Femi Otedola nears $2 billion on Forbes as people close to him value fortune above $3 billion

Nigerian billionaire Femi Otedola is closing in on the $2 billion mark on the Forbes real-time billionaires list, helped by a sharp rise in the value of his stake in First HoldCo Plc, the parent company of First Bank of Nigeria Plc. The increase comes as Otedola continues to buy shares in the lender, lifting his ownership while renewed investor demand drives the stock higher.

Otedola has steadily expanded his investment in First HoldCo over the past year, raising his stake to 25.8 percent. That holding is now worth N1.55 trillion ($1.13 billion), making it the largest contributor to his fortune. According to Forbes, his estimated net worth has climbed from $1.3 billion at the start of the year to $1.9 billion. While Forbes places him just below the $2 billion milestone, people close to the Nigerian businessman say his wealth exceeds $3 billion.

Otedola plans 51% First HoldCo acquisition

His growing investment in First HoldCo is part of a broader push to increase his exposure to some of Nigeria’s biggest corporate assets. Otedola is preparing to deploy part of the $750 million generated from the sale of his majority stake in Geregu Power Plc into the planned public listing of Dangote Petroleum Refinery & Petrochemicals. At the same time, he has made clear that he wants to increase his holding in First HoldCo to 51 percent, giving him majority control of Nigeria’s oldest banking group.

In an exclusive interview, Otedola said majority ownership is essential to carrying out the reforms needed to strengthen First HoldCo and create lasting value for shareholders. He said his investment strategy has consistently centered on taking controlling stakes before introducing operational and strategic changes. Otedola pointed to the transformations of Forte Oil Plc and Geregu Power Plc as examples of that approach.

Building legacy through bold ownership strategies

According to Otedola, strong shareholder control, while protecting minority investors, gives management the support needed to make difficult decisions that improve long-term performance. “One of my key investment principles is that firm shareholder control with due regard for minority interest is a key ingredient to executing reforms and restructuring to deliver value to all stakeholders,” he said.

He recalled increasing his stake in African Petroleum Plc, later renamed Forte Oil Plc, from 28 percent to 75 percent before exiting the investment in 2019. He followed a similar strategy at Geregu Power Plc, raising his ownership from 51 percent to 95 percent before reducing it to 77 percent after the company’s public listing in 2022. He said he intends to apply the same model at First HoldCo as he works toward majority ownership.

Femi Otedola’s $440 million commitment signals strategic value

Otedola also disclosed that he has invested more than N600 billion ($440 million) of his personal wealth in First HoldCo, describing the commitment as a reflection of his confidence in the group’s future rather than a short-term investment. “To date, I have invested over N600 billion ($440 million) of my personal wealth in First HoldCo Plc, a figure that speaks not to speculation, but to unflinching confidence in the institution’s future, fundamentals and an unwavering personal commitment to its success,” he said.

He said the group’s priorities include strengthening its workforce, improving operating efficiency, advancing innovation and raising customer service standards. Otedola added that First HoldCo has overhauled its risk management and credit control systems after recognizing more than N3 trillion ($2.2 billion) in impaired loans over the past decade. Those changes, he said, have strengthened governance and internal controls and positioned the group to deliver more consistent earnings over time.

Otedola expands global luxury property portfolio

As the value of his listed investments continues to rise, Otedola has also expanded his portfolio of luxury real estate across four continents. In addition to properties in Lagos, Monaco and twin mansions in Dubai, he acquired a London mansion worth about £53 million ($71.2 million) in May, adding another prime asset to his international property holdings.

The 10-bedroom residence is located in St. John’s Wood, one of London’s most exclusive neighborhoods, close to Regent’s Park and Lord’s Cricket Ground. UK property records show the transaction was completed late last year. Completed in 2016, the property was previously listed for sale at £75 million ($100.8 million) in 2020, according to UK media reports.