Femi Otedola becomes Forbes 4th richest man in Nigeria

Billionaire investor Femi Otedola has emerged as the fourth richest individual in Nigeria with a net worth of $1.1 billion, according to the Forbes Billionaire Index released on January 11. Otedola’s rise in wealth is attributed to his majority ownership of Geregu Power, a power generation business.

He strategically reduced his stake in Geregu from over 95% to attract institutional investors, including the Afrexim Fund for Export Development in Africa and the State Grid Corporation of China. Besides his energy ventures, Otedola possesses substantial real estate assets in Lagos, Dubai, London, and Monaco, along with holdings in Zenith Bank and FBN Holdings. He is ranked 17th among Africa’s richest individuals and 2,353 globally. Otedola’s philanthropy was highlighted as he recently donated N1 billion to the Lagos State Security Trust Fund.