Otedola’s comeback: The man tagged Africa’s poorest billionaire is closing in on $2 billion

How Femi Otedola went from Africa’s poorest billionaire to nearly doubling his net worth

Femi Otedola, the Nigerian billionaire who earned the unwanted title of Africa’s poorest billionaire on Forbes’ 2026 richest list, is staging a remarkable financial comeback — with his net worth now approaching $2 billion, according to Business Insider Africa.

Otedola had been ranked at the bottom of Forbes Africa’s 23-member billionaire list in March 2026 with an estimated net worth of $1.3 billion — tied with Morocco’s Anas Sefrioui — after losing $200 million when he sold the majority of his Geregu Power stake at a discount to the public company’s market price.

Nigeria’s Femi Otedola was tagged as Africa’s “poorest” billionaire after a decline in his fortune, per Forbes’ 2026 ranking of Africa’s richest people. But the businessman — whose diversified portfolio spans banking, energy and real estate — has since seen a significant recovery in his asset valuations, with his net worth surging toward the $2 billion mark as Nigerian equity markets continued to rally and his strategic investments appreciated sharply.

Africa’s 23 billionaires are collectively worth $126.7 billion, up 21% from 2025, driven by rallying equity markets and stabilising regional currencies. Otedola has been among the beneficiaries of that broader wealth expansion, turning what appeared to be a downward trajectory into one of the continent’s more striking individual wealth recoveries of the year. The chairman of First Bank of Nigeria Holdings remains one of Nigeria’s most influential business figures despite the earlier setback.