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Sunday, February 25, 2024

Femi Otedola Makes Triumphant Return to Forbes’ Africa Billionaires List


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Renowned Nigerian business magnate, Femi Otedola, has marked a triumphant comeback to Forbes’ prestigious Africa Billionaires list after an eight-year hiatus. Otedola’s resurgence on the list follows his strategic acquisition of a substantial stake in Dangote Cement, elevating him to a major stakeholder position within the company.

The 61-year-old billionaire, expressing his excitement, took to his social media platform to share the news. Accompanying the announcement on his Instagram page, he wrote, “Interesting,” accompanied by smiley and dollar emojis, encapsulating his elation at the significant achievement.

Femi Otedola Makes Triumphant Return to Forbes’ Africa Billionaires List

Otedola currently occupies the 20th spot on the Forbes African Billionaires list, boasting a formidable net worth of $1.1 billion. Forbes attributes the rise in the cumulative wealth of the 2024 list, amounting to $82.4 billion, in part to Otedola’s noteworthy return.

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This resurgence comes after a gap of seven years since Otedola last graced the Forbes Africa Billionaires list in 2017. The accomplished entrepreneur has carved a niche for himself as the executive chairman of Geregu Power Plc and a former CEO of Forte Oil. His diverse business interests span the energy, power generation, real estate, and shipping sectors.

Despite facing robust competition from multinational oil firms, Otedola’s company has consistently maintained its status as a key player in Nigeria’s energy sector. His strategic moves and business acumen have solidified his position in the country’s business landscape.

Femi OtedolaAmong the Nigerian billionaires on the Forbes list, Aliko Dangote retains the coveted number one spot as Africa’s richest billionaire with a staggering net worth of $13.1 billion. Mike Adenuga, owner of Globacom and other enterprises, secures the fifth position with a substantial net worth of $6.9 billion. As Femi Otedola’s return adds a new dynamic to the African billionaire landscape, industry observers anticipate the continued impact of his ventures on the region’s economic landscape.


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