Nigerian billionaire Femi Otedola has been ranked the 4th richest man in Nigeria amid bullish Nigerian stock performance.
According to the latest update of the Forbes Billionaire Index, Otedola has a net worth of $1.2 billion after making over $6 million on Thursday, January 11, 2024.
His new net worth placed him as the 2,353 richest man in the world.
Other Nigerians on the Forbes billionaire list include Aliko Dangote, Mike Adenuga, and Abdulsamad Rabiu.
Otedola wealth, assets Otedola is chairman of Geregu Power, a power generation business, and owns more than 70% of the shares.
During 2022 and 2023, Otedola sold down a Geregu stake that was once more than 95% to bring on institutional investors.
Investors in Geregu include the Nigerian government, the Afrexim Fund for Export Development in Africa and the State Grid Corporation of China. Otedola also holds shares in Zenith Bank and FBN Holdings.
Geregu Power, one of Nigeria’s leading power generation firms, has shown impressive financial performance.
In the first nine months of 2023 (January to September 2023), the power company, in its unaudited interim financial statement released on the Nigerian Exchange, reported revenue of N39 billion.
This reflects a 43% increase compared to the N55.75 billion reported in the corresponding period in the first nine months of 2022.
The company, one of Otedola’s most prized assets, is currently on the verge of hitting the N1 trillion market capitalization mark.
