Again, Otedola Shoots for the Top
Quintessential businessman, Femi Otedola, is the real definition of the man with the Midas Touch, a mesmerising maestro in the art of money-making. For him, everything good seems to conspire in his favour. He has made good for himself as a businessman and one of Africa’s wealthiest. But there are lots yet unknown about the taciturn entrepreneur – His towering disposition and unequalled business wisdom.
What this unassuming businessman has going for him is that despite conquering the business world like a volcano, he does not allow the frills and thrills of vulgar materialism to erode the more sublime traits that are prime requirements in an astute businessman. His razor-sharp intellect, to a large extent, has made a great impact in the Nigeria’s business sector, thereby taking his businesses to enviable heights.
In 2009, Otedola became the second Nigerian after Aliko Dangote to appear on the Forbes list of dollar-denominated billionaires, with an estimated net worth of $1.2 billion. But in 2017, the mogul fell off the ranks of the richest black people on earth as a result of the plunging share price of his then oil company, Forte Oil. But this never bothered the savvy entrepreneur who instead prefers to tread the quiet side of life.
However, the astute magnate has regained his spot on Africa’s richest list. Society Watch was able to reveal that since the long-awaited listing of his power-generating company, last year October, Otedola has seen his fortune grow in leaps and bounds as his stake in Geregu Power approaches a valuation of $2 billion. Notwithstanding the eclipse, fluidity and uncertainty hovering in the country’s business terrain, the listing of the shares of his power-generating company has proved highly lucrative for Otedola, with his stake experiencing a substantial increase in market value.
Geregu Power owns three natural gas-fired power plants generating a combined capacity of 435 megawatts representing 10 per cent of Nigeria’s total power generation capacity.
As the company establishes itself as a formidable player in Nigeria’s energy generation sector, it is also poised to significantly increase its total capacity, over the next two years, from 435 megawatts to a remarkable 1,300 megawatts. The strategic move not only demonstrates the company’s commitment to meeting the energy needs of Nigerians but also aims to boost its earnings and revenue through continued growth in the power sector.
This year alone, Otedola’s stake has surged by more than $900 million, propelling him to return to the exclusive ranks of Africa’s richest billionaires.