Nigerian billionaire Femi Otedola hosts Wizkid, Burna Boy in star-studded gathering

Key Points

• Nigerian billionaire Femi Otedola hosted music superstars Wizkid and Burna Boy, praising their global influence and Afrobeats’ rising prominence.
• First HoldCo’s earnings surged to $2.17 billion in 2024, with total assets growing from $11.14 billion to $17.46 billion.
• Geregu Power’s profit jumped to $26.8 million in 2024, earning it the “Most Compliant Listed Company” award at the NGX Made of Africa Awards.

Nigerian billionaire Femi Otedola, chairman of Geregu Power Plc and FBN Holdings—parent company of Nigeria’s oldest bank, First Bank of Nigeria Limited—recently hosted Grammy-winning Nigerian music superstars Wizkid and Burna Boy.

Sharing moments from the gathering on Instagram, Otedola expressed his admiration for the artists and their impact on the global music scene. “A true privilege to host some of our biggest music icons. Always inspiring to share ideas and celebrate the global movement that is Afrobeats,” he wrote.

The meeting with Wizkid (Ayodeji Ibrahim Balogun) and Burna Boy (Damini Ebunoluwa Ogulu) came shortly after the Nigerian billionaire welcomed fellow businessman Tony Elumelu to his Dubai residence.

Reflecting on their time together, he called Elumelu “African Pride,” adding, “It was a pleasure to host my good friend Tony Elumelu at my Dubai residence last night. Building bridges, sharing visions, and celebrating excellence!”

Otedola’s stake strengthens FBN Holdings’ future

Beyond his social engagements, Otedola remains focused on leading two of Nigeria’s most influential companies. As chairman of FBN Holdings Plc, he is driving a transformation that has pushed the lender’s gross earnings past $2 billion, with total assets reaching $17.46 billion by the end of its 2024 fiscal year.

Another phase of this transformation is the recently announced rebranding of FBN Holdings to First HoldCo Plc (FirstHoldCo), a move aimed at unifying the group’s subsidiaries and reinforcing its legacy. The change represents more than just a new name—it signals a commitment to innovation, customer-focused solutions, and operational excellence in an evolving financial landscape.

This year alone, Otedola’s net worth has grown by $100 million, rising from $1.6 billion at the start of the year to $1.7 billion. His leadership at First HoldCo continues to strengthen its position as one of Nigeria’s most valuable financial institutions. Holding a 13.16-percent stake, he has played a central role in driving the company’s financial growth while also making a significant impact in the energy sector through Geregu Power.

FBN Holdings’ assets jump to $17.46 billion

FBN Holdings’ earnings more than doubled to N3.33 trillion ($2.17 billion) in 2024, driven by interest income, fees, commissions, and financial instrument gains. Assets jumped to $17.46 billion from $11.14 billion, while equity rose to N2.54 trillion ($1.67 billion). Retained earnings climbed to N1.3 trillion ($855 million) from N588.9 billion ($387.4 million).

Geregu Power’s profit surged to N41.27 billion ($26.8 million) from N24.4 billion ($15.83 million) in 2023, strengthening its leadership in Africa’s power sector. The company was named “Most Compliant Listed Company of the Year 2024” at the NGX Made of Africa Awards, underscoring its corporate governance standards.