Femi Otedola's Net Worth Hits $1.8 Billion, Up $500 Million in Six Months

Nigerian billionaire Femi Otedola has returned to the global billionaire rankings with an estimated fortune of $1.8 billion in 2026. That is a $500 million jump from the $1.3 billion Forbes attached to his name at the start of the year.

Otedola is now West Africa's fourth-wealthiest individual. His rise is tied to his growing stake in First HoldCo Plc, the parent company of FirstBank, whose shares have rallied sharply.

Poorest billionaire tag now reversed

Forbes once described Otedola as Africa's "poorest billionaire" shortly after he first achieved billionaire status. He was later dropped from the Forbes billionaire list the following year. His latest valuation marks a dramatic turnaround.

The bulk of the gains comes from his investment portfolio, especially First HoldCo. Otedola became the company's largest shareholder in 2021 and took over as chairman in January 2024. Since then, he has kept buying shares through several major transactions.

His purchases include N14.8 billion worth of shares at N40.06 each in December, 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. Those deals lifted his holding to about 9.29 billion shares, representing a 20.42 per cent stake.

Otedola reportedly committed more than N250 billion of personal, non-leveraged cash to build the position.

Share rally boosts stake value

His buying spree continued as First HoldCo shares gained value. By July 15, 2026, the value of his stake had climbed to almost $530 million. That followed a 9.98 per cent jump in First HoldCo shares in one trading session to a record N79.35, according to Business Insider.

By the end of July, Otedola had reportedly spent another N222.21 billion on shares, taking his ownership to approximately 25.88 per cent. Further purchases in August included an N18.1 billion acquisition of 12 million shares, followed by an N20.68 billion purchase involving 15.2 million shares.

Legit.ng earlier reported that Otedola bought an additional 680.8 million shares through a private placement. That deal, completed at N44 per share, pushed his ownership to 20.42 per cent and lifted the market value of his stake to roughly N1.05 trillion. The price was below the company's July 18 closing figure of N61.

First HoldCo profits underpin the wealth

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.

For Nigerian businesses and the naira, the significance is clear. A stronger First HoldCo, backed by a major local investor, reinforces confidence in the banking sector. That matters for capital flows and financial stability as the country pushes for more robust banking buffers.