Femi Otedola has staged a remarkable return to billionaire status, with his estimated fortune climbing to $1.8 billion after gaining approximately $500 million in 2026.
- First HoldCo becomes the centre of Otedola’s wealth resurgence
- Billion-naira purchases accelerate his stake
- Otedola pushes ownership towards 26%
- First HoldCo’s performance adds to the story
- From “Africa’s poorest billionaire” to $1.8 billion
- A major bet on Nigerian banking
- Otedola’s influence continues to grow
The Nigerian businessman, who was previously described by Forbes as Africa’s “poorest billionaire” after first crossing the billion-dollar threshold, has seen his wealth rebound dramatically following a sustained campaign to increase his stake in First HoldCo, the parent company of First Bank of Nigeria.
According to the figures provided, Forbes valued Otedola’s fortune at approximately $1.3 billion at the beginning of 2026. His latest estimated wealth puts him among West Africa’s wealthiest individuals and represents a significant turnaround after he was left off Forbes’ billionaire list the following year.
First HoldCo becomes the centre of Otedola’s wealth resurgence
Much of Otedola’s recent wealth growth has been linked to his expanding ownership of First HoldCo.
Otedola became the company’s largest shareholder in 2021 and subsequently assumed the position of chairman in January 2024.
Since then, he has steadily increased his exposure to the financial-services group through a series of substantial share purchases.
His strategy has transformed his position from that of a major shareholder into one of the most influential individual stakes in the company.
By 15 July 2026, the value of Otedola’s First HoldCo holding had climbed to almost $530 million, after the company’s shares surged 9.98% in a single trading session, reaching a record N79.35.
Billion-naira purchases accelerate his stake
Otedola’s expansion of his First HoldCo position has involved several major transactions.
In December, he purchased approximately N14.8 billion worth of shares at N40.06 per share.
That was followed by an N43.4 billion open-market purchase at N79 per share in May and an additional N29.6 billion private placement at N44 per share in June.
The purchases initially took his holdings to approximately 9.29 billion shares, representing a 20.42% stake in First HoldCo.
The investment reportedly involved more than N250 billion of Otedola’s personal, non-leveraged cash, highlighting the scale of his commitment to the company.
But the accumulation did not stop there.
Otedola pushes ownership towards 26%
By the end of July, Otedola had reportedly spent a further N222.21 billion acquiring First HoldCo shares.
Those purchases lifted his ownership to approximately 25.88%.
He continued buying in August, adding another N18.1 billion worth of shares, followed later in the month by a further purchase valued at approximately N20.68 billion.
The repeated acquisitions have significantly strengthened Otedola’s position within one of Nigeria’s most important financial institutions.
They have also increased the value of his personal investment as First HoldCo’s share price has risen.
First HoldCo’s performance adds to the story
Otedola’s wealth increase has not occurred in isolation from the company’s financial performance.
First HoldCo has also recorded stronger results, reporting approximately $303 million in profit during the first nine months, according to the figures provided.
The improvement has been attributed to factors including higher interest income and recapitalisation efforts intended to support the group’s broader expansion across Africa.
That combination — rising share ownership and improved company performance — has helped amplify the value of Otedola’s position.
From “Africa’s poorest billionaire” to $1.8 billion
Otedola’s current position is particularly notable because of the unusual trajectory of his billionaire status.
After initially becoming a billionaire, Forbes famously characterised him as Africa’s poorest billionaire, reflecting the relatively narrow margin by which his wealth exceeded the billion-dollar threshold.
He subsequently disappeared from the Forbes billionaire rankings.
His estimated $1.8 billion fortune in 2026 represents a significant reversal.
The approximately $500 million increase in a single year demonstrates how rapidly billionaire wealth can change when a large proportion of an individual’s fortune is tied to publicly traded companies.
As the value of First HoldCo rises, so too does the value of Otedola’s substantial stake.
A major bet on Nigerian banking
Otedola’s investment strategy represents more than a conventional portfolio purchase.
First HoldCo sits behind First Bank of Nigeria, one of the country’s most prominent banking brands.
By continuing to increase his ownership, Otedola is making a substantial long-term bet on Nigeria’s financial sector and the group’s ability to grow beyond its domestic market.
The company’s recapitalisation programme and pan-African ambitions could provide further opportunities if the business continues to expand and improve its profitability.
However, the value of Otedola’s fortune will also remain closely linked to market conditions.
A fall in First HoldCo’s share price could reduce the value of his stake just as quickly as a rally increases it.
Otedola’s influence continues to grow
The latest acquisitions have placed Otedola closer to a significant ownership threshold in First HoldCo while strengthening his influence over the financial group.
His journey from being described as Africa’s least wealthy billionaire to approaching a $2 billion fortune illustrates how dramatically the fortunes of major shareholders can change through concentrated investments and rising asset values.
For Otedola, the transformation has been driven largely by an aggressive accumulation of First HoldCo shares.
For Nigeria’s banking sector, meanwhile, his growing stake puts one of the country’s most prominent entrepreneurs at the centre of one of its biggest financial institutions.
With his estimated wealth now at $1.8 billion, Otedola is once again firmly in billionaire territory — and considerably closer to the $2 billion mark than he was at the beginning of the year.
