Everything good seems conspiring in favour of billionaire business mogul, Femi Otedola. For the self-effacing businessman who prefers to tread the quiet side of life, he has made good for himself as a businessman and one of Africa’s richest. Aside from his business and expensive lifestyle, Otedola —over the years— has equally displayed the palpable humanitarian streak in him, and in this way has touched many lives by donating and promoting the welfare of the people who are in need of it through his foundation.
In March 2009, Otedola became the second Nigerian after Aliko Dangote to appear on the Forbes list of dollar-denominated billionaires, with an estimated net worth of $1.2 billion. But in 2017, the mogul fell off the ranks of the richest black people on earth as a result of the plunging share price of his then oil company, Forte Oil. Ever since then, he has literally stayed out in the cold until recently when it was reported that the Epe, Lagos-born billionaire has regained his spot on Africa’s richest list.
Spotlight learnt that since the long-awaited listing of his power-generating company, last year October, Otedola has seen his fortune grow in leaps and bounds as his stake in Geregu Power approaches a valuation of $2 billion. The listing of the shares of his power-generating company has proved highly lucrative for Otedola, with his stake experiencing a substantial increase in market value. Geregu Power owns three natural gas-fired power plants generating a combined capacity of 435 megawatts —representing 10 per cent of Nigeria’s total power generation capacity.
As the company establishes itself as a formidable player in Nigeria’s energy generation sector, it is also poised to significantly increase its total capacity —over the next two years— from 435 megawatts to a remarkable 1,300 megawatts. The strategic move not only demonstrates the company’s commitment to meeting the energy needs of Nigerians, but also aims to boost its earnings and revenue through continued growth in the power sector. This year alone, Otedola’s stake has surged by more than $900 million, propelling him to return to the exclusive ranks of Africa’s richest billionaires.