Table of Contents
Key Points
- Femi Otedola's net worth rose by $200 million in 12 days, reaching $1.6 billion, despite a 40% devaluation of the Nigerian naira this year.
- Otedola’s wealth is fueled by significant investments in Nigeria’s energy and banking sectors, including a 13.16% stake in FBN Holdings.
- His 78.64% stake in Geregu Power Plc is valued at $1.4 billion, showcasing resilience amid Nigeria's economic challenges and currency volatility.
Nigerian billionaire Femi Otedola has continued to defy the devaluation of the Nigerian naira, with his net worth surging by $200 million over the past 12 days. This brings his fortune to $1.6 billion, cementing his position as one of Africa’s richest and most influential businessmen.
According to data from Forbes, Otedola, who ranks as the third-richest investor on the Nigerian Exchange Group (NGX), saw his net worth climb from $1.4 billion on Sept. 26 to $1.6 billion.
This significant growth is particularly remarkable given that the Nigerian naira has depreciated by over 40 percent this year, a situation that has prompted foreign investors to remain cautious, awaiting signals of economic reform and stability in the oil sector.
Otedola boosts wealth with strategic investments
Femi Otedola’s wealth surge comes from key investments in Nigeria’s energy and banking sectors. His influence in the banking industry has deepened following his acquisition of an additional stake in FBN Holdings, the parent company of First Bank of Nigeria.
Otedola now holds a 13.16 percent stake in FBN Holdings, valued at nearly $100 million, positioning him as one of the top investors in Nigeria's financial services market.
Beyond his banking investments, Otedola’s largest asset is his 78.64-percent stake in Geregu Power Plc, one of Africa’s fastest growing power companies. With Nigeria’s energy sector facing challenges, Geregu Power has performed remarkably well, pushing the value of Otedola’s stake to N2.26 trillion ($1.4 billion).
His dual leadership roles as chairman of both FBN Holdings and Geregu Power have allowed him to navigate these companies through turbulent economic conditions, further enhancing his wealth and influence.
Femi Otedola's wealth: Beyond the billions
Femi Otedola’s recent wealth growth comes despite currency volatility, which has hit many of his peers hard amid tight liquidity and economic uncertainty under President Bola Tinubu.
While other Nigerian businessmen are seeing their fortunes decline due to a weakening naira and slow reforms, Otedola remains resilient, solidifying his position as one of Africa’s top business magnates.
Forbes estimates his net worth at $1.6 billion, mainly reflecting his publicly listed assets. However, Otedola’s true wealth is significantly higher, supported by substantial dollar reserves, private investments, and a vast real estate portfolio in Lagos, Dubai, London, and Monaco. He also owns shares in Zenith Bank, one of Nigeria’s largest financial institutions.
