Otedola Becomes Africa’s Fastest-Growing Billionaire as Net Worth Hits New High, Dangote Moves Up
- Femi Otedola's net worth surged by $600 million in under five months, driven by his stake in First HoldCo Plc
- First HoldCo's shares gained more than 200 per cent this year, making it Nigeria's most valuable listed banking group
- Aliko Dangote also moved higher, with Africa's combined billionaire wealth rising to $132 billion in 202
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Femi Otedola emerged as Africa’s fastest-growing billionaire in 2026 after his net worth surged by $600 million in less than five months, fuelled largely by the explosive rise in his stake in First HoldCo Plc, the parent company of FirstBank.
An analysis of Forbes Africa’s real-time billionaire tracker shows that Otedola’s fortune rose 46.1 per cent to $1.9 billion as of August 7, 2026, from $1.3 billion on March 9.
Source: Getty Images
The jump marks one of the most dramatic wealth increases among Africa’s billionaires this year and underscores the growing value of Otedola’s aggressive investment strategy in the Nigerian financial sector.
First HoldCo rally drives Otedola’s wealth
Otedola’s wealth surge has been closely tied to the spectacular performance of First HoldCo shares, where he serves as chairman and largest shareholder.
The stock has rallied sharply this year as investors responded to sustained insider buying, stronger earnings and growing confidence in the group’s turnaround strategy.
First HoldCo 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.
The stock closed at N145.40 on August 7, compared with N47.90 at the beginning of the year, representing a gain of more than 200 per cent.
The company has also emerged as one of the most actively traded stocks on the Nigerian Exchange. Between May 8 and August 7, it recorded 6.38 billion shares traded in 108,152 deals, with transactions valued at about N603 billion.
Otedola keeps buying
The billionaire has repeatedly increased his position in First HoldCo, sending a strong signal of confidence in the bank’s long-term prospects.
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.
The acquisition lifted his ownership from 21.9 per cent to 25.9 per cent.
He subsequently purchased 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, suggesting that his strategy is focused on securing a long-term controlling position in the financial group.
Strong earnings add to investor confidence
The rally has also been supported by improving 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 recorded 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.
The stronger results have helped convince investors that the bank’s dramatic revaluation is not simply a speculative rally but is increasingly being supported by improving financial performance.
Dangote also moves higher
While Otedola recorded the fastest percentage increase, Africa’s richest man, Aliko Dangote, also strengthened his position.
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.
Source: Instagram
Forbes estimates that the combined wealth of Africa’s billionaires has risen to $132 billion, up from $123 billion in March.
However, only seven African billionaires have increased their fortunes this year, highlighting how concentrated the gains have become.
Dangote now wealthier than five African countries
Legit.ng earlier reported that Africa’s richest man, Aliko Dangote, has strengthened his dominance in the continent’s wealth rankings after his net worth surged to an estimated $36.5 billion as of June 9, 2026, according to the Bloomberg Billionaires Index.
The latest valuation places the Nigerian billionaire’s fortune above the annual economic output of several African countries, highlighting the extraordinary scale of wealth created by his sprawling industrial empire.
According to International Monetary Fund (IMF) projections, Dangote’s wealth now exceeds the estimated 2026 Gross Domestic Product (GDP) 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).
Source: Legit.ng
