Femi Otedola is Now Worth More Than 8 African Billionaires as Fortune Hits $2bn
- Femi Otedola’s fortune rises to $2 billion, lifting him above eight African billionaires on Forbes’ real-time wealth index
- Otedola’s First HoldCo stake surpasses N2 trillion as shares reach a record N162.80
- His N12.58 billion share purchase strengthens First HoldCo ownership, driving a major financial turnaround in 2026
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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 and First HoldCo chairman Femi Otedola has seen his fortune rise to $2 billion, placing him ahead of eight other African billionaires and marking a significant increase in his wealth this year.
The latest valuation represents a $700 million increase from the $1.3 billion attributed to him at the beginning of 2026.
Source: Facebook
According to the Forbes real-time billionaires index cited in the report, Otedola is now ranked 2,115th globally, having increased his fortune from $1.8 billion in August.
The increase also means the businessman, previously described as Africa’s poorest billionaire, has moved ahead of several prominent investors from Egypt, Morocco and South Africa.
Eight African billionaires Otedola has overtaken
Based on the wealth estimates supplied for September 2026, Otedola's $2 billion fortune places him ahead of eight African billionaires.
They include South Africa's Christoffel Wiese, valued at $1.9 billion, and Egypt's Youssef Mansour, whose fortune is estimated at $1.8 billion.
Others are Morocco's Othman Benjelloun and family, worth $1.7 billion; South Africa's Paul van Zuydam, also worth $1.7 billion; and Morocco's Aziz Akhannouch and family, valued at $1.6 billion.
Egypt's Samih Sawiris and Yasseen Mansour, alongside Morocco's Anas Sefrioui and family, complete the eight, with each estimated to be worth $1.4 billion.
These comparisons are based on the supplied valuations and remain subject to changes in share prices and other assets.
First HoldCo investments fuel wealth growth
Otedola's growing fortune coincides with a sharp appreciation in First HoldCo shares and a series of substantial investments in the financial services group.
The businessman emerged as the company's largest shareholder in 2021 before becoming chairman in January 2024.
His investments have expanded considerably in 2026, strengthening his position in one of Nigeria's major banking groups.
On September 18, First HoldCo shares reached a record N162.80, pushing the market value of his stake above N2 trillion.
Otedola spends N12.58bn on additional shares
In August, Otedola acquired another 95.7 million First HoldCo shares through Calvados Global Services Limited.
According to a regulatory disclosure filed with the Nigerian Exchange, the shares were purchased at N131.48 each, bringing the transaction's total value to N12.58 billion.
The acquisition increased his ownership from 27.49% to 27.70%, giving him approximately 12.14 billion shares at the time, according to Premium Times.
Source: Facebook
His subsequent investments have further expanded his holdings, reinforcing the importance of First HoldCo to his overall wealth.
However, Forbes' estimates also reflect his other investments, including energy and property assets, meaning the growth cannot be attributed entirely to the banking group.
With his fortune reaching $2 billion in September, Otedola has recorded a significant financial turnaround, although his position among the world's wealthiest individuals will continue to fluctuate with market movements.
First HoldCo beats 10 major African banks
Legit.ng earlier reported that First HoldCo Plc posted a 31.63% return on average equity (ROAE) in the first quarter of 2026, outperforming every other tier-1 bank in Nigeria and the six major South African lenders included in its investor comparison, according to the company's investor presentation.
The figure placed First HoldCo ahead of Zenith Bank at 24.90%, Guaranty Trust Holding Company (GTCO) at 24.80%, Access Holdings at 19.86% and United Bank for Africa (UBA) at 13.70%.
Source: Legit.ng
