- Nigerian businessman Femi Otedola's wealth has increased by over N24 billion through investments in two major companies
- The two companies publicly listed are First Bank of Nigeria and Geregu, a power-generating company
- Otedola holds a significant share in both companies, and the surge in their share prices has significantly contributed to his increased wealth
Femi Otedola, the charismatic Nigerian businessman and entrepreneur, has experienced a substantial surge in wealth, surpassing over N24 billion.
The remarkable growth is attributed to his strategic investments in two prominent companies, First Bank and Geregu Power, where he holds the position as the highest sole individual shareholder.
According to Legit.ng data analysis as of March 26, 2023, Femi Otedola held a total of 1,999,342,376 shares in First Bank and 2,388,922,308 shares in Geregu.
The value of his shares in these companies experienced a substantial surge in seven days on the Nigerian exchange, resulting in a considerable boost to his overall wealth.
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How Femi Otedola made his money
In the case of First Bank, the value of Otedola's shares increased from N27.7 billion (N27,702,982,266) on May 26, 2023, to N28.5 billion (N28,491,228,074) on June 2, 2023.
The increase was driven by the rise in First Bank's share price, which climbed from N13.85 per share on May 26 to N14.25 on June 2. As a result, Otedola earned a substantial profit of N788,245,808 from his investment in First Bank during this period.
Similarly, Otedola's shares in Geregu Power demonstrated remarkable growth.
On May 26, his total shares in Geregu Power were valued at N725,986,482,571, with each share priced at N303.9.
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By June 1, 2023, their value had surged to N749,964,755,271 as the company's share price increased to N313.9 per share.
This upward trajectory translated into a significant profit of N23,978,272,700 for Otedola from his Geregu Power investment within seven days.
Lessons from Otedola
The surge in Otedola's wealth highlights the success of his investment strategy and his astute decision-making in the Nigerian financial market.
His ability to capitalise on the growth of these companies has positioned him as one of the country's most successful and influential business magnates.
Femi Otedola's success serves as an inspiration for aspiring entrepreneurs and investors in the country.
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In another report, Legit.ng revealed that Jim Ovia, the owner of Zenith Bank, has purchased additional shares in his bank.
The new shares were purchased after he made over N13 billion from President Tinubu's inaugural speech.
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He made money between 9:30 and 14:30, the trading hours of the Nigerian stock market.