Nigerian billionaire Femi Otedola recorded a ₦1.48 trillion increase in the market value of his investment in First HoldCo during the third quarter of 2026. The value of his holding in the financial services group rose from ₦451.50 billion at the end of June to ₦1.93 trillion in September, according to an analysis of his listed investments on the Nigerian Exchange (NGX).
The increase coincided with a sharp rise in First HoldCo’s share price during the period, making the banking group the major contributor to the recorded growth in Otedola’s listed investment value.
First HoldCo recorded a 185.3% increase in its share price during the third quarter. The company’s share price climbed from ₦56.05 on June 30 to ₦159.90 on September 30, representing an increase of ₦103.85 per share. The value of Otedola’s holding rose from ₦451.50 billion to ₦1.93 trillion during the period, representing an increase of ₦1.48 trillion, equivalent to 326.7% of the June valuation.
The difference between the 185.3% share-price appreciation and the 326.7% increase in holding value indicates that changes in the number of shares included in the valuation also contributed to the reported gain.
Kanyi Daily reports that Otedola has maintained a significant investment position in First HoldCo, the parent company of First Bank of Nigeria. Shareholding data provided for January 2026 shows that he held approximately 8.06 billion shares in the company, representing 18.12% of its outstanding shares at the time.
Otedola’s gains in First HoldCo come amid a series of share acquisitions that strengthened his ownership in the financial services group during the third quarter of 2026. On August 18, 2026, Otedola acquired an additional 147.74 million First HoldCo shares for ₦20.68 billion through his investment vehicle, Calvados Global Services Limited. The shares were purchased at ₦140 each on August 14, increasing his total holding from approximately 11.9 billion to 12.05 billion shares and raising his ownership stake to about 26.5%.
On August 24, he acquired another 95.7 million shares valued at ₦12.58 billion at ₦131.48 per share, further consolidating his position in the group.
By September 19, 2026, Forbes’ Real-Time Billionaires data placed Otedola’s net worth at $2 billion for the first time, up $200 million from August’s $1.8 billion valuation.
