Femi Otedola, the chairman of Geregu Power and First Bank of Nigeria Holdings Plc (FBN Holdings), has a net worth of $1.6 billion, according to Forbes.
In January, Otedola rejoined the Forbes Rich List with a net worth of $1.2 billion, solidifying his position as one of Africa’s richest men. This month, his fortune increased to $1.5 billion before reaching its current amount.
Otedola’s wealth climbed by $400 million in 2024 alone, up from $1.2 billion on January 1st. This increase is due to the good performance of his broad investment portfolio and the recent rise of the Nigerian naira against the US dollar.
The recent appreciation of the naira in both the official and illegal markets has boosted Otedola’s net worth. Speculative dollar selloffs and the CBN’s efforts to clear foreign exchange backlogs have boosted the local currency.
CBN clears $1.5 billion of forex backlog; naira gains traction.
CBN Governor Olayemi Cardoso’s vow to address a $7 billion backlog in FX claims has made great headway, with $1.5 billion cleared so far. This, together with newfound trust in the naira, has bolstered its standing.
On March 21, 2024, the naira traded at 1,280/dollar on the illicit market and N1,370 in the official Nigerian Autonomous Foreign Exchange Market (FMDQ Securities Exchange statistics).
With a fortune reaching $1.6 billion, Otedola cements his place among Africa’s wealthiest and maintains a global presence. He owns a majority position in Geregu electricity, a prominent participant in Nigeria’s electricity sector, and has large assets in FBN Holdings.
Femi Otedola recently increased his portfolio by acquiring shares in Dangote Cement, Africa’s top producer with a capacity of 51.6 million tonnes across 10 nations.
