Femi Otedola has rejoined Nigeria’s billionaires list as the fourth richest person with a net worth of $1.1 B
Femi Otedola’s resurgence on the Forbes billionaires list can be attributed to the remarkable growth in his investments, particularly in Geregu Power and FBN Holdings. His net worth of $1.1 billion has secured him the fourth position among Nigeria’s wealthiest individuals.
Otedola’s strategic investments in Geregu saw a remarkable surge, with a 227.2 percent increase in share value within a year. Additionally, his involvement in FBN Holdings proved lucrative, witnessing a share value rise from N11.25 to N23.55, contributing to a significant 109.33 percent growth in his investment.
This resurgence reinforces the dynamic nature of wealth in Nigeria’s business landscape, with Otedola’s ventures exemplifying the potential for substantial financial gains in diverse sectors.
Femi Otedola has reemerged on the Forbes billionaires list, securing the fourth spot among Nigeria’s wealthiest individuals. The inclusion of the chairman of Geregu Power brings the total number of Nigerian billionaires on the Forbes list to four.
As per the Forbes Billionaire Index observed on Thursday, Otedola, who dipped below the billion-dollar mark in 2017, now ranks fourth, trailing AbdulSamad Rabiu, Mike Adenuga, and Aliko Dangote. Together, these four Nigerian billionaires command a total wealth of $29.10 billion, constituting 28 percent of the $103.70 billion valuation of the listed 20 African billionaires.
In the global billionaire landscape, South Africa leads with six billionaires, followed by Egypt with five, Nigeria with four, Morocco with two, and one each in Algeria, Tanzania, and Zimbabwe.
Examining the net worth and sources of wealth for the Nigerian billionaires:
- Aliko Dangote: Valued at $14.3 billion, he maintains his position as the richest person in Nigeria and Africa, ranked 132 globally. Dangote’s wealth, derived from cement production, sugar, fertilizer businesses, and a $19 billion oil refinery, has experienced fluctuations over the years.
- Mike Adenuga: With a net worth of $7.4 billion, Adenuga holds the second position in Nigeria. His wealth, growing by $2.8 billion in a decade, originates from investments in telecommunications, oil production, and shares in Sterling Financial Holdings Company.
- AbdulSamad Rabiu: Ranking third among Nigerian billionaires, Rabiu boasts a net worth of $6.2 billion, placing him 440th globally. Similar to Dangote, his wealth is primarily rooted in cement and sugar production, with an eye on expanding into the Nigerian oil refinery market.
- Femi Otedola: Making a comeback with a net worth of $1.1 billion, Otedola claims the fourth position, previously held by Folorunsho Alakija. His investments in Geregu and FBN Holdings, witnessing significant share appreciation in 2023, contributed to his resurgence on the billionaires list.
