Forbes has reported that Nigerian tycoon Femi Otedola’s wealth has surged to $1.7 billion, marking a substantial increase of $400 million since the beginning of 2024.
Chairing both Geregu Power and First Bank of Nigeria Holdings Plc (FBN Holdings), Otedola has witnessed a remarkable growth in his fortune this year.
This upsurge is attributed to the robust performance of his investments and the appreciation of the Nigerian Naira against the US dollar.
The Central Bank of Nigeria’s (CBN) initiatives to clear a significant foreign exchange backlog have notably strengthened the Naira, further boosting Otedola’s wealth.
Having reappeared on the Forbes list of Africa’s wealthiest individuals in January with a net worth of $1.2 billion, Otedola’s fortune climbed to $1.5 billion in March before reaching its current pinnacle.
With a current net worth of $1.7 billion, as per Forbes, Femi Otedola ranks among the top 2,000 richest individuals globally.
He maintained a controlling interest in Geregu Power, a key player in Nigeria’s power sector, and holds substantial investments in FBN Holdings.
Moreover, Otedola has recently diversified his investment portfolio by acquiring a stake in Dangote Cement, further cementing his position as a prominent figure in the Nigerian business landscape.