Nigerian billionaire businessman Femi Otedola’s estimated net worth has reached $2 billion for the first time, driven largely by the sharp increase in the value of his investments, particularly his stake in First HoldCo Plc.
The latest valuation, reported on September 19, 2026, represents a $200 million increase from the $1.8 billion estimate recorded for Otedola in August. Forbes’ real-time billionaire data placed his fortune at $2 billion, marking a new high for the Nigerian investor.
The increase has coincided with a strong rally in First HoldCo, the parent company of FirstBank of Nigeria, where Otedola has steadily expanded his ownership since beginning to build his position in 2021.
First HoldCo shares climbed to a record N162.80 on September 18, following a 10 per cent increase that pushed the value of Otedola’s stake above N2 trillion for the first time.
Otedola held about 12.34 billion First HoldCo shares, representing approximately 27.6 per cent of the company, as of September 18. The rise in the stock price substantially increased the market value of his investment and contributed to the latest increase in his estimated wealth.
His stake has grown through a series of purchases made directly and through Calvados Global Services Limited, an investment vehicle linked to him. He became chairman of First HoldCo in January 2024 and has continued to increase his position in the financial services group.
The strong performance of First HoldCo shares has been an important factor in the growth of Otedola’s publicly visible wealth this year. The stock had already recorded significant gains before reaching its latest record, reflecting increased investor interest in the company and Otedola’s continued accumulation of shares.
The billionaire’s investment portfolio extends beyond First HoldCo. He retains a 5 per cent interest in Geregu Power after selling his majority stake in the power generation company in 2025 for about $750 million. He also has investments linked to other Nigerian financial assets and owns properties in Lagos and overseas.
Forbes’ real-time wealth figures are based largely on changes in the market value of publicly traded assets, meaning billionaire rankings and individual fortunes can move significantly as share prices and exchange rates change.
That distinction is important in Otedola’s case because a substantial part of the recent increase in his estimated wealth has been linked to the market value of his First HoldCo shares.
The latest milestone also highlights the growing importance of Nigeria’s capital market in determining the paper value of major local investors. As listed companies experience changes in their share prices, the value of large equity holdings can rise or fall by billions of naira within relatively short periods.
Otedola’s rise to the $2 billion mark therefore reflects not only his long-standing investments across energy and financial services but also the rapid appreciation of his position in one of Nigeria’s largest banking groups.
The latest estimate remains a market-based valuation and can change as the prices of the assets included in his portfolio fluctuate.
Leave a comment