Geregu Power Plant Executive Chairman, Femi Otedola: Champion Extraordinaire!

Quintessential businessman, Femi Otedola, is the real definition of the man with the Midas Touch, a mesmerizing maestro in the art of  money making.  For him, everything good seems conspiring in his favour. He has made good for himself as a businessman and one of Africa’s wealthiest.

But there are lots yet unknown about the taciturn entrepreneur – His towering disposition and unequaled business wisdom.

What this unassuming businessman has going for him is that in spite of conquering the business world like a volcano, he does not allow the frills and thrills of vulgar materialism erode the more sublime traits that are prime requirements in an astute businessman.

His razor sharp intellect, to a large extent, has made great impact in the nation’s business , thereby taking his businesses to enviable heights.

In 2009, Otedola became the second Nigerian after Aliko Dangote to appear on the Forbes list of dollar-denominated billionaires, with an estimated net worth of $1.2 billion. But in 2017, the mogul fell off the ranks of the richest black people on earth as a result of the plunging share price of his then oil company, Forte Oil. But this never bothered the savvy entrepreneur who  rather prefers to tread the quiet side of life. 

The astute magnate has regained his spot on Africa’s richest list.

We were  able to reveal that since the long-awaited listing of his power-generating company, last year October, Otedola has seen his fortune grow in leaps and bounds as his stake in Geregu Power approaches a valuation of $2 billion.

Notwithstanding the eclipse, fluidity and uncertainty hovering in the country’s business terrain, the listing of the shares of his power-generating company has proved highly lucrative for Otedola, with his stake experiencing a substantial increase in market value. 

Geregu Power owns three natural gas-fired power plants generating a combined capacity of 435 megawatts representing 10 percent of Nigeria’s total power generation capacity.

As the company establishes itself as a formidable player in Nigeria’s energy generation sector, it is also poised to significantly increase its total capacity ,over the next two years, from 435 megawatts to a remarkable 1,300 megawatts. The strategic move not only demonstrates the company’s commitment to meeting the energy needs of Nigerians, but also aims to boost its earnings and revenue through continued growth in the power sector. 

This year alone, Otedola’s stake has surged by more than $900 million, propelling him to return to the exclusive ranks of Africa’s richest billionaires.

Four years ago, Otedola, proved to the world that he is indeed a genius and a cognoscenti  when it comes to investment and the art of making money. 

When he  announced  that he would be quitting the oil and gas sector by selling off his shares in Forte Oil in June 2019,   many business analysts saw this as a wrong move.

Reason: they could not fathom why he should quit the business that had given him fame.

But he followed his intuition, and it has turned out to be one of his best investment decisions ever.  It is  fact that he knows when to invest and when to re-invest.  

Little wonder, his fans and those who know him well  maintained that he still has the magic with which he turned  around the moribund African Petroleum, AP, which he rechristened Forte Oil.

Besides, they insisted that  Otedola must have thought it out.

As predicted, Otedola,  who is blessed with a proven  magic wand, successfully re-jigged the company from its former declining state  to a flourishing  one that became a brand to beat in the sector.

Indeed, barely four  years after he diversified into the power business with Geregu Power Plant,  he has proven that he is a master of the game. 

Evidence that his N64.3bn investment in the energy sector, Geregu  Power Plant, is already giving his rival a sleepless night is that the  company is not only yielding good profits, it has  changed the energy sector for good.

He has yet scored another first as  his electricity generation company has been listed on the Nigerian Exchange (NGX), to allow the public become part owners by buying  the company’s shares.

Geregu Power Plant, it was gathered, had a market capitalisation of N250 billion when it  was listed on the Nigerian stock exchange on October 5, 2022, through way of introduction. 

The public listing comes at a time when the power plant wants to expand its operations by acquiring another power plant, Geregu 2, which has a capacity of 434 MW. 

This will increase Geregu Power Plant’s capacity to 735 MW. It is expected to also positively impact the company’s revenue, which rose to N70.9 billion in 2021, recording a 32.3 per cent year-on-year growth last year. 

 Geregu Power Plc, became  the first power generating company to be listed  on the NGX.

 What a feat and  astounding success from the man many loved to be called  champion extraordinaire!