FirstHoldCo Rally Adds $600m to Billionaire Otedola’s Net Worth
Femi Otedola’s aggressive bet on First HoldCo has added about $600 million to his fortune in less than five months, pushing the Nigerian billionaire’s net worth close to the $2 billion mark as the lender’s shares continue their record-breaking rally.
An analysis of the Forbes World’s Billionaires real-time tracker shows Otedola’s net worth climbed 46.1 percent to $1.9 billion on August 7, from $1.3 billion on March 9. By comparison, his wealth increased by just under 7 percent throughout 2025.
Forbes updates billionaire net worth estimates every five minutes during trading hours, reflecting changes in the value of publicly listed holdings, while privately held assets are reviewed periodically.
The sharp increase in Otedola’s wealth has been driven by the spectacular rally in First HoldCo Plc, where he is chairman and the largest shareholder.
The banking group’s shares have surged in recent months as investors responded to Otedola’s aggressive accumulation of stock, strong half-year earnings and growing confidence in the lender’s turnaround strategy.
In late July, Otedola increased his stake after acquiring an additional 1.77 billion shares through his investment vehicle, Calvados Global Services Limited, in a transaction valued at N222.2 billion, according to a regulatory filing on the Nigerian Exchange (NGX).
The purchase raised his holding from 9.99 billion shares to 11.77 billion shares, increasing his ownership stake from 21.96 percent to 25.88 percent.
The acquisition came a few days before another major purchase. On July 22, Otedola bought 706.13 million shares worth N77.58 billion, further ceementing his position as First HoldCo’s largest shareholder.
He has also signalled plans to deepen his investment in the lender. In a recent interview, Otedola said he intends to increase his stake to 51 percent, underscoring his confidence in the bank’s long-term transformation.
Investor optimism has also been buoyed by First HoldCo’s improving financial performance.
The group reported a profit after tax of N526.13 billion for the six months ended June 2026, an 81.6 percent increase from N289.77 billion in the corresponding period last year. Profit attributable to shareholders rose to N522.66 billion from N286.40 billion.
The strong earnings reflected lower loan impairment charges, higher trading income and improved asset quality, offsetting softer interest income in Nigeria’s high interest-rate environment.
The latest results mark a sharp turnaround from 2025, when profits were weighed down by sizeable one-off provisions on legacy non-performing loans as management accelerated efforts to clean up the bank’s balance sheet.
The combination of Otedola’s sustained share purchases and stronger earnings has fuelled a remarkable rally in First HoldCo’s stock, making it one of the Nigerian Exchange’s best-performing banking stocks this year.
The lender recently became Nigeria’s most valuable listed bank by market capitalisation, overtaking GTCO and Zenith Bank, while its market value crossed the N6 trillion mark for the first time.
Its shares have climbed from a 52-week low of N29.25 to an all-time high of N145 at close of market on Friday, reflecting growing investor confidence in the group’s transformation under Otedola’s leadership.
