Otedola Joins $2bn Club as Dangote Hits $51.3bn in Forbes Latest Ranking

Nigerian billionaire Femi Otedola has joined the global two-billion-dollar club for the first time. Forbes Real-Time Billionaires tracker pegged his fortune at $2 billion as of September 19, 2026, placing him at No. 2,104 on the global wealth list.

The milestone is a $200 million jump from the $1.8 billion Forbes assigned to him in August. It is also a gain of roughly $700 million compared with the $1.3 billion recorded in March 2026.

First HoldCo rally drives Otedola’s wealth

The surge is tied largely to the sharp rise in First HoldCo’s share price. On September 18, First HoldCo shares rose 10% to close at a record N162.80, an all-time high for the stock.

At that price, Otedola’s holding of 12,338,876,586 shares, representing about 27.6% of the company, was valued at over N2 trillion. Market data tracked by Billionaires Africa showed that the single trading session added roughly N182.6 billion ($138 million) to the worth of his stake.

Before the latest rally, the stake was valued at about $1.52 billion at the prevailing exchange rate. That already made First HoldCo the largest listed component of Otedola’s overall wealth.

Otedola keeps buying First HoldCo shares

Otedola began building his position in First HoldCo in 2021. He took over as chairman of the company in January 2024. He has continued adding to his shareholding in 2026 through his investment vehicle, Calvados Global Services Limited.

In August alone, he purchased 95.7 million First HoldCo shares for N12.58 billion via Calvados. That pushed his stake to approximately 27.7% at the time, according to regulatory filings.

Beyond First HoldCo, Forbes lists Otedola as holding a 5% stake in Geregu Power. He sold his majority interest in the power generation firm in 2025 for close to $750 million.

Dangote reaches highest net worth

Aliko Dangote, Africa’s richest man, has also reached his highest-ever recorded net worth. According to Forbes’ real-time billionaire tracker, Dangote’s fortune rose to $51.3 billion. That places him among the 40 richest people in the world.

The latest Forbes ranking tracked 3,397 billionaires worldwide. It ranked the Nigerian industrialist 36th globally.

First HoldCo tops banking stocks

First HoldCo Plc, the parent company of First Bank of Nigeria, has emerged as the most valuable banking stock on the Nigerian Exchange. It overtook Zenith Bank after a strong rally lifted its market capitalisation to N4.80 trillion.

Data compiled from NGX trading on Monday showed First HoldCo displaced Zenith Bank from the top position. Guaranty Trust Holding Company, GTCO, ranked third.

The First HoldCo rally has lifted the value of Otedola’s stake and the company’s market capitalisation. It also puts the bank holding company at the top of the NGX banking sector by value.