Billionaire investor and prominent figure in Nigeria’s capital market, Femi Otedola, has been honored with the title of “Investor of the Year 2024” by The Nation newspaper, in recognition of his outstanding achievements in the financial sector.
The newspaper highlighted the remarkable performance of Otedola’s companies, Geregu Power and FBN Holdings, as key factors behind his selection for the prestigious award.
Otedola’s journey with FBN Holdings began on January 31, 2024, when he was appointed Chairman. Within a few months, his leadership sparked a major transformation of the financial services giant, drawing widespread praise for his strategic insights.
According to The Nation, Otedola’s award was attributed to his significant reforms at FBN Holdings and the remarkable stock market performance of Geregu Power Plc.
From his dynamic emergence as Chairman of FBN Holdings to the far-reaching reforms that delivered impressive returns for investors in 2024, Otedola quickly became a favorite in the investment community. His leadership at Geregu Power, which he listed on the Nigerian Exchange in 2023, has ensured sustained growth, with the company maintaining a strong market performance.
Industry analysts emphasized that no other Nigerian investor could rival Otedola’s impact in 2024, cementing his place as a turnaround entrepreneur.
The paper also referred to Otedola’s influence in the capital market as a “Midas touch,” with both FBN Holdings and Geregu Power emerging as shining examples of corporate prosperity, delivering impressive returns for investors.
According to data from Nairametrics, FBN Holdings’ stock saw a 19.11% increase in 2024, closing the year at N28.1 per share. At its peak, the stock hit a 52-week high of N43.95, signaling strong potential for growth in 2025.
The paper attributed the rise in FBN Holdings’ stock to Otedola’s strategic foresight and the confidence his leadership inspired among investors. Under his chairmanship, FBN Holdings posted a remarkable 128% increase in profit before tax, reaching N610.86 billion by Q3 2024. Otedola’s substantial stake of 13.15% further solidified his dominance in Nigeria’s banking sector.
Simultaneously, Otedola’s leadership at Geregu Power Plc has been equally transformative. The first power generation company to be listed on the Nigerian Exchange, Geregu Power’s stock price soared by an impressive 1,050% since its listing, closing 2024 at N1,150 per share. The company’s market capitalization now exceeds N2.88 trillion, placing it among the elite SWOOT (Stocks Worth Over One Trillion) category.
In terms of financial performance, Geregu Power’s profit after tax doubled to N24.1 billion in the first nine months of 2024, driven by a 102% increase in revenue.
Femi Otedola’s leadership of Geregu Power and FBN Holdings has significantly boosted investor capital, marking his influence on Nigeria’s corporate landscape. At FBN Holdings, he facilitated key executive changes, bringing in experienced professionals to enhance the bank’s operations and governance.
