Africa’s Fastest-Rising Billionaire: Otedola’s Fortune Hits $2 Billion
- Femi Otedola’s fortune reaches $2 billion, closing the gap with Africa’s prominent billionaires Mohammed Dewji and Strive Masiyiwa
- FirstHoldCo’s 8.1% share-price surge makes it Nigeria’s first listed bank to surpass N7 trillion in market capitalisation
- FTSE Frontier 50 inclusion could attract international investors and provide another catalyst for FirstHoldCo’s valuation
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigerian billionaire Femi Otedola’s fortune has climbed to $2 billion, narrowing the wealth gap between him and some of Africa’s most prominent businessmen, according to Forbes.
The latest valuation places Otedola within reach of Tanzania’s Mohammed Dewji and Zimbabwe’s Strive Masiyiwa, whose fortunes stand at $2.1 billion and $2.2 billion, respectively.
Source: Getty Images
Otedola’s wealth has expanded rapidly in recent months, driven largely by the rising value of his substantial stake in FirstHoldCo Plc, the parent company of FirstBank.
In March, Forbes estimated his fortune at $1.3 billion. It rose to about $1.8 billion in August before reaching the latest $2 billion milestone, representing a gain of approximately $700 million within six months.
FirstHoldCo rally lifts Otedola’s fortune
FirstHoldCo shares jumped by 8.1% on Friday, rising from N148 to N160 and pushing the financial services group’s market capitalisation to N7.28 trillion.
The rally made FirstHoldCo the first listed Nigerian bank to cross the N7 trillion market-value threshold.
It also strengthened the group’s position as Nigeria’s most valuable lender by market capitalisation, ahead of Zenith Bank and Guaranty Trust Holding Company.
Otedola has steadily increased his exposure to FirstHoldCo through his investment vehicle, Calvados Global Services Limited.
Since July 22, the businessman has spent about N351.2 billion raising his stake through five disclosed transactions. His latest purchase involved 95.7 million FirstHoldCo shares acquired for N12.58 billion on August 24.
The transaction increased his total holding to approximately 12.23 billion shares, representing about 26.6% of the company.
Consequently, the surge in FirstHoldCo’s share price has significantly increased the market value of his investment.
Wealth rises by $700 million
Otedola’s portfolio extends beyond banking, but FirstHoldCo has become an increasingly important component of his publicly visible wealth.
The businessman previously sold his majority stake in Geregu Power for about $750 million and retained a 5% interest in the electricity-generating company, according to Forbes.
Forbes updates the net worth of billionaires with substantial investments in publicly traded companies during market hours.
This means their fortunes can rise or fall as the share prices of their major holdings change.
Otedola was among Africa’s fastest-rising billionaires in August after his fortune increased from $1.3 billion to $1.8 billion.
Aliko Dangote subsequently recorded a larger gain after Forbes revalued his refinery, lifting his net worth above $51 billion from $31.5 billion on September 4.
FTSE inclusion offers fresh catalyst
FirstHoldCo’s rising valuation coincides with its debut in the FTSE Frontier 50 Index.
The group is one of six Nigerian companies included in the 50-stock benchmark, alongside Zenith Bank, GTCO, MTN Nigeria, Dangote Cement and Aradel Holdings.
The inclusion follows Nigeria’s return to FTSE Russell’s Frontier Market classification after three years as an Unclassified market.
FTSE Russell said its assessment of Nigeria’s transition from T+2 to T+1 settlement found no material operational, funding or settlement problems preventing the country’s return.
FirstHoldCo’s inclusion could increase its visibility among international investors and attract demand from funds tracking the index.
However, the actual level of foreign investment will depend on the company’s index weighting, the assets benchmarked against it and broader appetite for Nigerian equities.
Otedola closes gap on African billionaires
At $2 billion, Otedola is now about $100 million behind Dewji, chief executive of Tanzania’s MeTL Group, and $200 million behind Masiyiwa, founder of Econet Group.
The narrowing gap underlines how quickly movements in listed equities can reshape Africa’s billionaire rankings.
Source: Facebook
FirstHoldCo’s market value has risen from about N5 trillion in June to N7.28 trillion, turning the financial services group into a major wealth-creation vehicle for Otedola.
Whether those gains continue will depend on FirstHoldCo’s performance, conditions in Nigeria’s equities market and international investor interest following the country’s return to the FTSE frontier-market universe.
Otedola's wealth jumps
Legit.ng earlier reported that Nigerian billionaire Femi Otedola has seen the value of his investment in First HoldCo Plc rise to about $530 million, following a sharp rally in the company's share price.
On July 15, 2026, First HoldCo shares gained the maximum daily limit of 9.98%, closing at an all-time high of N79.35 on the Nigerian Exchange.
Source: Legit.ng
