Nigerian millionaire Femi Otedola has defied the devaluation of the Nigerian currency, increasing his net worth by $200 million in the last 12 days. This increases his fortune to $1.6 billion, solidifying his status as one of Africa’s wealthiest and most important businesspeople.
Forbes reports that Otedola, the third-richest investor on the Nigerian Exchange Group (NGX), increased his net worth from $1.4 billion on September 26 to $1.6 billion.
This large gain is especially impressive given that the Nigerian naira has fallen by more than 40% this year, prompting international investors to remain cautious as they await signs of economic change and stability in the oil sector.
Femi Otedola’s wealth has increased due to important investments in Nigeria’s energy and banking sectors. His influence in the banking industry has grown when he purchased an additional interest in FBN Holdings, the parent firm of First Bank of Nigeria.
Otedola’s 13.16 percent investment in FBN Holdings, valued at approximately $100 million, places him among the top investors in Nigeria’s financial services market.
Beyond his banking investments, Otedola’s most valuable asset is his 78.64 percent share in Geregu Power Plc, one of Africa’s fastest expanding power firms. With Nigeria’s electricity sector encountering issues, Geregu Power has performed well, increasing the value of Otedola’s holding to N2.26 trillion ($1.4 billion).
His dual leadership roles as chairman of both FBN Holdings and Geregu Power have enabled him to steer these businesses through challenging economic times, increasing his wealth and influence.
Femi Otedola’s recent wealth increase is despite currency volatility, which has impacted many of his colleagues hard amid limited liquidity and economic uncertainties under President Bola Tinubu.
While other Nigerian businessmen’s fortunes are deteriorating owing to a weaker currency and delayed reforms, Otedola remains steadfast, cementing his status as one of Africa’s leading economic magnates.
Forbes estimates his net worth at $1.6 billion, which primarily reflects his publicly traded assets. However, Otedola’s true wealth is substantially greater, thanks to considerable dollar reserves, private investments, and a massive real estate holdings in Lagos, Dubai, London, and Monaco. He also has stakes in Zenith Bank, one of Nigeria’s leading financial organizations.
