Key Points

• Femi Otedola’s net worth increased by $200 million to $1.6 billion.
• Geregu Power posted 82 percent profit growth in the third quarter.
• Otedola donated $2.8 million to build a new engineering block at Augustine University.

Femi Otedola, a Nigerian billionaire, has seen his wealth climb to $1.6 billion following a sharp rise in the value of his shares in Geregu Power and First HoldCo.

The $200 million increase in his net worth over the past month strengthens his place among Nigeria’s wealthiest and cements his influence across the power and banking sectors.

Forbes reported that Otedola’s wealth stood at $1.4 billion in October. The rebound reflects improved company earnings and a stronger naira, which boosted the dollar value of his local assets.

Otedola holds a 78.05 percent stake in Geregu Power and a 16.1 percent interest in First HoldCo, the parent company of First Bank of Nigeria.

According to Forbes’ real-time billionaires list, Otedola ranks as Nigeria’s fourth-richest individual and 2,326th globally.

Geregu Power Records Strong Profit Growth

Geregu Power’s solid financial performance has been central to Otedola’s recent wealth jump.

The company reported an 82 percent increase in third-quarter profit to N11.2 billion ($7.62 million), driven by higher electricity sales and improved capacity payments.

Revenue for the quarter rose 37 percent to N43.8 billion ($29.8 million), pushing total nine-month revenue to N131.5 billion ($89.46 million).

Energy sales grew nearly 40 percent, while capacity charges increased 33 percent, reflecting stronger grid demand and better plant reliability.

Despite higher costs for gas and transport, which lifted the cost of sales by 53 percent to N28.6 billion ($19.46 million), Geregu Power remains one of Nigeria’s most profitable generation companies.

First HoldCo Maintains Solid Earnings

At First HoldCo, where Otedola serves as chairman, revenue growth continued at a steady pace.

The financial group reported gross earnings of N2.55 trillion ($1.76 billion) for the first nine months of 2025, up from N1.84 trillion ($1.27 billion) during the same period last year.

Profit before tax slipped to N450.9 billion ($312.6 million) from N533.9 billion ($370 million) in 2024, following higher impairment charges and depreciation.

Still, the company’s results reflect sustained business activity across its banking and financial services arms.

Philanthropy Reinforces Otedola’s Legacy

Beyond business, Otedola continues to invest heavily in education and community development.

Last month, he pledged $2.8 million to build a new electrical and electronics engineering block at Augustine University in Ilara-Epe.

The contribution adds to his previous N3.7 billion donation in 2024 for another engineering expansion and his scholarship support for 750 students, each receiving N1 million toward tuition fees.

Otedola’s consistent philanthropy mirrors his business discipline. His blend of investment success and community giving has positioned him as one of Nigeria’s most respected entrepreneurs and benefactors.