Key Factors
- Femi Otedola’s web price rose by $200 million in 12 days, reaching $1.6 billion, regardless of a 40% devaluation of the Nigerian naira this yr.
- Otedola’s wealth is fueled by vital investments in Nigeria’s power and banking sectors, together with a 13.16% stake in FBN Holdings.
- His 78.64% stake in Geregu Energy Plc is valued at $1.4 billion, showcasing resilience amid Nigeria’s financial challenges and forex volatility.
Nigerian billionaire Femi Otedola has continued to defy the devaluation of the Nigerian naira, together with his web price surging by $200 million over the previous 12 days. This brings his fortune to $1.6 billion, cementing his place as one in all Africa’s richest and most influential businessmen.
In line with knowledge from Forbes, Otedola, who ranks because the third-richest investor on the Nigerian Trade Group (NGX), noticed his web price climb from $1.4 billion on Sept. 26 to $1.6 billion.
This vital development is especially exceptional on condition that the Nigerian naira has depreciated by over 40 % this yr, a scenario that has prompted international buyers to stay cautious, awaiting indicators of financial reform and stability within the oil sector.
Otedola boosts wealth with strategic investments
Femi Otedola’s wealth surge comes from key investments in Nigeria’s power and banking sectors. His affect within the banking trade has deepened following his acquisition of an extra stake in FBN Holdings, the father or mother firm of First Financial institution of Nigeria.
Otedola now holds a 13.16 percent stake in FBN Holdings, valued at practically $100 million, positioning him as one of many high buyers in Nigeria’s monetary companies market.
Past his banking investments, Otedola’s largest asset is his 78.64 % stake in Geregu Energy Plc, one in all Africa’s quickest rising energy firms. With Nigeria’s power sector dealing with challenges, Geregu Energy has carried out remarkably properly, pushing the worth of Otedola’s stake to N2.26 trillion ($1.4 billion).
His twin management roles as chairman of each FBN Holdings and Geregu Energy have allowed him to navigate these firms by way of turbulent financial situations, additional enhancing his wealth and affect.
Femi Otedola’s wealth: Past the billions
Femi Otedola’s latest wealth development comes regardless of forex volatility, which has hit a lot of his friends onerous amid tight liquidity and financial uncertainty underneath President Bola Tinubu.
Whereas different Nigerian businessmen are seeing their fortunes decline because of a weakening naira and gradual reforms, Otedola stays resilient, solidifying his place as one in all Africa’s high enterprise magnates.
Forbes estimates his web price at $1.6 billion, primarily reflecting his publicly listed property. Nevertheless, Otedola’s true wealth is considerably greater, supported by substantial greenback reserves, personal investments, and an unlimited actual property portfolio in Lagos, Dubai, London, and Monaco. He additionally owns shares in Zenith Financial institution, one in all Nigeria’s largest monetary establishments.
