Otedola rejoins billionaires list, now fourth richest person in Nigeria behind Dangote and others

Nigerian business mogul Femi Otedola has made a notable comeback to the Forbes Billionaires list after six years, with a net worth of $1.7 billion in Q1 as of April 02, securing him the 1906th spot.

Otedola initially amassed his wealth in commodities but later shifted focus to energy, selling his Forte Oil shares.

He now chairs Geregu Power, owning over 70% of its shares after diluting his stake to attract institutional investors.

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Notable investors in Geregu include the Nigerian government, the Afrexim Fund for Export Development in Africa, and the State Grid Corporation of China

Otedola also has property holdings in Lagos, Dubai, London, and Monaco, and investments in Zenith Bank and The First Bank of Nigeria (FBN) Holdings.

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Notable investors in Geregu include the Nigerian government, the Afrexim Fund for Export Development in Africa, and the State Grid Corporation of China

Otedola also has property holdings in Lagos, Dubai, London, and Monaco, and investments in Zenith Bank and The First Bank of Nigeria (FBN) Holdings.

Aside from Otedola, Aliko Dangote, Mike Adenuga, Abdulsamad Rabiu, and Femi Otedola are other top richest Nigerians in 2024.

ALIKO DANGOTE

Dangote, valued at $$13.4 billion, is the richest person in Nigeria and Africa.

His business empire, Dangote Group, is one of the largest private-sector employers in Nigeria as well as the most valuable conglomerate in West Africa.

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MIKE ADENUGA

Adenuga, ranked at number 409 n the Forbes list, is a Nigerian billionaire businessman, his company Globacom is Nigeria’s second-largest telecom operator and also has presence in Ghana and Benin Republic.

He owns stakes in the oil exploration firm, Conoil. Forbes estimated his net worth at $6.7bn in 2024.

ABDULSAMAD RABIU

Rabiu is a Nigerian billionaire businessman and philanthropist, the founder and chairman of BUA Group, a Nigerian conglomerate concentrating on manufacturing, infrastructure and agriculture and producing a revenue in excess of $2.5bn and was ranked at number 581 in the Forbes list.

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