Femi Otedola’s wealth reaches $2bn following FirstHoldCo rally

Nigerian investor Femi Otedola’s fortune has reached approximately $2 billion, driven by a significant rally in FirstHoldCo Plc, the parent company of FirstBank Nigeria. The surge in share value has brought Otedola within striking distance of other prominent African billionaires, including Tanzania’s Mohammed Dewji, estimated at $2.1 billion, and Zimbabwe’s Strive Masiyiwa, estimated at $2.2 billion.

FirstHoldCo’s market capitalization recently crossed the ₦7 trillion threshold, making it the first listed Nigerian bank to achieve this milestone. This growth in equity value has rapidly increased Otedola’s wealth, which was estimated at $1.3 billion in March and $1.8 billion in August. The rapid fluctuations underscore how movements in listed equities and capital markets can quickly reshape billionaire rankings across the continent.