Nigerian billionaire and businessman, Femi Otedola was recently reported to have acquired 5% shares of First Bank Plc, the major shares currently owned by any First Bank Stakeholder. This literally means that Otedola has the highest votes in First Bank. The shares is said to be valued at 30 billion naira.
This News may come as a surprise to some people while it may remain an unsurprising development for others, but the truth is that many of us wonder how the rich people keep getting richer. In September 2020, Otedola bought 3 Ferrari cars for his 3 female children, and each car is reported to be worth more than 80 million naira. No man could make such purchase if he was not financially buoyant, and this also mean one thing, he is earning more than he is spending.
The answer to why rich men become richer.
The truth is that men like Otedola make wise investment decisions. For example, in 1994, Otedola founded CentreForce Ltd, a company that specialised in finance, investments, and trading.
Otedola along the way also founded Swift Insurance, an insurance company that guaranteed compensation for specified damages and loss. The billionaire is also the chief executive and president of SeaForce Shipping Company Ltd.
Otedola also has investments in real estate. One of the most recent was the acquisition of Stallion House in Victoria Island in Lagos, from the Federal Government in February 2007. The property was valued at 2.3 billion naira. Otedola is also the owner of FO Properties Ltd, and he recently rebranded Forte Oil to Adrova PLC in 2020.
The recent of Otedola's investment is his acquisition of the largest shares (5.07%) in First bank PLC. As clearly stated above, Otedola has an expanded empire of businesses across and beyond Nigeria. No rich man relies on one investment to acquire and maintain wealth.
What to take home in this article.
Many richer people today become richer because they never stopped investing in both new and old businesses. The more the investment, the higher the income, this is the simple rule of wealth management that many rich people practice and that is why we never get to see the end of their wealth most of the time.
I hope after reading this article, people will start making better investment decisions in their lives.
Source: Wikipedia, Premium Times News, The Sun News, Pulse News.
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