Billionaire investor Femi Otedola has ascended to the fourth position on Nigeria’s list of top billionaires, boasting a current valuation of $1.2 billion, as reported by Forbes.
This recent surge in wealth is credited to Otedola’s substantial ownership of Geregu Power, where he now commands over 70% of the power generation business.
During 2022 and 2023, Otedola strategically divested his stake in Geregu from over 95%, facilitating the entry of institutional investors into the business.
Notable investors in Geregu include the Afrexim Fund for Export Development in Africa, the State Grid Corporation of China, along with pension funds and institutional investors.
Beyond his ventures in the energy sector, Otedola holds significant real estate assets in prominent locations such as Lagos, Dubai, London, and Monaco. Additionally, he maintains holdings in Zenith Bank and FBN Holdings.
This updated valuation aligns with Otedola’s philanthropic act of donating N1 billion to the Lagos State Security Trust Fund, underscoring his steadfast commitment to giving back.
