Despite the depreciation of the Nigerian naira, Nigerian billionaire Femi Otedola’s fortune has grown dramatically, defying the economic troubles that have plagued many of his contemporaries. According to Forbes, Otedola’s net worth has increased by $400 million since January 2024, from $1.1 billion to $1.5 billion.
His interests in energy and finance have helped him become one of Africa’s wealthiest individuals, while other Nigerian business executives face currency volatility.
As chairman of Geregu Power Plc and First Bank of Nigeria Holdings Plc (FBN Holdings), Otedola’s strategic leadership has enabled these enterprises to thrive in a dynamic market. Geregu Power’s stock price has increased by 188% on the Nigerian Exchange, increasing the value of his 78.64 percent interest in the company. As of this report, Geregu Power’s market capitalization is N2.88 trillion ($1.75 billion), with Otedola’s share worth N2.26 trillion ($1.4 billion).
Otedola’s banking investments have also yielded positive results. His 11.67 percent stake in FBN Holdings, Nigeria’s first commercial bank, has also grown, currently worth more than $55 million. This is primarily owing to renewed investor interest in the local exchange, which has boosted his riches.
Under Femi Otedola’s direction, both Geregu Power and FBN Holdings had strong financial achievements in the first half of 2024.Geregu Power reported a 148.5 percent year-over-year growth in profit, increasing to N20.01 billion ($12.8 million) in H1 2024 from N8.05 billion ($5.1 million) in the same period in 2023.
This tremendous expansion was supported by solid revenue, which totaled $51.9 million during the period, cementing its status as one of Nigeria’s major power generation firms.
FBN Holdings’ earnings increased by 93.7 percent to N360.27 billion ($217 million) in H1 2024, up from N186.02 billion ($112.2 million) in H1 2023. The banking group’s flagship affiliate, First Bank of Nigeria Limited, was instrumental in achieving these outcomes, with outstanding performance across all business segments.
While Forbes’ estimate of Otedola’s net worth is mostly based on his publicly traded investments, the billionaire’s true wealth is far more.
Otedola has considerable dollar reserves, as well as private assets and real estate in Lagos, Dubai, London, and Monaco. He also has shares in Zenith Bank, one of Nigeria’s leading financial organizations.
As Femi Otedola’s legacy grows, his daughter, Florence Ifeoluwa Otedola, commonly known as DJ Cuppy, is making waves on the international scene.
In a historic event, she became the first British Nigerian to host the opening session of the 2024 United Nations General Assembly. She made a keynote presentation and performed at the Summit of the Future, demonstrating her expanding influence in global leadership in addition to music.
Cuppy is following in her father’s altruistic footsteps.The Cuppy Africa Scholars Fund was established through a collaboration between the Cuppy Foundation, the University of Oxford, and the African Oxford Initiative.
This fund gives financial help to African students suffering immediate financial difficulties, allowing them to complete graduate studies at Oxford University.
Femi Otedola has long been interested in charity, supporting programs in Nigeria’s education, infrastructure development, health, and security sectors.
His daughter’s activities are a logical continuation of the Otedola family’s dedication to giving back to society, as they continue to make an impact in both the economic sector and global humanitarian initiatives.
Otedola, one of Nigeria’s wealthiest billionaires, with cash holdings worth hundreds of millions of dollars, resulting from the 2019 sale of his part in oil marketing behemoth Forte Oil (now Ardova PLC) and other important investments in Nigeria and beyond.
