Nigerian billionaire Femi Otedola's net worth has climbed to $1.8 billion in 2026, a $500 million increase from the $1.3 billion Forbes attributed to him at the start of the year. This surge is largely driven by his aggressive accumulation of shares in First HoldCo Plc, the parent company of FirstBank, where his stake has now crossed 25%.
Otedola's Rise in Billionaire Rankings
Otedola, who was once described by Forbes as Africa's "poorest billionaire" shortly after achieving billionaire status, was later left off the Forbes billionaire list. Now, according to the latest estimates, he has emerged as West Africa's fourth-wealthiest individual. His fortune has been significantly boosted by the rising value of his investments, particularly his expanding stake in First HoldCo.
Otedola has aggressively increased his ownership of First HoldCo over the past two years, making the banking group one of the biggest components of his investment portfolio. He became the company's largest shareholder in 2021 and assumed the position of chairman in January 2024. Since then, he has continued to accumulate shares through several major transactions.
Major Share Purchases and Stake Growth
His purchases included N14.8 billion worth of shares at N40.06 each in December, followed by an N43.4 billion open-market acquisition at N79 per share in May and a N29.6 billion private placement at N44 per share in June. These transactions initially lifted his holding to about 9.29 billion shares, representing a 20.42% stake. Otedola reportedly committed more than N250 billion of personal, non-leveraged cash to build the position.
His buying spree continued as First HoldCo shares gained value. By July 15, 2026, the value of Otedola's stake had climbed to almost $530 million, after First HoldCo shares jumped 9.98% in one trading session to a record N79.35, according to a report by Business Insider. By the end of July, Otedola had reportedly spent another N222.21 billion on shares, taking his ownership to approximately 25.88%. Further purchases in August included an N18.1 billion acquisition of 12 million shares, followed by another N20.68 billion purchase involving 15.2 million shares.
First HoldCo's Financial Performance
Otedola's rising fortune also comes as First HoldCo strengthens its financial performance. The group reported about $303 million in profit for the first nine months, supported by stronger interest income and recapitalisation efforts designed to expand its pan-African banking operations. This strong performance has fueled Otedola's wealth, with the banking group becoming one of the biggest components of his investment portfolio.
Legit.ng earlier reported that Femi Otedola, Chairman of First HoldCo Plc, has deepened his hold over Nigeria's most valuable banking stock after buying an additional 680.8 million shares through a private placement, pushing his ownership to 20.42% and lifting the market value of his stake to roughly N1.05 trillion. The acquisition was completed at N44 per share, a price below the company's July 18 closing figure of N61, according to market sources familiar with the deal.
