- Femi Otedola Sells Majority Stake In Geregu Power In ₦1 Trillion Deal
- Deal ranks among Nigeria’s largest power sector transactions
- Otedola remains First Bank’s biggest shareholder
Billionaire businessman and investor, Femi Otedola, has sold his majority stake in Geregu Power Plc in a transaction valued at ₦1.088 trillion, marking one of the biggest deals in Nigeria’s power sector in recent years.
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EKO HOT BLOG reports that the Nigerian Exchange Limited announced the development on Monday, stating that the transaction was financed by a consortium of banks led by Zenith Bank Plc.
Before the divestment, Otedola’s firm, Amperion Power Distribution Company Limited, held nearly 80 per cent of the issued share capital of Geregu Power Plc, one of Nigeria’s leading electricity generation companies.
The sale significantly reduced Otedola’s control of the power firm, although he is understood to have retained a minority stake in Geregu Power following the transaction.
Geregu Power Plc is a key player in Nigeria’s electricity market, supplying power to the national grid and contributing to efforts to improve energy availability across the country.
Otedola currently serves as Chairman of First Holdco Limited, the parent company of First Bank of Nigeria Plc, and has steadily expanded his influence within the financial services sector over the last few years.
The businessman is reported to own 17.01 per cent of First Bank of Nigeria Plc, making him the single largest shareholder in the bank since its establishment in 1894.
His growing stake has further cemented his position as a major figure in Nigeria’s banking industry, amid expectations that he may increase his investments in the sector following the Geregu Power transaction.
