Otedola becomes Africa's fastest-growing billionaire as Dangote holds top spot

Femi Otedola is now Africa's fastest-growing billionaire in 2026 after his net worth jumped by $600 million in less than five months. Aliko Dangote, Africa's richest man, also moved higher, with the continent's combined billionaire wealth now estimated at $132 billion.

Forbes Africa's real-time billionaire tracker shows Otedola's fortune rose 46.1 per cent to $1.9 billion as of August 7, 2026, from $1.3 billion on March 9. The surge is tied to his stake in First HoldCo Plc, the parent company of FirstBank, where he serves as chairman and largest shareholder.

First HoldCo stock rally powers Otedola's rise

First HoldCo shares have gained more than 200 per cent this year. The stock closed at N145.40 on August 7, compared with N47.90 at the beginning of the year.

The company recently overtook Guaranty Trust Holding Company and Zenith Bank by market capitalisation, becoming Nigeria's most valuable listed banking group after crossing the N6 trillion mark. It has also become one of the most actively traded stocks on the Nigerian Exchange.

Between May 8 and August 7, First HoldCo recorded 6.38 billion shares traded in 108,152 deals, with transactions valued at about N603 billion.

Otedola keeps buying, targets 51 per cent stake

The billionaire has repeatedly increased his position in First HoldCo. In July, his investment vehicle, Calvados Global Services Limited, acquired 1.77 billion additional shares worth N222.2 billion, taking his holdings from 9.99 billion to about 11.8 billion shares.

That purchase lifted his ownership from 21.9 per cent to 25.9 per cent. He then bought another 138 million shares worth about N18 billion on August 6, pushing his stake to roughly 26 per cent. Otedola has indicated that he intends to increase his holding to 51 per cent.

The rally is backed by stronger fundamentals. First HoldCo reported profit after tax of N526.1 billion for the six months ended June 2026, an 81.6 per cent increase from N289.77 billion in the same period of 2025. Profit attributable to shareholders rose to N522.66 billion, supported by lower impairment charges, improved asset quality and stronger trading income.

Dangote and other African billionaires

Dangote's fortune rose by seven per cent to $30.5 billion during the period. Moroccan property billionaire Anas Sefrioui and South Africa's Johann Rupert also recorded gains of 15.4 per cent and 11.8 per cent respectively.

Forbes estimates that Africa's billionaires now hold combined wealth of $132 billion, up from $123 billion in March. However, only seven African billionaires have increased their fortunes this year, showing how concentrated the gains have become.

Legit.ng earlier reported that Dangote's net worth had surged to an estimated $36.5 billion as of June 9, 2026, according to the Bloomberg Billionaires Index. That valuation placed his fortune above the projected 2026 Gross Domestic Product of countries such as Rwanda ($17.3 billion), Botswana ($21.9 billion), Benin ($27.8 billion), Burkina Faso ($32.5 billion), and Mali ($33.9 billion), based on International Monetary Fund projections.

For Nigerian businesses, Otedola's surge reflects growing investor confidence in the domestic financial sector. But the fact that only seven African billionaires gained this year suggests the wealth being created remains heavily concentrated among a few players.