Nigerian billionaire Femi Otedola’s net worth rises to $1.5 billion

Nigerian billionaire Femi Otedola’s net worth has climbed to $1.5 billion as the value of his stake in First HoldCo Plc moved closer to $500 million, strengthening his place among Africa’s richest business figures after his recent $750 million exit from Geregu Power Plc.

The rise follows Otedola’s blockbuster sale of his 77 percent stake in Geregu Power to MA’AM Energy Limited, a company linked to Abdul-Aziz Abubakar Yari. The transaction, regarded as one of Nigeria’s biggest power sector deals, gave Otedola fresh financial flexibility as he deepened his position in First HoldCo, the parent company of First Bank of Nigeria.

According to Forbes, which tracks the fortunes of the world’s wealthiest individuals, Otedola’s wealth has increased by $200 million since the beginning of 2026. His estimated net worth rose from $1.3 billion on Jan. 1 to $1.5 billion at the time of this report, placing him among Africa’s richest billionaires and ranking him as the world’s 2,673rd richest person.

Femi Otedola, Nigerian billionaire and chairman of First HoldCo, the parent company of First Bank of Nigeria.

Otedola’s stake climbs as First HoldCo market cap tops $2.5 billion

Much of that increase is tied to the strong performance of his 18.12 percent stake in First HoldCo. Since January, the value of that holding has risen by N234.4 billion ($173.7 million), moving from N385.9 billion ($285.9 million) to N620.3 billion ($460 million).

Otedola owns a total of 8,055,314,486 shares in the group through both direct and indirect holdings. His direct ownership stands at 3.25 billion shares, representing 7.31 percent of the company, while another 4.80 billion shares, or 10.81 percent, are held through investment vehicles tied to him.

Investor confidence in First HoldCo has also lifted the lender’s market value. Its shares have climbed from N47.9 ($0.035) on Jan. 1 to N77 ($0.057), pushing its market capitalization to N3.42 trillion ($2.53 billion). That now represents about 2.42 percent of the Nigerian Exchange’s total market capitalization and makes the group the 11th most valuable company.

The rally comes as Nigeria prepares for reclassification into the FTSE Russell Frontier Market Index on Sept. 21, 2026. Market watchers say the move could attract fresh foreign inflows from passive investment funds that track the index, a development that may further support major banking stocks such as First HoldCo.

Femi Otedola, Aliko Dangote, and President Bola Tinubu at a high-level engagement involving Nigerian business and economic leadership.

Geregu sale reshapes Otedola’s portfolio

Femi Otedola’s growing banking position comes only months after he made a major break from the power sector. On Dec. 29, 2025, he sold 77 percent of his stake in Geregu Power for $750 million, according to sources familiar with the transaction.

The deal was completed through MA’AM Energy’s acquisition of a 95 percent equity interest in Amperion Power Distribution Company Limited, the special-purpose vehicle through which Otedola held most of his shares in Geregu. As a result, the indirect controlling interests held by Calvados Global Services Limited and Otedola were transferred to MA’AM Energy.

Geregu remains one of Nigeria’s leading power companies, with an installed generation capacity of 435 megawatts. For Otedola, the sale closed an important chapter. He took control of Geregu through Amperion Power in 2013 and later led its listing on the Nigerian Exchange in 2022, making it the first power-generating company to go public on the local bourse.