Nigerian Billionaire Femi Otedola Makes a Comeback on Forbes List
Nigerian business magnate Femi Otedola has achieved a remarkable comeback on the Forbes Africa list of the wealthiest individuals, reappearing after a six-year absence to secure the 20th position with a significant wealth of $1 billion.
Otedola’s resurgence on the Forbes Africa list is undeniably impressive, especially considering his previous appearance in 2017 when he held a controlling stake in fuel distributor Forte Oil. Since then, he has undergone a strategic shift, divesting from the oil sector and venturing into the energy industry. His acquisition of Geregu, a public power generation plant, through a Forte subsidiary in 2013 has proven to be a lucrative move, as Forbes values his 73% stake in Geregu at over $850 million, forming the majority of his wealth.
It is noteworthy that despite Otedola’s return, the collective wealth of African billionaires experienced a slight decline compared to the previous year, reflecting the global economic slowdown. However, African billionaires fared better than their global counterparts, who encountered a 4% decrease in wealth.
After Otedola’s impressive comeback, Africa’s richest man, Aliko Dangote of Nigeria, maintained his position for the 13th consecutive year, with a staggering fortune of $13.9 billion. This is a remarkable achievement given the political uncertainty and naira devaluation that impacted Dangote Cement’s share price in 2023.
The top three positions on the Forbes Africa list are held by South African business magnates. Johann Rupert, known for his luxury goods empire, holds the second position with $10.1 billion, while Nicky Oppenheimer, a former diamond mining magnate, secures the third spot with $9.4 billion.
The Forbes Africa list also highlights notable shifts in the fortunes of various billionaires. While 13 individuals witnessed an increase in their wealth, 7 experienced a decline. Algerian industrialist Issad Rebrab, for instance, faced a significant decrease in his net worth due to legal issues, while Egypt’s Nasseff Sawiris saw a substantial gain in wealth.
Overall, South Africa, Egypt, and Nigeria dominate the Forbes Africa list, with these countries producing the highest number of billionaires. However, countries such as Algeria, Tanzania, Zimbabwe, and Morocco also boast representation among Africa’s wealthiest individuals.
This compelling update from Forbes provides valuable insights into the ever-evolving landscape of African wealth, showcasing the resilience and dynamism of the continent’s business leaders.
As the Forbes Africa list continues to evolve, it remains a testament to the entrepreneurial spirit and economic prowess of African billionaires, offering an intriguing glimpse into the multifaceted world of wealth and influence on the continent.
