Otedola Back On Forbes Billionaires’ List, Now Nigeria’s 4th Richest Man

By - LagosCityReporters 13 January 2024 Comments (0) 2 Mins Read

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Billionaire investor Femi Otedola is currently ranked as the fourth richest individual in Nigeria with a valuation of $1.1 billion.

According to the Forbes Billionaire Index seen on Thursday, Jan. 11, Otedola, who fell below the billion-dollar mark in 2017, returned to the list this year to occupy the fourth position,

The surge in his wealth is attributed to his ownership of over 70% of Geregu Power, a power generation business. Otedola strategically sold down his Geregu stake from over 95% during 2022 and 2023, bringing in institutional investors such as the Afrexim Fund for Export Development in Africa, the State Grid Corporation of China, as well as some pension funds and other institutional investors.

Apart from his energy ventures, Otedola holds significant real estate assets in Lagos, Dubai, London, and Monaco. He also owns shares in Zenith Bank and FBN Holdings.

He follows Aliko Dangote, the CEO of Dangote, whose current net worth is $14.6 billion, as well as the telecom giant Mike Adenuga with $7.4 billion, and BUA Group founder Abdulsamad Rabiu with a net worth of $6.3 billion.

In Africa, Otedola is ranked the 17th richest individual and he is ranked 2,353 globally.

The Forbes ranking comes after Otedola gave back to his community by donating N1 billion to the Lagos State Security Trust Fund.