Nigeria’s Femi Otedola enters $2 billion club on massive First HoldCo rally

Nigerian billionaire Femi Otedola’s net worth has crossed $2 billion after a sharp rally in First HoldCo Plc shares lifted the value of his stake in the parent company of First Bank of Nigeria. The move adds $260.2 million to his holding since Aug. 24, pushing its market value closer to $1.5 billion.

Otedola bought an additional 95.7 million First HoldCo shares at N131.48 each on Aug. 24 for N12.58 billion ($9.33 million), according to the figures provided. The purchase increased his holding to 12.15 billion shares, equivalent to 26.6 percent of the company, keeping him as First HoldCo’s largest shareholder.

Since the acquisition, the market value of Otedola’s stake has climbed N346.5 billion, or $260.2 million, from N1.6 trillion ($1.2 billion) to N1.94 trillion ($1.46 billion). The gain reflects the sharp appreciation in First HoldCo shares as investors positioned ahead of the group’s planned inclusion in the FTSE Frontier 50 index.

First HoldCo shares surge

First HoldCo shares have risen 21.7 percent over the past 26 days, providing a powerful lift to Otedola’s position without any change in his ownership percentage. Forbes’ estimate of his fortune has consequently moved from $1.8 billion on Aug. 24 to about $2 billion, placing him among Nigeria’s four richest people.

Otedola’s stake has become the centerpiece of his investment in First HoldCo, with the billionaire signaling that he wants to increase his ownership to 51 percent. Such a move would give him majority control of the group and its banking operations, deepening his influence over the direction of one of Nigeria’s largest financial institutions.

The billionaire built his first fortune in commodities before selling his interest in Forte Oil and redirecting capital into the energy business. His strategy at First HoldCo marks another major bet on a Nigerian corporate asset, with Otedola arguing that greater control could support operational changes and create more value for shareholders.

A bigger bet on banking

First HoldCo’s financial performance has strengthened alongside the share-price rally. The group reported pretax profit of N653.54 billion ($473.8 million) for the six months through June, up from N356.15 billion ($258.2 million) a year earlier, even as net interest income declined to N879.13 billion from N904.83 billion.

Growth outside lending income and a sharp reduction in credit-loss provisions helped offset the decline in net interest income. First HoldCo also expanded its balance sheet, with total assets rising to N30.65 trillion ($22.22 billion) at June 30 from N27.25 trillion ($19.76 billion) at the end of 2025.

Profit growth adds support

Shareholders’ equity increased to N3.63 trillion ($2.63 billion) from N3.30 trillion ($2.39 billion), while retained earnings rose to N921.72 billion ($668.2 million). For Otedola, the stronger financial results and the market’s response have combined to make his First HoldCo position substantially more valuable, pushing his personal fortune back above the $2 billion threshold.