Nigerian billionaire nears the $2 billion mark after falling below the billionaire status

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Nigerian businessman Femi Otedola, after falling below the $1 billion has seen his net worth jump to $1.7 billion. The Head of the First Bank of Nigeria Holdings Plc (FBN Holdings), and the CEO of the top power-generating firm, Geregu Power, has seen his net worth fluctuate over the years. Forbes notes that he fell off the billionaire list in 2017, but has been back on since the start of 2024.

  • Femi Otedola’s net worth jumps from below $1 billion to $1.7 billion.
  • Geregu Power Plc, where Otedola holds stakes, gains a remarkable N625 billion.
  • Otedola becomes Nigeria’s fourth richest man, trailing Dangote, Rabiu, and Adenuga.
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According to Forbes, this is the highest his net worth has been since 2016 when he was worth $1.8 billion. The publication noted that he dropped off the billionaire list in 2017.

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Femi Otedola is a Nigerian businessman who earned his initial fortune in commodities before selling his Forte Oil shares to invest in the energy sector.

According to a report by Nairmetrics, “Geregu Power Plc, where Otedola holds controlling stakes experienced a remarkable N625 billion gain.”

The firm’s market capitalization grew from N327.5 billion to N997.5 billion between 2022 and 2023, owing to a share price increase from N149 to N399.

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This is trailing his move in 2022 and 2023, when the billionaire sold Geregu’s stake which was once more than 95% to bring on institutional investors. These investors include the Afrexim Fund for Export Development in Africa and the State Grid Corporation of China.

His surge has made him the fourth richest man in the country, behind, Aliko Dangote, Abdul Samad Rabiu, and Mike Adenuga.

Forbes ranked him number 19 on Forbes Africa’s Billionaires list, about a month ago, when his net worth was still $1.1 billion, which may be revised soon. However, he has yet to crack the top 10 list.

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