Encomium
Today. Femi Otedola, chairman of Geregu Power Plc and majority shareholder at First Bank of Nigeria Plc, officially rejoined the world’s wealthiest persons list with a net worth of $1.2 billion!
The joyous news, captured on Forbes’ real-time list earlier today, is the subject of jubilation and backslapping amongst people of good cheer who are fascinated by the rise, fall and rise of the Ibadan-born man of style from Odoragunsin (near Epe, Lagos State).
The stylish man (who favours white brocade kaftan and trousers as his official uniform in Nigeria) joins three other Nigerian billionaires on the Forbes list: Aliko Dangote, number 132, with $14.3 billion; Mike Adenuga, Jnr., number 338, with $7.4 billion; and Samad Rabiu, $6.2 billion at number 441. Listed at number 2,353, Otedola nestles amongst the odd 2,600-dollar billionaires in the world.
Otedola, who built his fortune with Zenon
Petroleum and Gas (founded in 1999), acquired a majority stake in African Petroleum in 2007 and divested from the rebranded Forte Oil Plc in 2019. He concentrated his energy and resources on Geregu Power (acquired in 2013). In 2021, he bought majority shares in First Bank of Nigeria, building his portfolio to a desirable level.
Otedola (61 on November 4, 2023) first joined the Forbes Rich List in 2009 with a net worth of $1.2 billion, later building his fortune to $1.8 billion. Devaluation and volatility in the oil sector kicked him off the list after he lost over $1.2 billion. He was neck-deep in debt for a few years until his rebound around 2012. Over the years, he has regained his Midas touch and is back on top.
