In a significant development, billionaire investor Femi Otedola has climbed to the fourth position on Nigeria’s list of top billionaires, boasting a current valuation of $1.2 billion, as reported by Forbes. This impressive reassessment is attributed to Otedola’s substantial ownership of over 70% in Geregu Power, a prominent power generation business.
Otedola strategically divested his stake in Geregu from over 95% during the years 2022 and 2023, strategically bringing in institutional investors to participate in the business. Notable investors in Geregu include the Afrexim Fund for Export Development in Africa, the State Grid Corporation of China, along with contributions from pension funds and institutional investors.
Beyond his ventures in the energy sector, Otedola holds a significant portfolio of real estate assets in key global locations, including Lagos, Dubai, London, and Monaco. Additionally, he owns shares in prominent financial institutions such as 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, emphasizing his commitment to giving back to the community.
