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Femi Otedola, the Executive Chairman of Geregu Power Plc and a Non-Executive Director at FBN Holdings, has expressed his excitement over his return to the Forbes African Billionaires list.
The billionaire businessman shared a picture of the announcement on his Instagram page to celebrate his return to the exclusive club after an eight-year hiatus. He wrote, “Interesting”, and added smiley and his signature F.Ote with dollar emojis.
The 61-year-old entrepreneur's re-entry with a net worth of $1.1bn had a significant bearing on the overall Forbes list.
The reputable New Jersey-based media organisation reported that the fortunes of the 2024 list of 20 billionaires rose to $82.4bn from last year’s $81.5bn, partly as a result of Otedola’s return.
The 2024 figure represents a modest increase of $900 million compared to the previous year, indicating a positive trajectory for the continent's economic titans.
The billionaire philanthropist last made the Forbes Africa list in 2016, when he occupied 14th position on the 24-man list with a net worth of $1.85 billion. However, he took the 20th spot on this year's list.
Otedola is an astute businessman with interests that cut across the energy, power generation, real estate, and shipping sectors.
He has managed to steer his company through the murky waters of the Nigerian business environment and continued to hold his own, especially in the energy sector, despite stiff competition from multinational oil firms.
Three other Nigerian billionaires also made the 2024 Forbes Africa list, with Aliko Dangote occupying the top spot and retaining his title as Africa’s richest billionaire with a net worth of $13.1bn.
Mike Adenuga, the owner of Globacom and other business interests, sits in the fifth spot with a net worth of $6.9bn, while founder and chairman of BUA Group, Abdulsamad Rabiu, followed him in 6th place with $5.9 billion net worth.