Femi Otedola’s estimated net worth has risen to $2 billion, marking the first time the Nigerian businessman has reached the threshold on Forbes’ real-time billionaire tracker.
The increase reflects the rising market value of Otedola’s publicly traded investments, particularly his substantial holding in First HoldCo Plc, the parent company of FirstBank.
Forbes’ real-time billionaire methodology adjusts the value of billionaires’ public holdings as share prices move, meaning Otedola’s estimated fortune can change with movements on the Nigerian Exchange.
First HoldCo is driving the latest jump
The most visible driver of Otedola’s wealth increase is First HoldCo, where he has steadily expanded his ownership since beginning to build his position in 2021.
First HoldCo shares reached a 52-week high of ₦162.80 on September 18, according to Nigerian Exchange data. The company had 45.48 billion shares outstanding at the time.
At that share price, Otedola’s reported 12.34 billion-share holding would be worth roughly ₦2.01 trillion, putting the value of his stake above the ₦2 trillion mark.
That calculation is based on the reported number of shares attributed to Otedola and the market price; it should not be interpreted as the same thing as his personal net worth.
How Otedola got to $2 billion
Forbes’ estimate represents a substantial increase from earlier valuations.
Otedola was valued at $1.3 billion in March 2026 and around $1.9 billion in Forbes’ September 16 real-time profile, before the latest figure reported by Nairametrics.
The movement illustrates how quickly billionaire wealth estimates can change when a significant portion of a fortune is tied to publicly traded shares.
First HoldCo’s share price, for example, moved from ₦136 on September 10 to ₦160 at the September 18 close, according to NGX data.
Otedola’s First HoldCo strategy
Otedola became chairman of First HoldCo in January 2024 and has continued increasing his exposure to the financial-services group through purchases made directly and through investment vehicles linked to him.
The strategy has effectively made First HoldCo one of the most important listed assets in his portfolio.
The company is the parent of FirstBank, giving Otedola exposure to one of Nigeria’s largest banking franchises as well as its wider financial-services operations.
His stated rationale for investing in financial services has also extended beyond the value of the shares. In an interview cited by Nairametrics, Otedola linked his interest in the sector to financial inclusion and its potential contribution to economic development.
Beyond First HoldCo
First HoldCo is not Otedola’s only major asset.
Forbes says he retains a 5% stake in Geregu Power after selling his majority interest in the power-generation company in 2025 for roughly $750 million. Forbes also lists holdings in Zenith Bank and properties in Lagos, Dubai, London and Monaco.
The latest milestone therefore reflects the combined value of a portfolio spanning banking, power, financial assets and property — although the precise composition and value of a private individual’s wealth can change as markets move.
For Otedola, however, the immediate story is increasingly concentrated around the Nigerian banking market: as First HoldCo’s valuation rises, so does the market value of one of his most important investments.
Source note: Forbes’ real-time figures are estimates, not audited statements of personal wealth, and can change with market prices. The Forbes page available during this check showed $1.9 billion as of September 16, while the September 19 report from Nairametrics cited a $2 billion figure.
