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According to the latest earnings forecast, the power-generating giant is optimistic about achieving a gross profit of N20.79 billion ($13.04 million) in the second quarter of 2024.
This move follows Otedola’s recent philanthropic initiatives aimed at supporting education and enhancing national security.
FBN Holdings, led by Nigerian billionaire Femi Otedola, is doubling down on its commitment to supporting local businesses.
As of the close of trading on Mon., Feb. 25, FBN Holdings’ market capitalization reached an impressive N1.22 trillion ($791.1 million).
In the face of economic challenges, Nigerian billionaire Aliko Dangote emphasizes the need for swift and decisive action from both the public and private sectors.
The upswing in Otedola’s net worth is attributed to the remarkable performance of his 78.64-percent stake in Geregu Power Plc.
Geregu Power’s exceptional financial performance has solidified its position as one of Nigeria’s most profitable entities.
Dive into the dynamic world of African business magnates, where Benedict Peters teams up with the Atlantic Council, Femi Otedola secures a massive dividend from Geregu Power, and Aliko Dangote propels his companies toward public listings.
The dividend solidifies Otedola’s position among Nigeria’s top dividend earners and adds another financial milestone to his already impressive portfolio.
The decision to elevate Otedola to the position of chairman was reached at a board meeting today.
The company’s revenue soared beyond the $90-million mark during the period under review, marking a significant milestone in its operations.
The surge in Otedola’s net worth is attributed to the stellar performance of his diverse investment portfolio.
According to Forbes, the combined net worth of the 20 billionaires on the 2024 Forbes list of Africa’s richest people stands at an impressive $82.4 billion.
Otedola recently acquired a significant stake in Dangote Cement, Africa’s largest cement manufacturer.
This investment follows Otedola’s return to the Forbes Africa’s Richest List, where he now boasts an estimated net worth of $1.2 billion.
This is the third time in the last 15 years that Otedola is being listed as one of the world’s richest people.