Forbes has reported that Nigerian tycoon Femi Otedola's wealth has surged to $1.7 billion, marking a substantial increase of $400 million since the beginning of 2024.Chairing both Geregu Power and First Bank of Nigeria Holdings Plc (FBN Holdings), Otedola has witnessed a remarkable growth in his fortune this year.
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This upsurge is attributed to the robust performance of his investments and the appreciation of the Nigerian Naira against the US dollar.The Central Bank of Nigeria's (CBN) initiatives to clear a significant foreign exchange backlog have notably strengthened the Naira, further boosting Otedola's wealth.Having reappeared on the Forbes list of Africa’s wealthiest individuals in January with a net worth of $1.
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2 billion, Otedola's fortune climbed to $1.5 billion in March before reaching its current pinnacle.With a current net worth of $1.7 billion, as per Forbes, Femi Otedola ranks among the top 2,000 richest individuals globally. He maintained a controlling interest in Geregu Power, a key player in Nigeria’s power sector, and holds substantial investments in FBN Holdings.
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Moreover, Otedola has recently diversified his investment portfolio by acquiring a stake in Dangote Cement, further cementing his position as a prominent figure in the Nigerian business landscape.
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