Femi Otedola, a billionaire, has seen his fortune climb by $300 million since the beginning of the year. This is despite the recent naira depreciation, which has a detrimental impact on the fortunes of many Nigerians.
This growth solidifies his status as a leading African business leader and one of Nigeria’s richest individuals.
Forbes ranks Otedola as the fourth richest person in Nigeria.
Otedola’s net worth has grown dramatically, from $1.1 billion on January 1 to $1.4 billion at the time of this report.
Otedola’s net worth has expanded due to the exceptional success of his 78.64% stake in Geregu Power Plc, a power generation company.
Otedola’s assets have profited from the recent bullish sentiment on the Nigerian Exchange, which has contributed to an increase in market valuation for important firms.
Otedola’s recent appointment as chairman of First Bank of Nigeria Holdings Plc increases his financial influence in Nigeria.
He recently made major investments in Dangote Cement Plc, the principal firm of Aliko Dangote, Africa’s richest man.
Otedola’s investment in Geregu Power has increased by 125.8%, from $880 million at the start of the year to $1.1 billion at the time of this report. This is despite the recent devaluation of the naira, which affects the value of naira-denominated assets.
The enormous growth in Geregu Power’s share price on the Nigerian Exchange, which increased from N399 to N901 in 2024 alone, is closely related to this spike. This surge has increased the group’s market valuation to almost N2 trillion.
Geregu Power’s remarkable financial performance in 2023 has evoked a positive response from investors.
The company shown exceptional persistence throughout the fiscal year, surpassing the $90-million sales benchmark with double-digit revenue growth.
Geregu Power‘s income climbed by 74.1%, from N47.62 billion ($53.3 million) in 2022 to N82.91 billion ($92.8 million) at the end of 2023, according to the company’s annual report.
The primary drivers of this rise were higher energy sales and capacity charges, totaling N51.8 billion ($58 million) and N31.1 billion ($34.81 million), respectively.
