Nigerian billionaire Femi Otedola has lost more than $400 million in estimated wealth in less than seven weeks, as a sharp correction in First HoldCo Plc shares eroded the market value of his stake. The decline comes barely two months after his fortune crossed $2 billion, reaching $2.1 billion, according to Forbes estimates.

Otedola, chairman of First HoldCo, saw his net worth climb as the leading lender’s shares rallied on the Nigerian Exchange (NGX) from N52.5 on July 2 to a record N165. The rally boosted the value of his stake and propelled his estimated net worth above the $2 billion mark in September.

A sharp reversal on NGX

The momentum has since reversed as investors locked in gains following the stock’s steep advance. First HoldCo shares have fallen from their record N165 to N110, shedding about one-third of their market value in less than seven weeks and reversing a significant portion of the gains that had lifted Otedola’s wealth.

The sell-off has reduced the market value of Otedola’s 26.71 percent stake, equivalent to 12,144,496,596 shares, from more than N2 trillion, or approximately $1.48 billion, to N1.34 trillion, worth about $990.5 million at the time of writing. The decline represents a substantial reduction in the billionaire’s exposure to Nigeria’s banking sector.

Forbes wealth estimate retreats

The fall in First HoldCo shares has translated into a $400 million decline in Otedola’s estimated fortune. Forbes puts his net worth at $1.7 billion, down from $2.1 billion on Sept. 24, reflecting the reduced market value of his holding in the Lagos-based financial services group.

The latest setback comes amid reports that Otedola is once again buying shares in Dangote Cement Plc, with sources familiar with the matter indicating that he is targeting a 5 percent stake in the cement producer. The potential investment would add to his exposure to one of Nigeria’s largest publicly traded companies.

Dangote Cement’s limited free float makes a sizeable accumulation notable. Dangote Industries held an 86.65 percent stake in the company as of December 2025, leaving less than 10 percent of its shares available for trading on the stock market.

Strong earnings, weaker shares

The correction in First HoldCo shares comes despite strong financial results from the group, whose banking subsidiary, FirstBank Nigeria, ranks among the country’s largest lenders. First HoldCo currently boast a market capitalization of N5 trillion ($3.7 billion) on the NGX.

For the nine months ended September 2026, profit after tax rose 65 percent to N744.4 billion ($553 million), while total assets increased 18 percent to N32.2 trillion ($24.2 billion). Retained earnings climbed to N1.14 trillion, and shareholders’ equity rose 17 percent to N3.86 trillion.