A BusinessDay analysis of Forbes Africa’s real-time billionaire tracker showed that Otedola’s net worth increased from $1.3 billion on March 9 to $1.9 billion as of 3:30 p.m. on August 7, representing a $600 million increase in less than five months.

The latest surge builds on Otedola’s return to the Forbes World’s Billionaires list in March 2024 with an estimated fortune of $1.4 billion, his first appearance on the ranking since 2016.

According to Forbes, Otedola’s wealth is derived from investments in First HoldCo, Zenith Bank and prime real estate assets in Lagos, Dubai, London and Monaco. However, the sharp increase in his fortune this year has been largely attributed to the appreciation of his First HoldCo investment.

Among the 23 African billionaires tracked by Forbes, no other individual has recorded a faster rate of wealth growth in 2026.

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Africa’s richest man, Aliko Dangote, has seen his fortune increase by seven percent to $30.5 billion this year, while Moroccan property billionaire Anas Sefrioui and family recorded a 15.4 percent gain. South African luxury goods magnate Johann Rupert and family posted an 11.8 percent increase.

The figures highlight the growing influence of listed financial stocks on wealth creation, with gains in the banking sector outpacing wealth growth across several industrial, commodities and consumer businesses.

Forbes updates billionaire net worth estimates every five minutes during trading hours, based largely on movements in publicly traded holdings, while privately held assets are reassessed periodically.

The biggest catalyst for Otedola’s wealth increase has been the strong performance of First HoldCo, where he serves as chairman and largest shareholder.

First HoldCo shares have surged as investors responded to aggressive insider buying, improving earnings and growing confidence in management’s strategy to transform the group.

The lender overtook Guaranty Trust Holding Company and Zenith Bank by market capitalisation on July 20 and became the first Nigerian banking group to surpass a ₦6 trillion market value, equivalent to about $4.4 billion. The milestone also positioned First HoldCo as Nigeria’s most valuable listed lender and the eighth-largest company on the Nigerian Exchange.

At ₦145.40, its closing share price on Friday, First HoldCo ranked as the second-most expensive banking stock on the NGX after Stanbic IBTC Holdings, which closed at ₦161.20.

The stock has more than tripled since the beginning of the year. African Stock Exchanges reported that First HoldCo began 2026 at ₦47.90 and had gained 204 percent year-to-date, making it the eighth-best-performing stock on the NGX.

The platform also reported that the stock gained 110 percent over the preceding four weeks, describing it as the strongest performance on the exchange.

First HoldCo has also emerged as the most traded stock on the Nigerian Exchange over the three months to August 7. During the period, the stock recorded a total trading volume of 6.38 billion shares in 108,152 deals, valued at approximately ₦603 billion ($441.8 million).

Unlike rallies driven primarily by speculation, First HoldCo’s share price appreciation has been supported by sustained insider buying, stronger earnings and renewed investor confidence in the group’s transformation strategy.

Otedola has played a major role in the renewed investor interest through a series of aggressive share acquisitions.

Late last month, he acquired an additional 1.77 billion First HoldCo shares through his investment vehicle, Calvados Global Services Limited, in a transaction valued at approximately ₦222.2 billion ($162.8 million), according to a regulatory filing with the NGX.

The transaction increased his holding from 9.99 billion shares to 11.8 billion shares and raised his ownership stake from 21.9 percent to 25.9 percent.

The acquisition came less than a week after Otedola purchased 706.1 million shares valued at ₦77.6 billion ($56.9 million) on July 22, further strengthening his position as First HoldCo’s largest shareholder.

His buying spree continued on August 6, when regulatory filings showed that he acquired another 138 million shares worth approximately ₦18 billion ($13.2 million), taking his stake to about 26 percent.

The sustained acquisitions have been interpreted by investors as a strong vote of confidence in First HoldCo’s long-term prospects and have contributed to broader market interest in the stock.

Otedola’s strategy also reflects a longer-term investment approach. Following the gradual monetisation of his investment in Geregu Power, which Forbes estimates generated about $750 million in proceeds, the billionaire has increasingly focused on building a controlling position in First HoldCo.

The businessman has publicly stated his intention to raise his stake in the banking group to 51 percent, signalling that he views First HoldCo as a strategic, long-term investment rather than a short-term financial play.

Meanwhile, First HoldCo’s financial performance has provided additional support for the market’s bullish sentiment.

The group reported ₦526.1 billion ($385.6 million) profit after tax for the six months ended June 2026, representing an 81.6 percent increase from ₦289.77 billion recorded in the corresponding period of 2025.

Profit attributable to shareholders rose to ₦522.66 billion ($383 million) from ₦286.4 billion, supported by lower impairment charges, improved asset quality and stronger trading income despite softer interest income.

The performance marks a significant improvement from 2025, when earnings were affected by sizeable one-off provisions on legacy non-performing loans as management accelerated efforts to strengthen the group’s balance sheet.

The stronger results have helped reinforce the perception that First HoldCo’s re-rating is being supported by improving fundamentals rather than speculative trading, strengthening both the bank’s valuation and Otedola’s personal fortune.

The broader African billionaire rankings also point to changing patterns of wealth creation across the continent.

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According to Forbes, the combined wealth of Africa’s billionaires increased to $132 billion in August, up from $123 billion in March, continuing an upward trend from $116 billion last year and $82.4 billion in 2024.

However, wealth gains have become increasingly concentrated. Only seven African billionaires have increased their fortunes this year, compared with 12 during the same period last year. Fourteen have recorded no change, while two have seen their fortunes decline.

Against this backdrop, Otedola’s 46.1 percent increase stands out as the continent’s biggest billionaire wealth gain in 2026.

His rising fortune illustrates how a successful corporate turnaround, aggressive insider investment and stronger earnings can rapidly reshape both a company’s market value and the wealth of its largest shareholder.

With Otedola targeting a 51 percent stake in First HoldCo, investors will be watching whether continued share accumulation, stronger earnings and further execution of the group’s transformation strategy can sustain the banking stock’s rally, and keep the Nigerian businessman at the top of Africa’s billionaire wealth-growth rankings.