bank of Nigeria Limited, played a key role in delivering these results, with strong performance across all business segments.

Otedola’s expanding global wealth portfolio

While Forbes’ estimate of Otedola’s net worth is based primarily on his publicly listed investments, the billionaire’s actual wealth is considerably higher.

Otedola has substantial dollar reserves, along with private investments and real estate across Lagos, Dubai, London, and Monaco. He also holds shares in Zenith Bank, one of Nigeria’s largest financial institutions.

New generation of leadership: Florence “DJ Cuppy” Otedola

As Femi Otedola continues to solidify his legacy, his daughter, Florence Ifeoluwa Otedola, also known as DJ Cuppy, is also making waves on the global stage.

In a historic moment, she became the first British Nigerian to host an opening session at the 2024 United Nations General Assembly (UNGA). During the Summit of the Future, she delivered a keynote address and performance, showcasing her growing influence beyond music and into global leadership.

Cuppy is also following in her father’s philanthropic footsteps. Through The Cuppy Foundation, she has partnered with the University of Oxford and the African Oxford Initiative to create The Cuppy Africa Scholars Fund.

This fund provides financial assistance to African students facing urgent financial challenges, ensuring they can pursue graduate studies at Oxford University. 

Philanthropy and future impact

Femi Otedola has long been involved in philanthropy, supporting initiatives in education, infrastructure development, health, and security in Nigeria.

His daughter’s efforts are a natural extension of the Otedola family’s commitment to giving back to society, as they continue to leave a mark on both the business world and global humanitarian efforts.

Otedola, who is one of the most cash-rich billionaires in Nigeria, has cash holdings running into hundreds of millions of dollars, derived from the 2019 sale of his stake in oil marketing giant, Forte Oil (now Ardova PLC), and other strategic investments both in Nigeria and abroad.