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Nigerian billionaire investor Femi Otedola’s net worth has risen to $1.8 billion, bringing him closer to the $2 billion milestone after adding an estimated $500 million to his fortune since the beginning of 2026.
According to Forbes’ Real-Time Billionaires ranking as of August 21, 2026, Otedola is now worth $1.8 billion, up from $1.3 billion at the start of the year.
The increase represents a gain of about 38.5% in eight months.
Otedola is one of Nigeria’s prominent investors and currently serves as Chairman of First HoldCo Plc, the parent company of First Bank of Nigeria. He has built his business career across commodities, oil and gas, power generation and financial services, with major investments including Forte Oil, Geregu Power and First HoldCo.
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What the data is saying
Forbes’ latest real-time data places Otedola at No. 2,342 among billionaires globally, with a fortune of $1.8 billion as of August 21.
- The latest figure is significantly higher than his $1.3 billion valuation in Forbes’ 2026 Africa Billionaires ranking, which was published in March.
- At the time, Otedola ranked 22nd among Africa’s richest people, with Forbes noting that his fortune had declined by $200 million after he sold the majority of his stake in Geregu Power at a discount to the company’s market price.
The subsequent increase in his fortune has been supported by the strong performance of his investments, particularly his growing position in First HoldCo.
His current $1.8 billion fortune leaves him about $200 million short of the $2 billion mark.
Get up to speed
Otedola’s wealth story has increasingly shifted from power generation to financial services, following his decision to build a significant position in First HoldCo.
- He became a major shareholder in the former FBN Holdings in 2021 and assumed the chairmanship of First HoldCo in January 2024. His strategy has been to take a long-term, activist approach to the financial institution, with a stated ambition of eventually building a controlling stake of more than 51%.
- In July 2026, Otedola acquired 1.779 billion First HoldCo shares for approximately N222.2 billion, taking his beneficial ownership to 25.87%.
- He followed this with another purchase of 147.74 million shares worth N20.68 billion in August through his investment vehicle, Calvados Global Services Limited. The shares were acquired at N140 each.
The latest acquisition pushed his stake further above 26%, reinforcing his position as the financial group’s largest individual shareholder.
The purchases form part of a broader accumulation spree that has seen Otedola commit more than N400 billion to First HoldCo shares in disclosed transactions during 2026, according to reports tracking his acquisitions.
Otedola has previously said his investment threshold is generally above 51%, suggesting that his current position could be part of a longer-term plan to establish majority control of the group.
What you should know
Otedola’s rising net worth comes amid a period of increased public attention around his investments, business philosophy and legacy.
- In 2025, he released his memoir, Making It Big: Lessons from a Life in Business, documenting his journey across commodities, oil, power and financial services.
- The book was shortlisted for the 2026 Business Council for Africa African Business Book of the Year Award and ultimately emerged as the first runner-up at the awards held in London in July 2026.
Otedola has also received recognition for his investment activities. In 2025, Nairametrics named him Activist Investor and Market Maker of the Year at its Capital Market Awards, recognising his role in corporate intervention, value creation and investor confidence. He was also named Investor of the Year 2024 by The Nation newspaper for his investment activities and strategic interventions in the capital market.
His fortune has also been shaped by major transactions outside banking. In 2025, he sold his majority stake in Geregu Power for roughly $750 million, while retaining a 5% interest in the Lagos-based power generation company.
