Femi Otedola Surpasses Eight African Billionaires in Wealth

Femi Otedola, the chairman of First HoldCo, has seen his fortune rise to $2 billion, placing him ahead of eight other African billionaires. This marks a $700 million increase from the $1.3 billion valuation at the beginning of 2026.

According to the Forbes real-time billionaires index, Otedola is now ranked 2,115th globally, up from $1.8 billion in August. His wealth surpasses that of notable investors such as Christoffel Wiese of South Africa, valued at $1.9 billion, and Egypt's Youssef Mansour, worth $1.8 billion.

Otedola's financial growth is attributed to significant investments in First HoldCo, where he became the largest shareholder in 2021 and chairman in January 2024. His stake in First HoldCo reached a market value above N2 trillion following a record share price of N162.80 on September 18.

Additionally, he acquired 95.7 million shares in August, increasing his ownership from 27.49% to 27.70%. Otedola's wealth also reflects other investments in energy and property assets.