Amid Foreign Exchange Crisis, Billionaire Femi Otedola Grows Wealth by $200 Million in 12 Days
- For over 12 days, Femi Otedola, a Nigerian billionaire, experienced a $200 million increase in his net worth
- His net worth increased to $1.6 billion, solidifying his position as one of the richest and most influential businessmen in Africa
- This is despite economic challenges across Nigeria which has caused over 40% depreciation in the local crises this year
Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.
Billionaire Femi Otedola has seen his net worth rise by $200 million in just 12 days, demonstrating his persistent resistance to the depreciation of the Nigerian currency.
Source: Getty Images
The recent development led to increase in his wealth to $1.6 billion and solidified his standing as one of the wealthiest and most powerful businessman in Africa.
According to Forbes data, the third-richest investor on the Nigerian Exchange Group (NGX), Otedola, had his net worth increase from $1.4 billion on September 26, 2024 to $1.6 billion.
This shows that the Nigerian billionaire amassed a substantial fortune despite currency volatility, which has severely hurt many of his peers due to limited liquidity and uncertainty in the economy.
At the time of writing this report, however, Otedola’s wealth stood at $1.4 billion.
Source of wealth
The significant increase is especially noteworthy in light of the Nigerian naira's over 40% depreciation this year, which has caused international investors to exercise caution while waiting for signs of economic change and stability in the oil industry.
Billionaires.africa reported that Femi Otedola's recent wealth boom is a result of significant investments in Nigeria's banking and energy industries.
Since he acquired more share in First Bank of Nigeria's parent firm, FBN Holdings, his influence in the banking sector has grown.
Currently valued at around $100 million, Otedola's 13.16% stake in FBN Holdings places him among the biggest investors in Nigeria's financial services sector.
Otedola's main asset is his 78.64 percent share in Geregu Power Plc, one of Africa's fastest-growing power firms, aside from his banking investments. Otedola's investment in Geregu Power has increased to N2.26 trillion ($1.4 billion) despite issues affecting Nigeria's electricity sector.
Being the chairman of both FBN Holdings and Geregu Power has given him the ability to steer both businesses through challenging economic times, which has increased his wealth and power.
Otedola’s electricity firm rakes in N30.2 billion
Legit.ng earlier reported that Geregu Power Plc, owned by billionaire Femi Otedola, delivered a robust financial performance in the first half of this year.
The company’s half-year revenue reached a staggering N30.2 billion, solidifying its position as a top player in Nigeria’s power industry.
The company’s first-half revenue surged 132.5% yearly, reaching N80.7 billion from N34.7 billion recorded in the same period in 2023.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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