LAGOS: Femi Otedola’s aggressive accumulation of shares in First HoldCo Pl , the parent company of FirstBank Nigeria, has emerged as the major driver of his rapid wealth growth in 2026, pushing his estimated net worth to $1.9 billion.
Otedola’s fortune has risen by about 46.1 per cent from $1.3 billion in March to $1.9 billion as of August 7, according to Forbes Africa’s real-time billionaire tracker and an analysis by BusinessDay.
The $600 million increase in less than five months places Otedola among Africa’s fastest-growing billionaires in 2026, significantly ahead of some of the continent’s other wealthiest businessmen.
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His wealth growth has been driven largely by the appreciation of his substantial stake in First HoldCo, whose shares have recorded significant gains on the Nigerian Exchange.
Otedola has dramatically increased his ownership of First HoldCo since becoming chairman, building his stake from 5.65 per cent to approximately 26.1 per cent.
In 2026 alone, the billionaire has reportedly invested about $300 million, equivalent to roughly ₦391 billion, in additional First HoldCo shares.
His total investment in the company is now estimated at more than ₦600 billion, or about $460 million.
One of his latest purchases involved 138.04 million First HoldCo shares for approximately ₦18.11 billion, equivalent to about $12 million.
The acquisitions have largely been carried out through Calvados Global Services Limited, an investment vehicle associated with Otedola.
The scale and consistency of the purchases have made the billionaire one of the most prominent investors in Nigeria’s banking sector.
Otedola’s investment in First HoldCo Plc appears to extend beyond a conventional portfolio investment.
The billionaire has indicated that his long-term objective is to increase his ownership of the financial services group beyond 51 per cent.
A stake above that threshold would give him majority control of the company and significantly increase his influence over strategic decisions, capital allocation, management direction and future expansion.
Achieving that target, however, would require a substantial additional financial commitment.
Otedola’s strategy reflects a pattern seen in some of his previous investments, where he gradually builds substantial holdings in companies before seeking greater influence over their operations and direction.
The aggressive accumulation of First HoldCo shares has coincided with a sharp increase in the company’s market value.
First HoldCo’s market capitalization has risen above ₦6 trillion, making it one of the most valuable companies listed on the Nigerian Exchange and putting it at the top of Nigeria’s listed banking sector by market value.
The company’s performance has been supported not only by increased investor interest but also by improved earnings expectations and efforts by management to strengthen the group’s financial position.
Otedola’s repeated purchases have also provided a strong signal of confidence in the company’s long-term prospects.
For investors, the chairman’s willingness to commit hundreds of billions of naira to the stock has reinforced expectations that the lender could have significant growth potential.
The rapid increase in Otedola’s wealth stands out against the more modest gains recorded by some other African billionaires in 2026.
Aliko Dangote, Africa’s richest man and chairman of the Dangote Group, has recorded wealth growth of about seven per cent during the year, according to the cited Forbes data.
Otedola’s estimated 46.1 per cent increase therefore represents a substantially faster rate of wealth creation.
The difference highlights the impact that movements in listed equities can have on billionaire fortunes, particularly in markets where a large shareholding in a rapidly appreciating company can translate into hundreds of millions of dollars in paper wealth.
Otedola’s rise also underscores the increasing importance of Nigeria’s capital market in wealth creation.
While traditional African billionaire fortunes have historically been linked to sectors such as oil, manufacturing, commodities, telecommunications and consumer goods, the strong performance of financial stocks has created another route to substantial wealth accumulation.
First HoldCo’s re-rating illustrates how strategic investment, improving corporate performance and rising share prices can combine to produce significant gains for major shareholders.
For Otedola, the strategy has delivered both greater influence within one of Nigeria’s most important financial institutions and a substantial increase in his estimated personal fortune.
Founded in 1894, FirstBank is Nigeria’s oldest banking institution and has developed a substantial international footprint through the First HoldCo group.
Its operations and subsidiaries have a presence in several African markets, including Ghana, Guinea, Sierra Leone, Senegal, The Gambia and the Democratic Republic of Congo, as well as the United Kingdom.
If Otedola eventually succeeds in raising his stake above 51 per cent, the move could mark a major shift in the ownership structure and strategic direction of the group.
It would also give the billionaire greater control over one of Nigeria’s oldest and most recognisable financial brands.
For now, however, his growing stake has already transformed his relationship with First HoldCo from that of a major shareholder into one of the most consequential ownership stories on the Nigerian Exchange.
Otedola’s First HoldCo buying spree demonstrates how aggressive strategic investment in listed companies can generate significant gains while simultaneously increasing an investor’s influence over a major corporate institution.
With his stake already at about 26.1 per cent and his reported ambition of crossing the 51 per cent threshold, the next phase of his First HoldCo investment could become one of the most closely watched developments in Nigeria’s financial markets
