By Adeola Shittu
Femi Otedola has built his fortune more than once. His latest comeback is being powered by an increasingly concentrated bet on one of Nigeria’s oldest financial institutions.
The Nigerian billionaire’s fortune rose to about $1.9 billion, according to Forbes’ real-time billionaire tracker, after standing at about $1.3 billion on Forbes’ annual 2026 list published in March. Billionaires.Africa reported in August that his wealth had risen 36 per cent from March, making him the fastest-growing African billionaire tracked by Forbes over that period.
Behind the rise is First HoldCo Plc, the parent company of FirstBank, where Otedola serves as chairman and has been steadily increasing his ownership.
His strategy is familiar. From Zenon Petroleum to Forte Oil, Geregu Power and now First HoldCo, Otedola has repeatedly built his wealth around large, concentrated investments rather than spreading himself thinly across numerous businesses. But the road to his current fortune has not been smooth.
In 2009, during the global financial crisis, Otedola lost more than $1 billion from his fortune.
The setback cost him his billionaire status and became one of the most difficult periods of his business career.
He eventually rebuilt through Forte Oil, while expanding his interests into power generation through Geregu Power. In 2019, he sold his controlling interest in Forte Oil and shifted his focus more heavily towards the power sector.
That strategy helped restore his place among Africa's wealthiest businessmen.
Forbes says Otedola later sold his majority stake in Geregu Power in 2025 for roughly $750 million, while retaining a 5 per cent interest in the company.
Now, the businessman is applying the same appetite for large bets to banking.
First HoldCo Becomes the New Centre of His Wealth
Otedola's First HoldCo position has expanded rapidly in 2026. He acquired hundreds of millions of shares through the year before making a particularly large purchase on July 30, when his investment vehicle, Calvados Global Services Limited, acquired about 1.78 billion shares for roughly ₦222.21 billion. Further purchases followed in August.
By August 24, Otedola held about 12.34 billion First HoldCo shares, representing approximately 27.6 per cent of the company, according to Billionaires.Africa's calculations. The value of that holding has risen sharply with the stock.
First HoldCo shares reached a record ₦159.90 on September 1, pushing the value of Otedola's stake to approximately ₦1.97 trillion, or $1.42 billion at the exchange rate used in the report.
That means a substantial portion of the billionaire's wealth is now tied to a single listed company.
For Otedola, First HoldCo is more than another investment. First HoldCo owns FirstBank, an institution founded in 1894 and one of the most recognisable banking brands in Nigeria.
Otedola became chairman of the group in January 2024 after a prolonged contest for influence over the company. Since then, he has continued to build his stake.
The scale of his buying suggests that his interest goes beyond a short-term rise in the share price.
Otedola has previously said he wants to take his ownership beyond 51 per cent, a target that would give him majority control.
But there is a regulatory hurdle. Under Nigeria's securities rules, crossing the 30 per cent threshold in a public company can trigger a mandatory offer for the remaining shares, subject to applicable regulatory requirements. Otedola's reported holding of about 27.6 per cent as of late August therefore places him within striking distance of that threshold.
The pattern is difficult to miss. Otedola has historically preferred businesses where he can build a significant position, influence strategy and remain committed long enough to unlock value. He followed that approach with Forte Oil.
He did it again with Geregu Power. First HoldCo is now the latest and potentially largest expression of that strategy.
The difference this time is the scale of the institution involved.
First HoldCo became Nigeria's most valuable listed banking group in July after its market capitalisation overtook Zenith Bank and GTCO.
Its performance has also been remarkable. First HoldCo reported a pre-tax profit of ₦654 billion in the first half of 2026, an 83 per cent increase from the same period a year earlier, while gross earnings rose to ₦1.93 trillion.
For Otedola, therefore, the bet is unfolding against a backdrop of both a rapidly appreciating stock and improving financial performance.
Otedola's rise is not simply a story about how one billionaire became richer.
It raises a bigger question about what happens when a major Nigerian investor concentrates so much capital and influence around one financial institution.
For now, the market appears to be rewarding the bet.
His First HoldCo shares have climbed substantially, while his personal fortune has recovered to levels that place him firmly among Africa's billionaires.
But Otedola's history shows that fortunes can change quickly. He has already lost more than $1 billion once and rebuilt.
His latest bet suggests that, rather than becoming more cautious after that experience, he may have become even more comfortable making big moves when he believes the opportunity is worth it.
From oil to power and now banking, Femi Otedola's wealth journey has never been a story of standing still.
And with First HoldCo, his biggest bet may still be unfolding.