The Nation Newspaper Names Billionaire Femi Otedola “Investor of the Year 2024”
Under Otedola’s chairmanship, FBN Holdings recorded an impressive 128% increase in profit before tax, reaching N610.86 billion in the third quarter of 2024
Billionaire investor and prominent figure in the capital market, Femi Otedola, has been named “Investor of the Year 2024” by The Nation Newspaper. The recognition stems from the outstanding performance of two of his companies: Geregu Power and FBN Holdings.
Otedola’s relationship with FBN Holdings began when he was appointed Chairman on January 31, 2024. Within just a few months, his influence led to a significant transformation of the financial services giant. The Nation highlighted Otedola’s reforms in FBN Holdings and the impressive stock market performance of Geregu Power as key reasons for this award.
The newspaper stated, “From his dramatic emergence as the Chairman of FBN Holdings Plc to reforms that translated into substantial returns for investors in 2024, Femi Otedola was celebrated by the investing public.” Geregu Power Plc, which he publicly listed in 2023, continued its bullish trend, solidifying Otedola’s reputation as a turnaround entrepreneur.
Analysts noted that no other Nigerian investor was as deserving of the “Investor of the Year” award for 2024 as Otedola. The Nation described his impact on the capital market as a “Midas touch” that transformed FBN Holdings and Geregu Power into symbols of prosperity, yielding higher returns for investors in both firms.
Data reports indicated that the stock price of FBN Holdings experienced a 19.11% increase in 2024, closing the year at N28.10 per share. At one point during the year, the stock even reached a 52-week high of N43.95, indicating its potential for greater valuation in 2025. Analysts attributed this sharp rise to Otedola’s strategic foresight and the confidence his leadership inspired among investors.
Under Otedola’s chairmanship, FBN Holdings recorded an impressive 128% increase in profit before tax, reaching N610.86 billion in the third quarter of 2024. His substantial stake of 13.15% of the company’s shares established him as a dominant force in Nigeria’s banking sector, showcasing his keen ability to identify opportunities where others may see risks.
In addition to his success with FBN Holdings, Otedola’s leadership of Geregu Power Plc has also been transformative. As the first power generation company listed on the Nigerian Exchange, Geregu Power’s stock price soared by 1,050% since its listing, closing at an impressive N1,150 per share in 2024. The company’s market capitalization now exceeds N2.88 trillion, placing it among the elite category of Stocks Worth Over One Trillion (SWOOT).
The financial performance of Geregu Power mirrored its stock market success, with the company’s profit after tax doubling to N24.1 billion in the first nine months of 2024, bolstered by a remarkable 102% increase in revenue. Read More
