Billionaire investor Femi Otedola has become the fourth richest Nigerian on the list of top billionaires with a fortune of $1.2 billion.
Gatekeepers News reports that the recent reassessment follows his ownership of over 70% of Geregu Power, a power generation business.
Otedola, in the years 2022 and 2023, strategically sold down his Geregu stake from over 95%, welcoming institutional investors into the business.
Key investors in Geregu include the Afrexim Fund for Export Development in Africa, the State Grid Corporation of China as well as some pension funds and institutional investors.
Besides 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.
The valuation update coincides with Otedola’s philanthropic gesture of donating N1 billion to the Lagos State Security Trust Fund, underscoring his commitment to giving back.
Geregu Power Plc, where Otedola holds controlling stakes experienced a remarkable N625 billion gain.
Geregu Power’s market capitalization surged from N327.5 billion to N997.5 billion between 2022 and 2023, driven by a share price increase from N149 to N399.
Otedola’s financial trajectory has seen him enter and exit Forbes’ billionaire list over the years, with his notable inclusion in 2009, and subsequent re-entry in 2014 amid various economic conditions, including the oil price.
