Nigerian billionaire Femi Otedola has entered the global two-billion-dollar club for the first time, with Forbes’ Real-Time Billionaires tracker pegging his fortune at $2 billion as of September 19, 2026, ranking him No. 2,104 worldwide.
The milestone represents a $200 million increase from the $1.8 billion Forbes assigned to him in August and a gain of roughly $700 million compared to the $1.3 billion figure recorded in March 2026. The surge is largely tied to the sharp rise in the share price of First HoldCo, the financial services group in which Otedola holds a dominant position.
First HoldCo Stake Surpasses N2 Trillion
On September 18, First HoldCo shares rose 10% to close at a record N162.80, an all-time high for the stock. At that price, Otedola’s holding of 12,338,876,586 shares, representing about 27.6% of the company, was valued at over N2 trillion. According to market data tracked by Billionaires Africa, that single trading session added roughly N182.6 billion ($138 million) to the worth of his stake.
Before the latest rally, the stake had been valued at about $1.52 billion at the prevailing exchange rate, already making First HoldCo the largest listed component of Otedola’s overall wealth.
Otedola Keeps Buying First HoldCo Shares
Otedola began building his position in First HoldCo in 2021 and took over as chairman of the company in January 2024. He has continued adding to his shareholding in 2026, with acquisitions carried out through his investment vehicle, Calvados Global Services Limited. In August alone, he purchased 95.7 million First HoldCo shares for N12.58 billion via Calvados, which pushed his stake to approximately 27.7% at the time, according to regulatory filings.
Beyond First HoldCo, Forbes lists Otedola as holding a 5% stake in Geregu Power after he sold his majority interest in the power generation firm in 2025 for close to $750 million.
Dangote Secures New Net Worth
Aliko Dangote, Africa’s richest man, has also reached his highest-ever recorded net worth after Forbes released its latest ranking of the world’s billionaires. According to Forbes’ real-time billionaire tracker, Dangote’s fortune rose to $51.3 billion, placing him among the 40 richest people in the world. The latest Forbes ranking, which tracks 3,397 billionaires worldwide, ranked the Nigerian industrialist 36th globally.
Earlier, Legit.ng reported that First HoldCo Plc, the parent company of First Bank of Nigeria, has emerged as the most valuable banking stock on the Nigerian Exchange (NGX), overtaking Zenith Bank after a strong rally in its share price lifted its market capitalisation to N4.80 trillion. Data compiled by Legit.ng from NGX trading on Monday showed that First HoldCo displaced Zenith Bank from the top position, while Guaranty Trust Holding Company (GTCO) ranked third.
