Otedola Emerges Second Nigerian Billionaire With Shares in Two Firms Worth Over N1trn
- Femi Otedola has become the second Nigerian billionaire and investor with stakes in two companies with over N1 trillion market cap
- Otedola owns stakes in First Bank, which recently became a N1 trillion company, and Geregu Power Plc
- The billionaire comes second to the Chairman of BUA Group, Abdul Samad Rabiu, Nigeria's most affluent investor on NGX
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
Billionaire Femi Otedola has been a significant force in the African business landscape and the Nigerian economy.
The Geregu Power Plc boss has become the second Nigerian billionaire to own stakes in two companies worth over N1 trillion or $1,244 555,000.
Source: UGC
Otedola joins Abdul Samad Rabiu to own firms with over N1 trillion market cap
Otedola's record comes after the Chairman of BUA Group, Abdul Samad Rabiu, who owns BUA Cement and BUA Foods, clinched the first position.
PAY ATTENTION: Share your outstanding story with our editors! Please reach us through info@corp.legit.ng!
BUA Cement and BUA Foods are valued at over N3 trillion each.
Otedola's achievement comes as the market cap of First Bank Holdings, Nigeria's oldest bank, emerged as a N1 trillion company.
Geregu Power Plc, Otedola's power company, is valued at over N1 trillion.
First Bank has seen its shares soar steadily recently as the Nigerian Exchange witnessed a bullish run.
The renewed interest in the shares of First Bank saw the bank's stocks surge for three consecutive days, sending the bank's market cap above N1 trillion.
Otedola is Nigeria's third richest investor On NGX
First Bank's performance adds another feather to Otedola's cap after featuring on the Forbes list in 2009 as the second Nigerian billionaire to do so.
His latest earnings from First Bank place him as the third richest investor on the Nigerian Exchange, after Rabiu and Aliko Dangote.
Billionaire Africa reports that Otedola's investment portfolio, valued at over $1.2 billion, places him among Africa's wealthiest persons.
He holds stakes in Geregu Power Plc and FBN Holdings, reflecting his strategic investment approach.
The investor recently offloaded shares of the power company estimated at N399 million.
His investments and philanthropy
FBN Holdings has been one of the primary investments of Otedola in recent years, complementing his efforts to address Nigeria's power challenges.
The billionaire's philanthropic gestures have seen him remain in the public eye after donating N750 million to Augustine University in Ilara-Epe, Lagos, in October 2023.
The donation serves as a scholarship fund to cover the tuition fees of 750 students for the entire 2023-2024 academic session.
He also funded the construction of Augustine University's Engineering Faculty complex, which is estimated to cost N2 billion.
Femi Otedola earns $6.8m in 24hrs from FBN shares, emerges one of the richest investors on NGX
Legit.ng earlier reported that Femi Otedola’s investment in First Bank of Nigeria (FBN) Holdings recently paid off.
The Nigerian billionaire amassed a staggering $8.58 million (N6.8 billion) in one day following the recent wave in the shares of First Bank.
Data from the Nigerian Exchange shows that Otedola has seen the market value of his stakes in the banking group grow by N6.8 billion in 24 hours, fortifying his position as one of the wealthiest investors in the Nigerian Exchange.
PAY ATTENTION: Donate to Legit Charity on Patreon. Your support matters!
Source: Legit.ng
