After a long absence, Nigerian tycoon Femi Otedola has finally reclaimed his spot among the continent’s wealthiest elite. The 61-year-old magnate announced his triumphant return to the Forbes African Billionaires list on his Instagram page, where he posted a snapshot of the prestigious ranking and captioned it with a simple “Interesting”, followed by smiley and dollar signs.
Otedola, who currently ranks as the 20th richest person in Africa with a net worth of $1.1bn, had been missing from the list since 2017, when he suffered a massive drop in his fortune due to a plunge in oil prices and a devaluation of the Nigerian currency. But he bounced back with a vengeance, thanks to his diversified portfolio of investments that span the energy, power generation, real estate, and shipping sectors.
His comeback also boosted the collective wealth of the 2024 list of 20 billionaires, which rose to $82.4bn from last year’s $81.5bn, according to Forbes. How did he do it? By selling his stake in Forte Oil, the oil marketing company he once led as CEO, and focusing on Geregu Power Plc, the power generation company he chairs. Despite the fierce competition from multinational oil giants, Otedola’s firm has managed to carve out a niche for itself as a key player in Nigeria’s energy sector.
Otedola is not the only Nigerian on the list, though. He shares the spotlight with two other compatriots: Aliko Dangote, who remains the undisputed king of African billionaires with a net worth of $13.1bn; and Mike Adenuga, who owns Globacom and other businesses, and ranks fifth with a net worth of $6.9bn. Together, they represent the entrepreneurial spirit and the economic potential of Africa’s most populous nation.