Femi Otedola's net worth spikes to $1.7 billion

Nigerian billionaire Femi Otedola's net worth has surged to $1.7 billion, as reported by Forbes.

The chairman of Geregu Power and First Bank of Nigeria Holdings Plc (FBN Holdings) has seen his wealth grow significantly this year, with a notable increase of $400 million since January 1, 2024.

The rise in Otedola's fortune is largely due to the robust performance of his investments and the Nigerian Naira's appreciation against the dollar.

Efforts by the Central Bank of Nigeria (CBN) to clear a substantial foreign exchange backlog have contributed to the Naira's strength.

Otedola rejoined the Forbes list of Africa’s richest individuals in January with a net worth of $1.2 billion. In March, his fortune rose to $1.5 billion before reaching its current level.

Femi Otedola currently has a net worth of $1.7 billion according to Forbes and ranks within the top 2,000 richest people globally.

He holds a majority stake in Geregu Power, a major player in Nigeria’s power sector, and significant investments in FBN Holdings.

Otedola has also recently acquired a stake in Dangote Cement, further diversifying his investment portfolio.

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