Renowned Nigerian billionaire businessman and philanthropist Femi Otedola has solidified his status among Africa’s wealthiest individuals as the market value of his stakes in publicly listed companies on the Nigerian Exchange (NGX) surpasses $1.2 billion.

With a diverse portfolio and impactful investment strategy, Femi Otedola etched his name in history in 2009 as the second Nigerian billionaire to grace the Forbes list. Today, he is the third-richest investor on the Nigerian Exchange, trailing only behind Abdul Samad Rabiu and Aliko Dangote.

Otedola, chairman of Geregu Power Plc and director of FBN Holdings Plc, claims a substantial portfolio value of $1.22 billion on the Nigerian Exchange. His holdings include a commanding 95.38 percent of Geregu Power Plc, a key player in electricity generation, and a 5.56-percent stake in FBN Holdings, showcasing the businessman’s multifaceted investment approach.

According to a recent list of the 25 wealthiest people on the Nigerian Exchange, Otedola’s total portfolio value ranks him as the third-richest investor. His ascent to this position is attributed to the historic listing of his power-generating company, Geregu Power, on October 5, 2022.

In Sept. 2022, his portfolio barely touched $25 million, yet today it commands a staggering $1.22 billion. This meteoric rise is propelled by the relentless uptrend in the market value of his publicly listed power company, skyrocketing since its debut on the Nigerian Exchange.

Otedola is poised to join the league of Nigerian billionaires with stakes in companies boasting market capitalization of at least N1 trillion ($1.2 billion). The market capitalization of Geregu Power and FBN Holdings, where Otedola serves as a director and owns a substantial 5.56 percent stake, is on the cusp of the N1 trillion milestone.

Geregu Power commands a market capitalization of N989 billion ($1.22 billion), while FBN Holdings stands at N718 billion ($892 million) at the time of drafting this report.

In recent weeks, Otedola’s stake in Geregu Power has witnessed a remarkable surge of N192.31 billion ($251.45 million), while his holdings in FBN Holdings increased by N6.8 billion ($8.64 million). This underscores Otedola’s adept navigation of the market dynamics and the success of his strategic investment decisions.

Otedola’s achievements in the business world and his significant contributions to the Nigerian economy continue to underscore his influential presence on the continent’s financial landscape, solidifying his legacy as a powerhouse in the Nigerian business scene.

In October, Otedola made a remarkable donation of N750 million ($1 million) to Augustine University in Ilara-Epe, Lagos State. This was announced during the institution’s 5th Convocation Ceremony, a moment that coincided with Otedola’s installation as the second Chancellor of the university.