For Energy Tycoon, Femi Otedola, It’s Yet Another Wizardry

It is an irrefutable fact that energy wizard and one of the leading entrepreneurs in the continent of Africa, Femi Otedola,  would make a compelling read if his life is ever documented. Right from an early age, he evinced an interest to float his own business and put it in the global spotlight. Even though many did not understand his vision, Otedola, the owner of the energy company, Geregu Power Plc, stuck to his dream, imbibing the words of the 26th President of the United States, Theodore Roosevelt Jr. which says, “Keep your eyes on the stars, and your feet on the ground.”

Today, Otedola has achieved more than he imagined. His various businesses are proof of his prowess. From Zenon to Forte Oil, Otedola has exuded such business wizardry that keeps fetching him admiration.

That brilliance was recently glimpsed when Otedola reported a pre-tax profit of N30.2 billion in the first half of 2024 for Geregu Power Plc, up 145% year on year from N12.3 billion in the same period of 2023.

Profit after tax for the period under review also rose by 2.45% to N20 billion compared to N8 billion reported in the same period in 2023.

The financial gain comes on the heels of Otedola’s agreement with Germany-based energy expert Siemens Energy AG to increase Geregu’s current power-generating capacity to 1,200.

With such recurring successes, Otedola’s business wizardry remains indubitable.