Femi Otedola continues to win amid exchange crises, gains $200 million in 12 days

• Over the past 12 days, Femi Otedola, a Nigerian millionaire, has experienced a $200 million increase in his net worth
• His net worth has increased to $1.6 billion solidifying his position as one of the richest and most influential businessmen in Africa
• This is despite economic challenges prevalent in Nigeria which has caused about 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.

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.

Femi Otedola made a significant fortune in spite of currency fluctuations. Photo Credit: Femi Otedola
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 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.

By 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 reported that Geregu Power Plc, owned by billionaire Femi Otedola, has 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.

PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!

Source: Legit.ng