Otedola's fortune hits $2bn, climbs above eight African billionaires
By Aboki Forex —
Femi Otedola's fortune has risen to $2 billion, lifting the First HoldCo chairman above eight other African billionaires on Forbes' real-time wealth index. The new valuation is a $700 million jump from the $1.3 billion attributed to him at the start of 2026.
Forbes' real-time billionaires index now ranks Otedola 2,115th globally, up from $1.8 billion in August. The rise also ends his old tag as Africa's poorest billionaire.
Who he has overtaken
Based on the wealth estimates supplied for September 2026, Otedola's $2 billion places him ahead of eight African billionaires. They are South Africa's Christoffel Wiese at $1.9 billion and Egypt's Youssef Mansour at $1.8 billion.
Morocco's Othman Benjelloun and family are valued at $1.7 billion, the same as South Africa's Paul van Zuydam. Morocco's Aziz Akhannouch and family sit at $1.6 billion.
Egypt's Samih Sawiris and Yasseen Mansour, alongside Morocco's Anas Sefrioui and family, complete the eight, each estimated at $1.4 billion. The comparisons rest on the supplied valuations and can shift with share prices and other assets.
First HoldCo stake tops N2trn
Otedola's climb tracks a sharp appreciation in First HoldCo shares and a run of heavy buying in the financial services group. He became the company's largest shareholder in 2021 and chairman in January 2024.
On September 18, First HoldCo shares hit a record N162.80, pushing the market value of his stake above N2 trillion.
In August, he acquired another 95.7 million shares through Calvados Global Services Limited. A regulatory disclosure filed with the Nigerian Exchange showed the shares were bought at N131.48 each, putting the transaction at N12.58 billion. The purchase raised his ownership from 27.49% to 27.70%, giving him about 12.14 billion shares at the time.
Further investments have since expanded his holding, underlining how central First HoldCo is to his overall wealth. Forbes' estimates also capture his energy and property assets, so the gain cannot be pinned on the banking group alone.
Banking arm outruns peers
First HoldCo Plc posted a 31.63% return on average equity in the first quarter of 2026, the company's investor presentation showed. That beat every other tier-1 bank in Nigeria and the six major South African lenders used in its investor comparison.
The figure placed it ahead of Zenith Bank at 24.90%, Guaranty Trust Holding Company at 24.80%, Access Holdings at 19.86% and United Bank for Africa at 13.70%.
With his fortune at $2 billion in September, Otedola has recorded a strong financial turnaround. His place among the world's wealthiest will keep moving with the markets.
What it means for the market
For Nigerian investors, the story is less about Forbes' pecking order and more about First HoldCo's numbers. A 31.63% return on average equity and a record N162.80 share price give the banking group a strong case on the local exchange, though gains of that size also raise the question of how much upside is left at current prices.