Femi Otedola’s Companies Surge: N1.92 Trillion Gains in Q1 2024

Femi Otedola, aka Ote$, has been making big moves lately. Otedola’s move is giving us joy.

From becoming the new chairman at FBN Holdings to reclaiming his spot on the Forbes billionaire list.

As of the time of writing, Otedola’s net worth is $1.7 billion.

Otedola’s comeback on the Forbes Billionaire List is impressive. With a reported net worth of $1.1 billion, he now ranks fourth, overtaking Folorunsho Alakija, Nigeria’s richest woman. 

Globally, he’s at 2,353rd place, and in Africa, he sits at 17th alongside South African billionaire Michiel Le Roux. This resurgence follows a dip in 2016 when Otedola’s net worth was $1.7 billion.

A major reason behind Otedola’s financial revival is his investments in Geregu and FBN Holdings. 

Both companies saw substantial increases in share prices in 2023. Geregu Power, for instance, experienced a whopping 227.2% rise, going from N110 to N399 per share in just a year. 

Similarly, FBN Holdings saw its share value surge by 109.33%, climbing from N11.25 to N23.55.

Record-Breaking Capital Gains for Otedola’s Companies

In Q1 2024, companies led by Femi Otedola witnessed extraordinary capital gains totaling N1.92 trillion, the highest among those associated with notable figures like Dangote, Elumelu, and Jim Ovia.

One standout investment, Geregu Power, saw its share price surge by 150.6% in Q1 2024, reaching an unprecedented N1000.00 per share from N399.00. 

This surge propelled Geregu Power’s market capitalization from N997.5 billion to N2.5 trillion by the quarter’s end.

Moreover, FBN Holdings, another company in which Otedola has interests, saw its market capitalization increase by N427.15 billion.

 Starting at N23.65, its share price closed at N35.55 by the end of the quarter, reflecting impressive growth from N848.9 billion to N1.27 trillion.

Femi Otedola’s savvy investments and leadership continue to yield significant financial gains, solidifying his position as one of Nigeria’s most influential and successful business tycoons.