Femi Otedola's net worth hits $1.8bn as First HoldCo stake grows past 26%

Nigerian billionaire Femi Otedola's fortune rose to $1.8 billion today, August 21, 2026, according to Forbes Real-Time Billionaires—up $500 million from $1.3 billion at the start of 2026. This 38.5% gain puts him just $200 million shy of the $2 billion milestone, driven by aggressive share purchases in First HoldCo Plc, parent of First Bank of Nigeria.

Otedola has committed over N400 billion to First HoldCo shares in 2026 alone. In July, he bought 1.779 billion shares for N222.2 billion at N140 each via Calvados Global Services, followed by another 147.74 million shares worth N20.68 billion in August. These purchases pushed his beneficial ownership above 25.87%, reinforcing his status as the group's largest individual shareholder. He signals ambition for eventual majority control (>51%) through long-term activist investing.

His wealth shift from power generation to financial services follows selling his Geregu Power stake for ~$750 million in 2025 while retaining 5%. Otedola's memoir "Making It Big" was 2026 African Business Book of the Year runner-up, and he earned 2025 Activist Investor of the Year from Nairametrics. With First Bank being Nigeria's oldest and largest bank by assets, his growing influence could reshape corporate governance and retail banking access nationwide.

Does Otedola's push for First HoldCo control signal coming changes in how Nigeria's biggest bank serves everyday savers and businesses—or will it mainly benefit elite investors like himself?

SOURCE: https://nairametrics.com/2026/08/21/otedolas-net-worth-nears-2-billion-after-500-million-gain-ytd/