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Femi Otedola is Forbes’ Highest Gaining African Billionaire for 2015| How He Did It

Femi Otedola and Daughter, DJ Cuppy

Femi Otedola and Daughter, DJ Cuppy

Femi Otedola , Nigeria’s Oil Magnate, was listed as the highest gainer among African Billionaires in 2015. Femi Otedola saw his fortunes rise by a whopping 75% at the end of 2015 to $1.81 billion from $778 million a year earlier.

How it Happened

Femi Otedola who is the owner of more than 70 percent of Forte Oil, saw his fortune jump by more than 75 percent as Forte Oil’s stock price reached unprecedented highs on the back of fresh investments in power generation. Last year, Forte Oil was among 21 local and international companies to be awarded a lucrative crude oil lifting contract by the NNPC which led to an increase in the company’s stock price more than 60 percent and Femi Otedola closed the year with a net worth of $1.81 billion (75 percent increase from 2014).

Aliko Dangote is still at the top of the Forbes richest list and is still Africa’s richest man with a net worth of about $16.7 billion.

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