Femi Otedola, the wealthy businessman from Nigeria, is not one to back down from a challenge, especially when it comes to worthwhile investments. He attempted but was unable, to unseat the Odukalas from the top spot in FBN Holdings Plc. Tony Elumelu refused to back down when he went after Transnational Corporation Plc (Transcorp) for a front seat. The most recent is a rumor (which has not yet been verified) that he is purchasing Dangote Cement shares, raising questions about whether he would feel at ease taking up the second position in Aliko Dangote's business this time. The biggest industrial conglomerate in West Africa, the Dangote Group, was founded, is chaired, and is led by Dangote.
In November 2023, the Bloomberg Billionaires Index put his net worth at $16.1 billion, making him the richest individual in Africa, the richest Black person globally, and the 107th richest person in the world overall. On October 23, 2021, Otedola and his nominee, Calvados Global Services Limited, acquired 1,818,551,625 units of shares from FBN Holdings issued share capital of 35,895,292,791, making his equity stake in the financial holding company 5.07 percent at that time. This was done through APT Securities and Funds Limited. After the news of Otedola's share buying leaked that October, Otedola, and Hassan-Odukale fought over who was the single largest shareholder before he lowered his position.
Serial investor and chairman of Geregu Power Plc Otedola had previously attempted to acquire a comparable stake in Transcorp, but his bid was turned down when Elumelu reversed course and purchased another 9.7 billion shares of the business in discrete transactions. Otedola, who is well-known for his audacious stock selections, was a key factor in the 2023 stock market boom after he expressed interest in Transcorp.
2023 was a good year for the market, pushing the return up to 45.90 percent. Shares of Dangote Cement have increased by 48% so far this year, a phenomenon associated with Otedola purchasing the stock. This year, the stock opened at N317 per share and closed at N538.80 on Friday, demonstrating a tremendous growth in value. His 2023 purchase of Transcorp stock ignited a surge that sent the company into the top five performing equities of the year.
From less than N2 per share to N19 per share, the stock increased. In 2022, the share price of FBN Holdings was less than N5. At the time he bought it. The stock recently traded at around N30 per share and crossed the trillion-naira market value. The largest economy in Africa had the strongest stock market gain internationally, with 26 percent as of Friday. In terms of returns, the Nigerian stock market surpassed Argentina's last week. This year, the bulls have remained in charge of the stock market action. There has only been one session with a negative closing on the market. The benchmark performance index crossed 90,000 basis points last week due to investor interest in stocks, defying the market's reaction to Monday's inflation news.
