Femi Otedola invests $300 million to expand First HoldCo stake

Nigerian billionaire Femi Otedola is aggressively increasing his stake in First HoldCo, the parent company of FirstBank, with investments totaling approximately $300 million in 2026. His recent acquisition of 138.04 million units in August 2026 raised his shareholding from 25.8% to 26.1%. Otedola has indicated a long-term strategic goal of achieving 51% control over the institution.

This investment surge has made Otedola Africa’s fastest-growing billionaire in 2026. According to a BusinessDay analysis of Forbes Africa data, his net worth rose by 46.1% to $1.9 billion between March and August 2026, adding $600 million in wealth. This growth significantly outpaces other major African billionaires, such as Aliko Dangote, who saw a 7% increase during the same period.

The rapid appreciation of Otedola’s wealth is primarily driven by the rally in First HoldCo shares. The lender has become Nigeria’s most valuable listed lender, with a market capitalization exceeding N6 trillion ($4.4 billion), following investor confidence in its management and turnaround strategy.