Billionaire investor Femi Otedola has reclaimed his position as one of Nigeria's top billionaires, securing the fourth spot with a current valuation of $1.2 billion, as reported by Forbes. This remarkable ascent is attributed to Otedola's strategic moves in the energy sector, particularly his ownership of over 70% of Geregu Power, a power generation business.
In a calculated maneuver, he strategically sold down his stake in Geregu, welcoming key institutional investors, including the Afrexim Fund for Export Development in Africa and the State Grid Corporation of China. Beyond energy, Otedola's diverse portfolio includes significant real estate assets and holdings in Zenith Bank and FBN Holdings.
This valuation surge aligns with Otedola's philanthropic commitment, as evidenced by his recent donation of N1 billion to the Lagos State Security Trust Fund. Notably, Geregu Power experienced a staggering N625 billion gain, driving its market capitalization from N327.5 billion to N997.5 billion.
Simultaneously, FBN Holdings witnessed substantial growth, reporting impressive financial results and crossing the N1 trillion market cap. Otedola's financial journey, marked by entries and exits from Forbes' billionaire list, reflects the dynamic nature of economic conditions, from the oil price slump in 2009 to share price fluctuations in subsequent years, including his oil company Forte Oil.
