Nigerian billionaire Femi Otedola, chairman of Geregu Power Plc and FBN Holdings, has seen his net worth jump by $100 million, reaching $1.7 billion in early 2025. This follows an impressive $600 million increase in 2024, solidifying his status as one of Nigeria’s richest and most influential business figures.
Naira’s Recovery and Otedola’s Wealth Boost
The recent appreciation of the naira against the U.S. dollar has significantly contributed to Otedola’s growing fortune. Efforts by the Central Bank of Nigeria (CBN) to stabilize the currency—such as clearing a $7 billion forex backlog and implementing tighter monetary policies—have strengthened the naira, leading to a 3.68% gain in a single week.
Additionally, the U.S. Federal Reserve’s decision to pause interest rate hikes and weaker-than-expected U.S. GDP growth have further slowed the dollar’s dominance, indirectly benefiting the naira and Nigeria’s capital market.
Strategic Investments Drive Otedola’s Billion-Dollar Gains
Beyond currency fluctuations, Otedola’s wealth surge is primarily fueled by his strategic investments in the power and banking sectors. His 78.64% stake in Geregu Power Plc—one of Africa’s fastest-growing power generation companies—remains a major wealth driver.
Geregu Power’s 2024 Performance:
•Profit: $26.8 million (N41.27 billion) ↑ from $15.83 million (N24.4 billion) in 2023
•Strong corporate governance: Awarded “Most Compliant Listed Company of the Year 2024” at the NGX Made of Africa (MOA) Awards
FBN Holdings’ Impressive Growth:
As a major shareholder in First Bank of Nigeria (FBN) Holdings, Otedola also benefited from the bank’s record-breaking financial results in 2024:
•Gross earnings: $2.17 billion (N3.33 trillion) ↑ from $1.02 billion (N1.56 trillion)
•Net profit: $567.6 million (N862.4 billion) ↑ from $234.3 million (N356.1 billion)
These figures reinforce FBN’s status as one of Nigeria’s largest and most profitable financial institutions.
Breaking Down Otedola’s $1.7 Billion Net Worth
According to Forbes, Otedola’s publicly listed assets are valued at:
•$1.6 billion from his Geregu Power stake
•$95 million from FBN Holdings shares
However, his true wealth is likely far greater, considering:
•Significant dollar reserves and private investments
•Extensive real estate portfolio in Lagos, Dubai, London, and Monaco
•Additional banking sector holdings, including Zenith Bank
Beyond Business: Otedola’s Legacy and Philanthropy
While Otedola remains focused on expanding First Bank and Geregu Power, his influence extends beyond business. He is also a renowned philanthropist, with major contributions such as a $14 million donation to Save the Children UK in 2019, aimed at helping vulnerable children in northeast Nigeria.
The Rise of a Powerhouse Investor
Otedola’s latest financial milestones reinforce his position as one of Africa’s most powerful investors. As FBN Holdings and Geregu Power continue to grow, the Nigerian billionaire’s net worth is expected to climb even higher in the coming years.
Richlist Nigeria will continue to track Femi Otedola’s wealth and investment moves, keeping you updated on the billionaires shaping Nigeria’s economy.
