Femi Otedola earns $6.8m in 24hrs from FBN shares, emerges one of the richest investors in NGX

Femi Otedola’s investment in First Bank of Nigeria (FBN) Holdings is finally paying off.

The Nigerian billionaire amassed a staggering $8.58 million (N6.8 billion) in one day following the recent wave in the shares of First Bank.

Data from the Nigerian Exchange shows that Otedola has seen the market value of his stakes in the banking group grow by N6.8 billion in 24 hours, fortifying his position as one of the wealthiest investors in the Nigerian Exchange.

FBN Holdings has been crucial for the billionaire investor’s investment strategy to address Nigeria’s power problems via his Geregu Power Plc.

Otedola is First Bank's largest shareholder

As the Holding’s largest shareholder, Otedola holds about 3,090,559,676 shares in the company.

Billionaire Africa reports that Otedola’s investment has been critical to revitalizing the company’s financial goals, propelling it to become one of Nigeria’s most significant financial services providers.

His wealth surged as First Bank shares jumped 9.9% from N22.15 to N24.35 per share.

The market value of his stakes in the bank rose from N68.46 billion to N75.26 billion as of Tuesday, December 5, 2023.

Legit.ng reported that Femi Otedola, the chairman of Geregu Power Plc, has cashed out over N399 million from his investment in the company.

He made the money after selling 1 million units of his Geregu shares held through Amperion Power Distribution Company Limited.

The transaction details were disclosed in a corporate document submitted to the Nigerian Exchange Limited (NGX) on Wednesday, November 22, 2023.