Otedola's wealth hits 10-year high as First HoldCo becomes first NGX bank to cross N6trn market cap

Femi Otedola's net worth has risen to $1.8 billion, the highest Forbes has recorded since 2018, after First HoldCo Plc became the first Nigerian banking group to cross the N6 trillion market capitalisation mark on the Nigerian Exchange.

First HoldCo, the parent company of First Bank of Nigeria, saw its share price close at N136.50 on Monday, August 3, pushing the group's market value to roughly N6.21 trillion based on 45.48 billion issued shares. The stock has gained 184.97% since the start of 2026.

Record market run

Forbes' real-time billionaire tracker put Otedola's net worth at $1.8 billion as of Monday. That matches his wealth level in 2018 and represents an increase of roughly $700 million, or about 63.6%, since he emerged as a major shareholder in First HoldCo on October 23, 2021, when Forbes valued him at $1.1 billion.

The new valuation came less than two weeks after the group crossed the N5 trillion mark on July 22, 2026. From the end of June alone, First HoldCo shares climbed 43.53%, making it one of the top-performing large-cap stocks on the NGX.

Half-year profits jump

The rally followed the release of First HoldCo's half-year results for the period ended June 30, 2026. Profit after tax rose 81.6% to N526.13 billion, compared with N289.77 billion in the same period of 2025. Profit before tax climbed 83.5% to N653.54 billion, while gross earnings grew 16.7% to N1.93 trillion.

BusinessDay reports that the strong figures were backed by higher trading income, growth in non-interest revenue, and a sharp reduction in loan impairment charges.

Otedola's stake and shareholder gains

Otedola became chairman of First HoldCo in January 2024 and currently holds a 25.87% stake, making him the group's largest individual shareholder. When he took the chair, shares traded between N19 and N22. Monday's closing price of N136.50 represents appreciation of close to 618% over roughly two years.

Shareholders who took part in the group's recapitalisation rights issue have also benefited. First HoldCo raised about N149.56 billion through the exercise, priced at N25 per share, and the offer closed at a 125.46% subscription rate. At current prices, those investors have seen the value of their holdings rise by about 445.6%.

The milestone makes First HoldCo the most valuable banking group on the NGX, overtaking Zenith Bank, with Guaranty Trust Holding Company in third place.

For Nigerian investors, the run shows how capital rebuilding and stronger bank earnings can translate into large shareholder returns. It also reinforces First HoldCo's position as the biggest banking stock on the local exchange, with Otedola's fortune now tied more closely than ever to its market performance.