Nigerian billionaire Femi Otedola has emerged as Africa’s fastest-growing billionaire in 2026 after his fortune surged by $600m in less than five months, largely driven by the sharp rise in the value of his stake in First HoldCo Plc.

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An analysis of Forbes Africa’s real-time billionaire tracker showed that Otedola’s net worth climbed 46.1 per cent to $1.9bn as of 7 August 2026, from $1.3bn on 9 March. BusinessDay also reported the same increase, identifying Otedola as the fastest-growing billionaire among the 23 Africans tracked by Forbes.

The remarkable increase has been closely linked to First HoldCo, the parent company of FirstBank, where Otedola serves as chairman and largest shareholder.

First HoldCo shares have enjoyed a spectacular rally in 2026, rising more than 200 per cent and turning the financial group into Nigeria’s most valuable listed banking company.

The stock closed at N145.40 on 7 August, compared with N47.90 at the beginning of the year, according to the figures reported by Legit.ng.

The surge has significantly increased the market value of Otedola’s holding while strengthening his influence over the banking group.

Otedola has also continued to buy First HoldCo shares, reinforcing his confidence in the company’s long-term prospects.

In July, his investment vehicle, Calvados Global Services Limited, acquired 1.77 billion additional shares worth N222.2bn. The purchase increased his holdings from 9.99 billion to about 11.8 billion shares and lifted his ownership from 21.9 per cent to 25.9 per cent.

He subsequently bought another 138 million shares worth about N18bn on 6 August, taking his stake to roughly 26 per cent.

Otedola has indicated that he intends to increase his ownership to 51 per cent, signalling an ambition to secure a controlling interest in First HoldCo.

The stock rally has also been supported by stronger financial results.

First HoldCo reported profit after tax of N526.1bn for the six months ended June 2026, representing an 81.6 per cent increase from N289.77bn recorded during the same period in 2025.

Profit attributable to shareholders rose to N522.66bn, with the company pointing to lower impairment charges, improved asset quality and stronger trading income as some of the factors behind the performance.

The combination of stronger earnings and aggressive insider buying has helped fuel investor confidence in the bank’s turnaround.

First HoldCo has also become one of the most actively traded stocks on the Nigerian Exchange. Between 8 May and 7 August, about 6.38 billion shares changed hands in 108,152 deals, with transactions valued at approximately N603bn.

Otedola’s rise comes as wealth across Africa’s billionaire class also expands.

According to Forbes estimates cited in the latest analysis, the combined wealth of Africa’s billionaires increased to $132bn from $123bn in March.

However, the gains remain concentrated. Only seven African billionaires recorded increases in their fortunes during the period, highlighting the uneven distribution of wealth growth across the continent.

Africa’s richest man, Aliko Dangote, also strengthened his position, with his fortune rising by seven per cent to $30.5bn during the period covered by the analysis.

Moroccan property billionaire Anas Sefrioui and South African businessman Johann Rupert also recorded increases of 15.4 per cent and 11.8 per cent respectively.

For Otedola, however, the most significant driver has been his increasingly valuable position in Nigeria’s financial sector.

His First HoldCo strategy has transformed a substantial investment into a major source of wealth growth within months, placing him at the forefront of Africa’s billionaire wealth gains in 2026.

Forbes updates its real-time billionaire estimates during trading hours based on movements in publicly traded holdings, meaning Otedola’s ranking and fortune can continue to change as First HoldCo’s share price moves.

The development makes First HoldCo’s performance particularly important to Otedola’s wealth outlook, especially as he continues to pursue a larger stake in the banking group.

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For now, the dramatic rise has produced a striking milestone for the Nigerian businessman: Otedola is not merely adding to his fortune, but doing so at the fastest pace recorded among Africa’s billionaires tracked by Forbes in 2026.