Billionaire Femi Otedola Rejoins Dangote, Rabiu on Forbes List After 6 Years
- Femi Otedola has again joined other billionaires on the Forbes billionaires list with a net worth of $1.7 billion
- He currently serves as chairman of Geregu Power and holds over 70% of its shares and holds a significant stake in big companies
- According to a report, he is one the wealthiest 20 people in Africa and has shown dedication to societal advancement
Legit.ng journalist Zainab Iwayemi has over three years of experience covering the Economy, Technology, and Capital Market.
After a six-year absence, Nigerian business magnate Femi Otedola has returned to the Forbes billionaires list in the first quarter.
As of April 2, 2024, Otedola was ranked 1906th with a net worth of $1.7 billion.
Source: UGC
Otedola's investment
Otedola accumulated a fortune in commodities before selling his stakes in Forte Oil and turning his attention to energy.
After reducing his ownership to draw in institutional investors, he currently serves as chairman of Geregu Power and holds over 70% of its shares.
The State Grid Corporation of China, the Afrexim Fund for Export Development in Africa, and the Nigerian government are notable investors in Geregu.
In addition, Otedola owns real estate in Monaco, Dubai, Lagos, London, and Zenith Bank, as well as assets in First Bank of Nigeria (FBN) Holdings. He was recently nominated as FBN Holdings' new chairman.
Beyond the business world, Otedola is well-known for his charitable contributions to numerous organisations.
His reappearance on the Forbes billionaire list attests to his entrepreneurial aptitude and dedication to societal advancement.
According to a Businessday report, Otedola is currently one of the wealthiest 20 people in Africa.
Aliko Dangote, the wealthiest billionaire in Africa with a net worth of $15.0 billion, is one of the other Nigerian billionaires on the list.
With a net worth of $6.9 billion, Mike Adenuga, the owner of Globacom and operator of six oil blocks, comes in fifth place.
Top Nigerian billionaires
The four Nigerian billionaires listed as of April 2 on the Forbes Real Time Billionaire Index are here.
- Aliko Dangote – $15.0bn
- Mike Adenuga – $6.9bn
- Abdulsamad Rabiu – $6.3bn
- Femi Otedola – $1.7bn
Nigerian billionaire Otedola to begin another project
Legit.ng reported that Otedola had revealed intentions to construct staff quarters at the Lagos campus of the Nigerian Law School.
Isa Chiroma, the director general of the Nigerian Law School, disclosed the information on Tuesday, March 5, during the call-to-bar event in Abuja.
Billionaire.Africa reported that, like Otedola's proposal, Aliko Dangote, the chairman of the Dangote Group and the richest man in Africa, promised to construct law schools on the campuses of Kano and Abuja.
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Source: Legit.ng
