Since the long-awaited listing of Geregu Power, his power-generating company, on October 5, Nigerian billionaire businessman Femi Otedola has seen his fortune grow in leaps and bounds as his stake in Geregu Power approaches a valuation of $2 billion.

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. In fact, this year alone, his stake has surged by over $900 million, propelling him to the exclusive ranks of Africa’s wealthiest billionaires.

According to data tracked by Billionaires.Africa and figures contained in Geregu Power’s recently published audited financial statement, Femi Otedola’s company, Amperion Power Distribution Company, holds an impressive 95.56 percent stake in Geregu Power.

This stake, which confirms Otedola’s commanding ownership of the power-generating company, as per official records, also cements his status as one of the richest billionaires on the continent after he was dropped off Forbes Africa’s richest list in 2017.

Femi Otedola’s publicly-listed stake in Geregu Power reaches $1.7 billion

Since the start of the year, Femi Otedola’s stake in Geregu Power has experienced a remarkable surge in market value, increasing by N420.5 billion ($920 million), from N355.9 billion ($772.9 million) on January 1, to N776.4 billion ($1.7 billion). This puts Otedola in a league of a few African billionaires whose stake in publicly listed companies exceeds $1.5 billion.

The impressive growth in his net worth can be attributed to the exceptional performance of Geregu Power’s shares on the Nigerian Exchange, positioning it as one of Nigeria’s most valuable publicly listed companies.

The company’s share price has surged by more than 110 percent since the beginning of the year, climbing from N149 ($0.323) on January 1 to N325 ($0.706), thereby pushing its market capitalization on the Nigerian Exchange above $1.75 billion.

Geregu Power poised to transform Nigeria’s power industry with 1,300 MW surge

Geregu Power, with its ownership of three natural gas-fired power plants generating a combined capacity of 435 megawatts, has established itself as a formidable player in Nigeria’s energy generation sector. This capacity represents 10 percent of the country’s total power generation capacity.

Now, the Otedola-led power-generating company is poised to take its operations to the next level with plans to significantly increase its power generation capacity. Over the next two years, Geregu Power aims to expand its operations and boost its total capacity 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.