Otedola emerges second Nigerian billionaire with shares in two firms worth over N1trn

Billionaire Femi Otedola has been a significant force in the African business landscape and the Nigerian economy.

The Geregu Power Plc boss has become the second Nigerian billionaire to own stakes in two companies worth over N1 trillion or $1,244 555,000.

Otedola joins Abdul Samad Rabiu to own firms with over N1 trillion market cap

Otedola's record comes after the Chairman of BUA Group, Abdul Samad Rabiu, with listed companies BUA Cement and BUA Foods, clinched the first position.

BUA Cement and BUA Foods are valued at over N3 trillion each. Otedola's achievement comes as the market cap of First Bank Holdings, Nigeria's oldest bank, emerged as a N1 trillion company.

Geregu Power Plc, Otedola's power company, is valued at over N1 trillion. First Bank has seen its shares soar steadily recently as the Nigerian Exchange witnessed a bullish run.

The renewed interest in the shares of First Bank saw the bank's stocks surge for three consecutive days, sending the bank's market cap above N1 trillion.

Otedola is Nigeria's third richest investor

On NGX First Bank's performance adds another feather to Otedola's cap after featuring on the Forbes list in 2009 as the second Nigerian billionaire to do so.

His latest earnings from First Bank place him as the third richest investor on the Nigerian Exchange, after Rabiu and Aliko Dangote.

Billionaire Africa reports that Otedola's investment portfolio, valued at over $1.2 billion, places him among Africa's wealthiest persons.

He holds stakes in Geregu Power Plc and FBN Holdings, reflecting his strategic investment approach. The investor recently offloaded shares of the power company estimated at N399 million.

His investments and philanthropy

FBN Holdings has been one of the primary investments of Otedola in recent years, complementing his efforts to address Nigeria's power challenges.

The billionaire's philanthropic gestures have seen him remain in the public eye after donating N750 million to Augustine University in Ilara-Epe, Lagos, in October 2023.

The donation serves as a scholarship fund to cover the tuition fees of 750 students for the entire 2023-2024 academic session.

He also funded the construction of Augustine University's Engineering Faculty complex, which is estimated to cost N2 billion.