Forbes List: Billionaire Businessman, Femi Otedola Bounces Back

Nothing lasts forever is a very popular line.

Billionaire businessman, Femi Otedola realised this in 2017, when he fell off the Forbes Billionaire list.

However, like all determined businessmen, he continued to build his wealth.

Years of hard work have now paid off as the Chairman of Geregu Power has made a big comeback to the ever-enticing Forbes Billionaire.

According to the Forbes Billionaire Index seen on Thursday, January 11, Otedola bounced back to the coveted list, ranking as the fourth richest individual in Nigeria with a valuation of $1.1 billion.

Otedola’s return is attributed to his ownership of over 70 per cent of Geregu Power, a power generation business.

Recall that the businessman strategically sold down his Geregu stake from over 95 per cent during 2022 and 2023, bringing in institutional investors such as the Afrexim Fund for Export Development in Africa, the State Grid Corporation of China, as well as some pension funds and other institutional investors.

Apart from his energy ventures, Otedola holds significant real estate assets in Lagos, Dubai, London, and Monaco. He also owns shares in Zenith Bank and FBN Holdings.

On the list, he follows Aliko Dangote, the Chief Executive Officer (CEO) of Dangote Group, whose current net worth is $14.6 billion, as well as the telecom giant Mike Adenuga with $7.4 billion, and BUA Group founder Abdulsamad Rabiu with a net worth of $6.3 billion.

Currently, Otedola is ranked the 17th richest individual in Africa and 2,353 globally, after giving back to his community by donating N1 billion to the Lagos State Security Trust Fund.