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In the latest release of the 2024 Forbes list of Africa's wealthiest individuals, Aliko Dangote, the President of Dangote Group, has successfully maintained his status as the richest person on the continent and the Executive Chairman of Geregu Power Plc and a Non-Executive Director of FBN Holdings, Mr Femi Otedola on the 19th spot on the list. With a staggering net worth of $13.9 billion, Dangote continues to dominate the rankings.
Otedola secured the 19th position on the list with a net worth of $1.1 billion. Forbes attributed the positive shift in the overall net worth to Otedola's return, noting that he was last featured in the Forbes Africa list in 2017 when he held a controlling stake in Forte Oil, a fuel distributor.
As contained in the list, Otedola phased out his oil investments in 2013 during a government initiative to privatize the country's energy sector. He utilized a Forte Oil subsidiary to acquire Geregu, a public power generation plant. Otedola initially owned about 90% of Geregu when it was listed on the Nigerian exchange's Main Board in 2022.
However, he has since sold shares to institutional investors, including Afreximbank’s Fund for Export Development in Africa and the State Grid Corporation of China. His 73% stake in Geregu now contributes significantly to his $1.1 billion fortune.
Following Dangote in the rankings are Johann Rupert and Family from South Africa with a net worth of $10.1 billion, Nicky Oppenheimer and his family with $9.4 billion, among others.
Forbes reported that the combined net worth of the top 20 billionaires on the 2024 Forbes list of Africa’s Richest has increased to $82.4 billion, marking a $900 million rise from the previous year's $81.5 billion.
