Billionaire investor Femi Otedola has climbed to the fourth position on Nigeria’s list of top billionaires, with Forbes estimating his current worth at $1.2 billion.
This impressive boost is credited to his substantial ownership, over 70%, of Geregu Power, a prominent power generation business.
In a strategic move between 2022 and 2023, Otedola strategically reduced his stake in Geregu from over 95%, paving the way for institutional investors to join the venture.
Among the notable investors in Geregu are the Afrexim Fund for Export Development in Africa, the State Grid Corporation of China, as well as various pension funds and institutional investors.
Beyond his energy ventures, Otedola boasts significant real estate holdings in Lagos, Dubai, London, and Monaco. Additionally, he holds shares in Zenith Bank and FBN Holdings.
This valuation update aligns with Otedola’s recent philanthropic gesture of donating N1 billion to the Lagos State Security Trust Fund, showcasing his unwavering commitment to giving back to the community.