Femi Otedola sees a wealth surge of $171 million in 72 hours

Nigerian billionaire Femi Otedola has seen a substantial increase in his wealth recently.

The value of his stake in Geregu Power Plc, a major player in Nigeria's power industry, has surged by over $170 million in just three days according to billionaires.africa.

Otedola, one of Nigeria's wealthiest individuals, has experienced a notable boost in the market value as a result of renewed investor interest in the power company following Geregu Power's impressive financial performance in the first nine months of 2023.

Geregu Power operates three natural gas-fired power plants with a total capacity of 435 megawatts and plays a significant role in Nigeria's energy generation sector, contributing 10 percent to the country's total power generation capacity.

Femi Otedola owns a commanding 95.56-percent stake in Geregu Power through his company, Amperion Power Distribution Company, totaling 2,388,921,063 shares, according to data tracked by Billionaries.Africa.

The recent surge in Geregu Power's share price, leading to Otedola's wealth increase, is attributed to investors' positive response to the company's strong financial performance.

In an unaudited interim financial statement, the company reported a remarkable 43-percent growth in revenue and a 52-percent increase in gross profit for the first nine months of 2023.

Otedola stirred the company to excel across all its segments, with energy revenues rising from N24.78 billion ($32.3 million) to N34.8 billion ($45.3 million). Capacity charges surged from N14.23 billion ($18.54 million) to N20.95 billion ($27.23 million) during the period.

This significant boost in Geregu Power's share price highlights the company's resilience and its capacity to contribute significantly to Nigeria's power generation sector. It also solidifies Femi Otedola's status as one of the continent's most affluent businessmen.

ID/MA

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