Table of Contents
Key Points
- Femi Otedola's net worth increased by $100 million to $1.7 billion due to a slight rebound in the Nigerian naira.
- Otedola’s wealth surge follows a strong 2024, driven by his stake in Geregu Power and FBN Holdings' impressive financial performance.
- Otedola’s influence spans energy, finance, and philanthropy, with investments in Geregu Power, FBN Holdings, Zenith Bank, and real estate globally.
A slight rebound in the Nigerian naira against the U.S. dollar since the start of 2025 has boosted the net worth of Nigerian billionaire Femi Otedola by $100 million. The chairman of Geregu Power Plc and FBN Holdings—parent company of Nigeria’s oldest bank, First Bank of Nigeria Limited—has seen his fortune rise from $1.6 billion at the start of the year to $1.7 billion.
Otedola, often referred to as “the strong man of the financial and capital market,” has benefited from naira’s recent gains, driven by efforts from the Central Bank of Nigeria (CBN) to defend the naira and combat inflation. Other factors supporting the naira include the U.S. Federal Reserve’s decision to freeze interest rates, and weaker-than-expected fourth-quarter GDP growth in the U.S., which slowed to 2.3 percent—falling short of forecasts and weighing on the dollar.
In a move to further support the naira, CBN Governor Olayemi Cardoso announced that the government had cleared a $7 billion backlog in foreign exchange following a successful verification by forensic auditors. This action led to a 3.68 percent week-on-week appreciation in the naira, which closed at 1,474.78/$ at the end of last week’s trading.
Otedola’s strategic investments keep building wealth
Otedola’s wealth has also benefited from his well-placed investments. His $100 million gain comes after an impressive 2024, during which his net worth grew by $600 million. Much of this success can be attributed to his 78.64 percent stake in Geregu Power, one of Africa’s fastest-growing power generation companies. The company’s strong performance last year played a major role in increasing his overall wealth.
Otedola’s strategic investments have been key to his continued success. Both FBN Holdings and Geregu Power saw impressive financial results in 2024. FBN Holdings saw gross earnings soar from N1.56 trillion ($1.02 billion) in 2023 to N3.33 trillion ($2.17 billion) in 2024. Its net profit jumped from N356.1 billion ($234.3 million) to N862.4 billion ($567.6 million), further cementing its position as one of Nigeria’s largest and most profitable financial institutions.
Meanwhile, Geregu Power reported a strong profit increase in 2024, rising to N41.27 billion ($26.8 million) from N24.4 billion ($15.83 million) in 2023. The company’s performance continues to position it as a leader in Africa’s power sector, a reputation reinforced by its recognition at the NGX Made of Africa (MOA) Awards, where it was named “Most Compliant Listed Company of the Year 2024.” This honor highlights the company’s dedication to corporate governance and growing influence within the industry.
Africa’s business power: Otedola’s impact
While Forbes estimates Otedola’s net worth at $1.7 billion, based on his publicly listed assets, which include a $1.6-billion stake in Geregu Power and a $95-million stake in FBN Holdings. However, his true wealth is likely much greater, encompassing significant dollar reserves, private investments, and a vast real estate portfolio in locations such as Lagos, Dubai, London, and Monaco. He also has holdings in Zenith Bank, one of Nigeria's largest financial institutions.
Otedola’s success across industries like energy and finance has firmly established him as one of Africa's most influential business leaders. His focus remains on protecting the legacy of First Bank while driving both the bank and Geregu Power to new heights. Beyond business, his philanthropic efforts, such as a $14 million donation to Save the Children UK in 2019, reflect his commitment to supporting vulnerable communities, especially children in northeast Nigeria.
