Businessman Femi Otedola has been placed as Nigeria’s fourth richest individual with a current valuation of $1.2 billion.

This followed a recent reassessment of his over 70 per cent ownership of Geregu Power by Forbes.

In the years 2022 and 2023, Otedola strategically sold down his Geregu stake from over 95 per cent, welcoming institutional investors into the business.

The son of the late former governor of Lagos State Michael Otedola holds significant real estate assets in Lagos, Dubai, London, and Monaco. He also owns shares in Zenith Bank and FBN Holdings.

In financial terms, Geregu Power Plc, where Otedola holds controlling stakes, experienced a remarkable N625 billion gain.

Geregu Power’s market capitalisation surged from N327.5 billion to N997.5 billion between 2022 and 2023, driven by a share price increase from N149 to N399.

During the same period, FBN Holdings, the parent company of First Bank Limited, witnessed a commendable N437.9 billion surge in market capitalisation. 

FBN recently crossed the N1 trillion market cap. 

Due to factors such as oil price slump and share price fluctuations, Otedola has not been a regular face on the Forbes’ billionaire list.

He recently donated N1 billion to the Lagos State Security Trust Fund.