Femi Otedola Rejoins Forbes as Net Worth Hits $1.1 Billion

Nigerian billionaire and philanthropist Femi Otedola has re-emerged on the prestigious Forbes list following a jump in his net worth to $1.1 billion.

Otedola, a seasoned businessman, who initially started as a commodity trader divested from Forte Oil into the energy sector in 2022.

Later in the year, Otedola acquired Geregu Power Plc, a power-generating firm, and pushed aggressively into the energy sector.

In 2023, the billionaire started cutting down on his stake in the company to bring in institutional investors like the Nigerian government, the Afrexim Fund for Export Development in Africa, and the State Grid Corporation of China.

Presently, Otedola who doubles as the largest shareholder and chairman of the company owns a 70% stake in the company, down from 95% in 2022.

Beyond his influence in the energy sector, Otedola’s diverse portfolio includes valuable real estate holdings in key global cities such as Lagos, Dubai, London, and Monaco.

The astute businessman has also made strategic investments in leading financial institutions, holding shares in Zenith Bank and FBN Holdings.