Otedola Reclaims Spot Among Africa’s Top 20 Richest

Nigerian businessman Femi Otedola has returned to the Forbes list of Africa’s top 20 richest, securing the 20th position with a net worth of $1.1 billion.

This achievement comes after a strategic move in the energy and the successful sale of shares in Geregu Power, a public power generation plant.

The Forbes list of Africa’s richest for 2024 shows a combined net worth of $82.4 billion for the top 20 billionaires, which is a $900 million increase from the previous year.

Otedola’s return to the list is a testament to his business acumen and the resilience of his investments in the face of economic challenges.

Otedola’s fortune is primarily derived from his 73% stake in Geregu Power, which is worth over $850 million.

The company’s shares have been sold to institutional investors, including the Nigerian government, the Afrexim Fund for Export Development in Africa, and the State Grid Corporation of China.

Aliko Dangote, the president of the Dangote Group, retains the top spot on the Forbes list with a net worth of $13.9 billion.

Other notable figures on the list include Johann Rupert and Nicky Oppenheimer from South Africa, who secured the second and third positions respectively.

Despite the overall growth in the combined net worth of Africa’s richest, the broader economic landscape remains challenging, with global investors cautious of stock exchanges and businesses grappling with economic strains.

Political shifts have also played a role in influencing private fortunes.

As Otedola continues to make strategic moves in the energy and other sectors, it will be interesting to see how his net worth evolves and whether he can climb higher on the list of Africa’s richest in the coming years.