Femi Otedola, a billionaire investor, is currently the fourth wealthiest person in Nigeria, with a net worth of $1.1 billion, according to the Forbes Billionaire Index updated on Thursday, January 11. Otedola had dropped below the billion-dollar mark in 2017, but he returned to the list this year, occupying the fourth position. The increase in his wealth can be attributed to his ownership of over 70% of Geregu Power, a power generation business. He strategically reduced his Geregu stake, from over 95% during 2022 and 2023, by bringing in institutional investors such as the Afrexim Fund for Export Development in Africa, the State Grid Corporation of China, as well as some pension funds and other institutional investors. Apart from his energy ventures, Otedola holds significant real estate assets in Lagos, Dubai, London, and Monaco. He also owns shares in Zenith Bank and FBN Holdings. Aliko Dangote, the CEO of Dangote, is the wealthiest person in Nigeria, with a net worth of $14.6 billion, followed by telecom giant Mike Adenuga, with $7.4 billion, and BUA Group founder Abdulsamad Rabiu, with a net worth of $6.3 billion. Otedola is ranked the 17th richest person in Africa and 2,353 globally. Otedola donated N1 billion to the Lagos State Security Trust Fund to give back to his community, which earned him a place on the Forbes ranking.
Femi Otedola has regained a spot on the Forbes Billionaire list and currently holds the position of Nigeria’s fourth wealthiest individual
