Billionaire Femi Otedola saw the market value of his investment in First HoldCo rise by N1.48 trillion during the third quarter of 2026, according to an analysis of his listed holdings on the Nigerian Exchange.
The value of his stake in the financial services group, parent company of First Bank of Nigeria, climbed from N451.50 billion at the end of June to N1.93 trillion by the end of September.
The sharp increase coincided with a strong rally in First HoldCo shares, which rose 185.3 percent over the period. The stock climbed from N56.05 on June 30 to N159.90 on September 30, a gain of N103.85 per share.
The 326.7 percent rise in the value of Otedola’s holding exceeded the share-price appreciation, indicating that additional share purchases also contributed to the gain.
Otedola, who serves as chairman and is the largest shareholder of First HoldCo, expanded his position during the quarter. In January 2026 he held approximately 8.06 billion shares, or 18.12 percent of the company.
On August 18 he acquired a further 147.74 million shares for N20.68 billion through his investment vehicle Calvados Global Services Limited at N140 each. The purchase increased his total holding to about 12.05 billion shares and lifted his ownership stake to approximately 26.5 percent.
Six days later he bought another 95.7 million shares valued at N12.58 billion at N131.48 per share, further consolidating his position.
By September 19, Forbes’ Real-Time Billionaires list valued Otedola’s net worth at $2 billion for the first time, up $200 million from $1.8 billion the previous month.
