From diesel pumps in Apapa to the boardroom of Nigeria's oldest bank — Femi Otedola is knocking on the $2 billion door again.

Right, let's talk about a proper comeback.

Nigerian billionaire investor Femi Otedola is officially flirting with the $2 billion club once more. According to Forbes' Real-Time Billionaires ranking as of 21st August 2026, his fortune has ballooned to $1.8 billion, up from $1.3 billion at the start of the year, reports cbinews.tv.

That's a gain of roughly $500 million — or 38.5% — in just eight months. He is now ranked No. 2,342 globally and is just $200 million shy of that magic $2bn mark.

And if you go by other real-time trackers this month, he's already there. Forbes Africa's live tracker put him at $1.9 billion as of 7th August, up 46.1% from March, with some trackers noting his First HoldCo stake alone is now worth over N1.55 trillion.

What's fuelling it? One word: FirstBank.

If you've followed Otedola for a while, you know the pattern. This is a man who made his first fortune with Zenon Petroleum in the early 2000s, dominating diesel supply, then bought African Petroleum, rebranded it as Forte Oil, and cashed out in 2019 to go all-in on power.

That power bet was Geregu Power. He bought the rundown plant generating 80MW, ramped it to 435MW, listed it, and then last year sold most of it for around $750 million, keeping just a 5% slice. It was that sale at a discount to market price that saw Forbes cut his fortune by $200 million in March, dropping him to 22nd richest in Africa with $1.3bn.

Now the story has pivoted again — from megawatts to banking.

Otedola started quietly mopping up FBN Holdings (now First HoldCo Plc) shares back in 2021 when the stock was around N5. He became Chairman in January 2024 and has not looked back.

2026 has been a buying spree like no other. In July, he snapped up 1.779 billion shares for about N222.2 billion through his vehicle Calvados Global Services Limited, taking his beneficial ownership to 25.87%. Then in August, another 147.74 million units at N140 per share for N20.68 billion, pushing him above 26%.

In total, he has committed more than N400 billion — some estimates say over N600 billion — to First HoldCo this year alone. The stock itself has jumped over 152% since January, which explains the Forbes surge. His holding is now valued at over $420 million to $1.13 billion depending on exchange rate calculations, but either way, it's the single biggest driver of his wealth today.

His endgame? Otedola has made no secret of it. He wants 51% and full control.

Why it matters now

This isn't just a numbers game. For context, Otedola last made the Forbes list in 2016 with $1.85bn, fell off, then fought his way back in 2024. To be nearing $2bn again at 63, after two complete sector pivots — from oil marketing to power generation to financial services — is almost unheard of in African business.

It's also happening while he's having a cultural moment. His memoir Making It Big: Lessons from a Life in Business (2025) was first runner-up for the 2026 Business Council for Africa African Business Book of the Year in London, and he was named Activist Investor and Market Maker of the Year.

As cbinews.tv notes, the man who once wanted to be a fuel station attendant's favourite supplier now wants to own Nigeria's most systemic bank. And the market is betting with him.

Source: cbinews.tv

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