Femi Otedola Back Among Nigerian Billionaires on Forbes List
Nigerian business mogul Femi Otedola has once again earned a spot on the Forbes Billionaire Index, securing the fourth position among Nigerian billionaires.
According to the latest index released on Thursday, Otedola’s net worth is now $1.1 billion, contributing to a total wealth of $29.10 billion held by the top four Nigerian billionaires.
Positioning Among African Billionaires
Otedola’s resurgence places him at the 17th position among Africa’s billionaires, with a global ranking of 2,353. This development follows Folorunsho Alakija, Nigeria’s richest businesswoman, who previously occupied the fourth spot.
Otedola’s Investment Journey and Financial Holdings
In 2016, Otedola’s wealth stood at $1.8 billion, witnessing a dip below the billion-dollar mark in 2017.
However, his recent return to billionaire status is attributed to strategic investments in Geregu and FBN Holdings. Geregu, in particular, experienced a remarkable 227.2% surge in Otedola’s investment, driven by a substantial increase in the demand for the company’s shares, soaring from N110 to N399 within a year.
FBN Holdings’ Contribution to Otedola’s Net Worth
Additionally, FBN Holdings played a pivotal role in bolstering Otedola’s net worth.
The financial institution’s shares witnessed a significant rise from N11.25 to N23.55 in the previous year, contributing to a remarkable 109.33% increase in Otedola’s investment in the institution.
Total Wealth of Top Nigerian Billionaires and Global Context
With AbdulSamad Rabiu, Mike Adenuga, and Aliko Dangote leading the pack, the cumulative wealth of the top four Nigerian billionaires stands at $29.10 billion. This accounts for 28% of the total $103.70 billion amassed by the listed 20 African billionaires.
The global context reveals South Africa boasting the highest number of billionaires (six), followed by Egypt (five), Nigeria (four), and others contributing to a diverse representation in Africa’s billionaire landscape.
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