Hours After Donating N1bn to Lagos, Femi Otedola Becomes 4th Richest Man in Nigeria

Hours After Donating N1bn to Lagos, Femi Otedola Becomes 4th Richest Man in Nigeria

  • Femi Otedola has re-joined the Forbes elite list of wealthiest men in the world following the strong performance of his investments
  • Forbes Billionaire Index shows that the billionaire currently has assets worth over $1 billion
  • One of his priced assets is Geregu Power PLC, a Nigeria-based power generation company

Legit.ng journalist Dave Ibemere has over a decade of experience covering business and the economy

Nigerian billionaire Femi Otedola has been ranked the 4th richest man in Nigeria amid bullish Nigerian stock performance.

According to the latest update of the Forbes Billionaire Index, Otedola has a net worth of $1.2 billion after making over $6 million on Thursday, January 11, 2024.

Otedola richest man in Nigeria
Otedola is the fourth richest man in Nigeria Photo credit: Dangote
Source: Getty Images

His new net worth placed him as the 2,353 richest man in the world.

Read also

Richest Nigerian investors on the Nigerian exchange, Otedola, Elumelu join Dangote, others

Otedola is now behind only Aliko Dangote, Mike Adenuga, and Abdulsamad Rabiu on the Forbes Billionaire list of richest men in Nigeria.

Otedola's wealth, assets

Otedola is chairman of Geregu Power, a power generation business, and owns more than 70% of the shares.

During 2022 and 2023, Otedola sold down a Geregu stake that was once more than 95% to bring on institutional investors.

Investors in Geregu include the Nigerian government, the Afrexim Fund for Export Development in Africa and the State Grid Corporation of China.

Otedola also holds shares in Zenith Bank and FBN Holdings.

Geregu powers performance

Geregu Power, one of Nigeria's leading power generation firms, has shown impressive financial performance.

In the first nine months of 2023 (January to September 2023), the power company, in its unaudited interim financial statement released on the Nigerian Exchange, reported revenue of N39 billion.

Read also

More good news for Otedola as his company value crosses N1trn after he rejoins billionaire list

This reflects a 43% increase compared to the N55.75 billion reported in the corresponding period in the first nine months of 2022.

The company, one of Otedola's most prized assets, is currently on the verge of hitting the N1 trillion market capitalization mark.

Checks by Legit.ng show that as of Wednesday, January 10, 2023, Geregu Power's market cap stands at N997.50 billion.

Femi Otedola’s N1bn donation to keep Lagos safe

Earlier, Legit.ng reported that Femi Otedola made a N1 billion donation to the Lagos State State Security Trust Fund (LSSTF).

The public-private partnership fund partly relies on donations to equip security agencies within Lagos.

Tolani Otedola, the billionaire's daughter, announced the donation in Marina on Wednesday.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

Online view pixel