Forbes has officially updated its real-time valuation of Nigerian billionaire Femi Otedola to $2.00 billion, marking the highest figure ever attributed to the investor and his return to the $2 billion threshold for the first time in seventeen years.
The primary catalyst driving the valuation surge is Otedola’s controlling position in First HoldCo Plc (NGX: FIRSTHOLDCO), the parent entity of FirstBank of Nigeria.
First HoldCo shares closed trading at a record ₦160 per share on Friday, 18th September, bringing the company’s year-to-date gain to 234%.
Regulatory filings indicate Otedola’s beneficial ownership has expanded to 27.6% (12.34 billion ordinary shares), valuing his single stake in the financial services group to about ₦2.00 trillion ($1.50 billion) on an unleveraged basis.
Strategic Takeaways
-
Aggressive Share Accumulation: Since assuming the chair of First HoldCo in January 2024, Otedola has deployed personal cash reserves across multiple open-market tranches, private placements, and block purchases via Calvados Global Services Limited. His acquisition spree has absorbed over ₦400 billion in direct share purchases during 2026 alone.
-
Roadmap to 51% Majority Control: Otedola has publicly reiterated his objective to build a 51% controlling majority in First HoldCo. The systematic buyout is funded in part by proceeds generated from monetizing his majority interest in Geregu Power Plc.
-
Market Capitalization Anchor: The re-rating of First HoldCo has positioned it as one of the largest financial institutions listed on the Nigerian Exchange (NGX), providing liquidity support to the benchmark All-Share Index (NGXASI) as institutional investors position ahead of Nigeria’s readmission to the FTSE Russell Frontier Market Index.
 Follow the MoneyCentral Nigeria channel on WhatsApp: Click here!
