FULL LIST: Forbes Names Otedola Among Africa’s Top 20 Richest

Billionaire businessman, Femi Otedola, has been listed at No. 20 of the 20 billionaires on the 2024 Forbes list of Africa’s Richest.

Forbes stated on Monday that Otedola who last appeared on the Forbes Africa list in 2017, now has 73% stake in Geregu, a public power generation plant, worth more than $850 million, about three-quarters of his $1.1 billion fortune.

“Otedola phased out his oil investments during a government push to privatize the country’s energy business in 2013, using a Forte subsidiary to purchase Geregu, a public power generation plant.

“He owned about 90% of Geregu when it was listed on the Nigerian exchange’s Main Board in 2022, but has since sold shares to institutional investors, which include Afreximbank’s Fund for Export Development in Africa and the State Grid Corporation of China. His 73% stake in Geregu is worth more than $850 million, about three-quarters of his $1.1 billion fortune, which puts him at No. 20 on the list”, Forbes stated.

According to Forbes, Africa remains continent remains one of the world’s toughest places to build and hold onto a billion-dollar fortune because “global investors remain leery of its stock exchanges, businesses struggle against strained economies, poor infrastructure and volatile exchange rates while changing political winds can make, boost or bust private fortunes.”

Aliko Dangote claimed the number one spot on the list for the 13th year in a row while South African luxury goods magnate, Johann Rupert held onto the No. 2 spot. Another South African, Nicky Oppenheimer, who formerly ran diamond mining firm DeBeers before selling it to mining firm Anglo American a decade ago, ranks at No. 3.

See full list below:

1. Aliko Dangote – Net worth $13.9bn

2. ⁠Johann Rupert and Family – Net worth $10.1bn

3. ⁠Nicky Oppenheimer and family – Net worth $9.4bn

4. ⁠Nassef Sawiris – Net worth $8.7bn

5. ⁠Mike Adenuga – Net worth $6.9bn

6. ⁠Abdulsamad Rabiu – Net worth $5.9bn

7. Naguib Sawaris – Net worth $3.8bn

8. ⁠Mohamed Mansour – Net worth $3.2bn

9. ⁠Koos Bekker – Net worth $ 2.7bn

10. ⁠Patrice Motsepe – Net worth $2.7bn

11. ⁠Issad Rebrab and family – Net worth $2.5bn

12. ⁠Mohammed Dewji – Net worth $1.8bn

13. ⁠Strive Masiyiwa – Net worth $1.8bn

14. ⁠Aziz Akhannouch – Net worth $1.7bn

15. ⁠Othman Benjelloun and family – Net worth $1.4bn

16. Youseff Mansour – $1.3bn

17. ⁠Yasseen Mansour – Net worth $1.2bn

18. ⁠Christoffel Wiese – Net worth $1.2bn

19. ⁠Michiel Le Roux – Net worth $1.1bn

20. ⁠Femi Otedola – Net worth $1.1bn