Billionaire investor Femi Otedola has offloaded his controlling stake in Geregu Power Plc in a landmark transaction valued at ₦1.088 trillion, making it one of the largest deals in Nigeria’s power sector in recent times.
The Nigerian Exchange Limited (NGX) confirmed the development on Monday, noting that the acquisition was funded by a consortium of banks led by Zenith Bank Plc.
Prior to the sale, Otedola’s Amperion Power Distribution Company Limited held nearly 80% of Geregu Power, one of the country’s prominent electricity generation companies.
While the deal has reduced his majority control, Otedola is reported to have retained a minority shareholding in Geregu Power, ensuring he remains connected to the firm.
Otedola continues to wield considerable influence in Nigeria’s financial sector. As Chairman of First Holdco Limited—the parent company of First Bank of Nigeria Plc—he currently owns a 17.01% stake in the bank, making him the single largest shareholder since the bank’s founding in 1894.
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Analysts suggest that the Geregu Power transaction could signal Otedola’s intention to further concentrate on financial services, potentially expanding his footprint in Nigeria’s banking industry in the coming years.
