Femi Otedola recently made headlines due to a huge increase in his wealth, which resulted from the performance of his business interests, particularly his power-generating company, Geregu Power Plc.
His ownership in the quickly developing company cements his position as one of Africa’s wealthiest people and a key private sector operator in the continent’s power industry.
Since Geregu Power’s long-awaited IPO on October 5, his fortune has expanded by leaps and bounds, and his ownership in the company is now valued at about $2 billion.
Despite falling off the Forbes Billionaires List in 2017 and nearly attempting suicide after losing $480 million in his diesel business in 2008, the business magnate has risen to become one of Africa’s billionaires. According to reports, his share has increased by more over $900 million in 2023 alone.
According to Geregu Power’s recently published audited financial report, Otedola’s company, Amperion Power Distribution Company, owns 95.56 percent of the power producing company.
His interest in Geregu Power has increased in market value by N420.5 billion ($920 million) since the beginning of 2023, going from N355.9 billion ($772.9 million) on January 1 to N776.4 billion ($1.7 billion) at the time of this report. This puts him in the company of a few African billionaires who own more than 1.5 billion shares of publicly traded firms.
To strengthen his position in the energy sector, Otedola recently approached Lagos State under a Public and Private Partnership (PPP) arrangement to build a power transmission plant, capitalizing on the opportunities created by the recently signed Nigerian Electricity Law, which grants each state the authority to generate and transmit electricity.
Geregu Power currently has three natural gas-fired power facilities with a total capacity of 435 megawatts, with ambitions to increase that capacity to 1,300 megawatts over the next two years.
With his interests in several sectors, the former Founder and Chairman of Forte Oil continues to have tremendous influence in Africa’s economic landscape.
Here are five significant enterprises held by Femi Otedola in appreciation of the Nigerian billionaire’s economic ability.
1. Geregu Power Plc
Femi Otedola is the Chairman of Geregu Power, which became the first electricity-generating firm to be listed on the Nigerian Stock Exchange in October 2022. Otedola owns 90 percent of Geregu Power through his company, Amperion Power Distribution Company Limited.
The Federal Government of Nigeria established the power plant in 2007 to “generate electric power and supply to the National Grid managed by the Transmission Company of Nigeria (TCN).”
2. First Bank of Nigeria Holdings Plc (FBNH)
Femi Otedola purchased a 7.6 percent stake in Nigeria’s oldest bank, FBNH, in 2021 and held the top spot in the Group’s ownership until recently displaced by another Nigerian billionaire and business tycoon, Oba Otudeko, who owns a 13 percent stake in the corporation, according to Nigeria’s Premium Times.
However, Otedola currently has a 5.6 percent stake in FBNH, which is considered among Nigeria’s top five financial service providers, and was named as a Non-Executive Director on the Bank’s Board of Directors in July.
3. Zenon Petroleum & Gas Limited
Otedola established Zenon Petroleum and Gas Ltd. in 2003, with the goal of marketing and distributing petroleum products. He invested N15 billion ($120 million at the time) as the owner and chairman of Zenon in constructing downstream infrastructure and acquiring storage depots with a combined capacity of 147,000 metric tonnes.
4. Seaforce Shipping Company Limited
Otedola launched Seaforce Shipping Company Limited in 2001, which quickly grew to become Nigeria’s largest local shipping company. Seaforce eventually dominated the diesel product distribution market, becoming Nigeria’s largest shipowner. Notably, one of the company’s vessels, a one-of-a-kind flat-bottomed bunker ship with a storage capacity of 16,000 metric tonnes, was deemed Africa’s first.
5. F.O. Properties Limited
Otedola owns magnificent homes in prestigious locations including as Lagos, Abuja, Dubai, London, and New York City. F.O. Properties Limited, one of Otedola’s prominent holding businesses, expertly manages a prestigious collection of properties worth millions of dollars spread across Europe, Africa, and America.
