Femi Otedola, a billionaire, has been a major player in the African commercial landscape and the Nigerian economy.
The CEO of Geregu Power Plc has become the second Nigerian billionaire to control stakes in two companies valued at more than N1 trillion
Otedola’s achievement comes after the Chairman of BUA Group, Abdul Samad Rabiu, who owns BUA Cement and BUA Foods, took first place.
BUA Cement and BUA Foods are valued at over N3 trillion each.
Otedola’s milestone comes as the market capitalization of Nigeria’s oldest bank, First Bank Holdings, has surpassed N1 trillion.
Otedola’s electricity company, Geregu Electricity Plc, is worth more than N1 trillion.
First Bank’s stock has been steadily rising as the Nigerian Exchange has experienced a bullish run.
The revived interest in First Bank shares resulted in the bank’s equities rising for three consecutive days, pushing the bank’s market valuation above N1 trillion.
First Bank’s performance adds another feather to Otedola’s cap after he was named the second Nigerian billionaire on the Forbes list in 2009.
His latest revenues from First Bank position him third on the Nigerian Exchange, behind Rabiu and Aliko Dangote.
According to the report, Otedola’s financial portfolio is worth more than $1.2 billion, putting him among Africa’s wealthiest people.
He owns Geregu Power Plc and FBN Holdings, demonstrating his strategic investment style.
The investor recently sold shares in the electricity company valued at N399 million.
Otedola’s principal investment in recent years has been FBN Holdings, which complements his efforts to alleviate Nigeria’s electricity difficulties.
After contributing N750 million to Augustine University in Ilara-Epe, Lagos, in October 2023, the tycoon has been in the public glare.
The money will be used to establish a scholarship fund for 750 students for the whole 2023-2024 school year.
He also contributed to the N2 billion development of Augustine University’s Engineering Faculty structure.