Nigerian billionaire and philanthropist Femi Otedola has returned to Forbes Africa’s Richest List, boasting an estimated net worth of $1.2 billion. While this figure positions him as Nigeria’s fourth-richest individual, it only partially reflects the extent of his considerable wealth.

Forbes ranks Otedola as Nigeria’s fourth-richest individual with a fortune of $1.2 billion, placing him at 2,353rd on the global wealth list.

The chairman of Geregu Power Plc and director of FBN Holdings Plc had a noteworthy year in 2023, securing the position of the third-richest investor on the Nigerian Exchange, following fellow Nigerian billionaires Abdul Samad Rabiu and Aliko Dangote.

This is the third time Otedola is appearing on the Forbes billionaires list. He made his debut on the list in 2008 when he became the second Nigerian after Dangote, Africa’s richest man, to be included on the global Forbes list, The World’s Billionaires.

At the time, Otedola was the largest shareholder of fuels distributor, African Petroleum, and owned Zenon Petroleum, which dominated Nigeria’s diesel sector. Otedola fell out of the list the following year, but made a reappearance in 2016 on the back of the value of his stake in Forte Oil, the successor of African Petroleum.

This time around, his stake in Geregu Power, Nigeria’s first publicly-traded utilities company, as well as his offshore cash holdings, extensive international real estate portfolio, and shareholding in two of Nigeria’s largest commercial banks — Zenith and FBN Holdings — have bolstered his fortune significantly, earning him a place on the highly coveted list