Otedola’s Wealth Grows by $100 Million to $1.7 Billion Amid Naira’s Recovery
- Otedola’s net worth rose by $100 million following the strong performance of the Nigerian currency in January 2024
- Otedola’s net worth surged from $1.6 billion to $1.7 billion amid a robust naira performance
- His wealth could also be attributed to the rise in his companies, Geregu Power Plc and FBN Holdings Plc
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
Following the naira’s rebound against the US dollar in January 2025, Nigeria’s fourth richest man, Femi Otedola’s wealth has received a boost.
The Nigerian billion added about $100 billion to his wealth, with total net worth rising from $1.6 billion to $1.7 billion.
Source: Getty Images
The naira’s rebound propels Otedola’s wealth
The Chairman of FBN Holdings, owners of Nigeria’s oldest financial institution, First Bank, has gained from the naira’s recent gains due to efforts by the Central Bank of Nigeria (CBN) to defend the local currency and fight inflation.
According to reports, other factors aiding the naira’s rally include the US Federal Reserve’s decision to halt interest rates and weaker Q4 GDP growth, which slowed to 2.3%.
The governor of Nigeria’s apex bank, Olayemi Cardoso, announced that Nigeria has successfully cleared the $7 billion backlog in FX after forensic auditors verified valid claims.
The development led to a 3.68% weekly rise in the naira’s value, closing at N1,474.78 per dollar at the end of January 2025.
Geregu Power’s strong performance
Billionaires Africa reported that Otedola’s investments also benefitted from the naira’s rally.
His $100 million gain came after an impressive 2024 run when his net worth rose by $600 million.
Reports attribute his surging wealth to his 78.64% stake in Geregu Power.
The power-generating company’s robust performance in 2024 played an essential role in boosting Otedola’s overall wealth.
The Nigerian billionaire’s investments have been instrumental to his success as FBN Holdings and Geregu Power recorded robust financial results in 2024.
FBN Holdings' robust earnings
FBN Holdings saw its gross earnings surge from N1.56 trillion in 2023 to N3.33 trillion in 2024.
The financial behemoth’s net profit jumped from N356.1 trillion to N862.4 trillion to cement its position as one of Nigeria’s largest financial institutions.
Meanwhile, Otedola’s electricity company, Geregu Power, reported a robust profit in 2024 of N41.27 billion in 2024 from 24.4 billion in 2023.
Otedola’s other wealth sources
Geregu Power’s strong showing continues to place it as a leader in Nigeria’s power sector.
Forbes put Otedola’s wealth at $1.7 billion based on his publicly listed assets, including a $1.6 billion stake in Geregu Power and a $95 million in First Bank.
His wealth spans real estate in choice locations in Lagos, Dubai, London, and Monaco. He owns a substantial stake in Zenith Bank.
Otedola breaks silence on alleged $230m loan by GHL
Legit.ng earlier reported that Otedola, the Chairman of FBN Holdings, the parent company of First Bank, has reiterated his dedication to the financial institution.
In a message reacting to the ongoing heated dispute with Nduka Obaigbena, the Chairman and Publisher of ThisDay and Arise News Channel, Otedola said he is determined to preserve the integrity of First Bank of Nigeria.
The disagreement between Otedola and Nduka, seemingly resulting in a media war, centres on allegations surrounding a $230 million loan, reportedly secured by GHL, the owners and operators of OML 120, a deep offshore oil block in Nigeria.
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Source: Legit.ng
