• Wednesday, April 24, 2024
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BusinessDay

Femi Otedola returns to Forbes billionaire list worth $1.7B in Q1 2024

Dangote, Rabiu lose $3.8bn as Otedola returns to Forbes’ billionaires list

Nigerian business mogul Femi Otedola, aged 61, has made a notable comeback to the Forbes Billionaires list after six years, with a net worth of $1.7 billion in Q1 as of April 02, securing him the 1906th spot.

Otedola initially amassed his wealth in commodities but later shifted focus to energy, selling his Forte Oil shares.

He now chairs Geregu Power, owning over 70% of its shares after diluting his stake to attract institutional investors.

Notable investors in Geregu include the Nigerian government, the Afrexim Fund for Export Development in Africa, and the State Grid Corporation of China

Otedola also has property holdings in Lagos, Dubai, London, and Monaco, and investments in Zenith Bank and The First Bank of Nigeria (FBN) Holdings.

Recently appointed  as the new chairman of  FBN Holdings

Beyond business, Otedola is known for his philanthropy, contributing to various causes. His return to the billionaire list highlights his entrepreneurial prowess and commitment to societal development.

Businessday reported that Otedola is now among Africa’s top 20 richest individuals.

Other Nigerian billionaires on the list are Aliko Dangote, who occupies the number one spot as Africa’s richest billionaire with a net worth of $15.0 bn.

While Mike Adenuga, who owns Globacom and operates 6 oil blocks, takes the fifth spot with a net worth of $6.9bn.

According to the Forbes Real Time Billionaire Index, here are the 4 Nigerian billionaires on the list as of April 02.

Aliko Dangote –  $15.0 bn

Mike Adenuga – $6.9 bn

Abdulsamad Rabiu – $6.3 bn

Femi Otedola – $1.7 bn