Nigerian billionaire businessman and philanthropist Femi Otedola has seen his net worth rise to $1.6 billion gaining $200 million over the past month. The increase strengthens his standing among Nigeria’s wealthiest and places him firmly among Africa’s richest individuals.
According to Forbes, Otedola’s net worth stood at $1.4 billion in October. The rebound in his wealth was driven by the recent appreciation of the naira against the dollar and improved performance across his key holdings; particularly his 78.05 percent stake in Geregu Power and his 16.1 percent stake in First HoldCo, the parent company of First Bank of Nigeria.
This mirrors the steady growth seen among Africa’s richest individuals this year. According to Forbes’ real-time billionaires list, Otedola is Nigeria’s fourth-richest person and 2,326th globally, highlighting his influence in the nation’s energy and banking sectors.
Femi Otedola’s power and banking gains
Femi Otedola’s growing wealth follows solid financial performances from both companies he controls. Geregu Power reported an 82 percent jump in third-quarter profit to N11.2 billion ($7.62 million), driven by higher electricity sales and capacity payments.
Quarterly revenue rose 37 percent to N43.8 billion ($29.8 million), bringing nine-month revenue to N131.5 billion ($89.46 million). Energy sales grew almost 40 percent to N28.8 billion ($19.59 million), while capacity charges advanced 33 percent to N15.1 billion ($10.27 million), thanks to stronger grid offtake and plant reliability. Rising gas and transport costs, however, pushed the cost of sales up 53 percent to N28.6 billion ($19.46 million).
At FirstHoldCo, where Otedola serves as chairman, earnings also showed strength. The lender’s gross earnings rose to N2.55 trillion ($1.76 billion) for the first nine months of 2025, up from N1.84 trillion ($1.27 billion) a year earlier. Profit before tax slipped to N450.9 billion ($312.6 million), down from N533.9 billion ($370 million) last year, following higher impairment charges and depreciation costs.
Otedola invests in youth, strengthens legacy in education
Away from business, Otedola has continued his philanthropic efforts. Last month, he pledged $2.8 million to build a new electrical and electronics engineering block at Augustine University in Ilara-Epe. The donation follows a N3.7 billion gift in 2024 for another engineering expansion and previous support that included N1 million each for 750 students to help pay tuition.
Otedola blends giving with disciplined investing, thus solidifying his position as a renowned business leader and an advocate for national development and education. His expanding business holdings and ongoing charitable contributions demonstrate his sustained dedication to promoting education and community development in Nigeria.
Credit: Billionaires.Africa
