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 largest deals in Nigeria’s power sector in recent years.
The Nigerian Exchange Limited announced the development on Monday, noting that the transaction was financed by a consortium of banks led by Zenith Bank Plc.
Before the sale, Otedola’s company, Amperion Power Distribution Company Limited, reportedly held close to 80 per cent of the issued share capital of Geregu Power Plc, one of Nigeria’s leading power generation firms.
Although the transaction has significantly reduced his control of the company, Otedola is said to have retained a minority stake in Geregu Power following the deal.
The businessman is currently the Chairman of First Holdco Limited, the parent company of First Bank of Nigeria Plc, and has steadily increased his influence within the financial services sector over the past few years.
Otedola is said to own 17.01 per cent of First Bank of Nigeria Plc, making him the single largest shareholder in the financial institution since its establishment in 1894.
His growing stake has reinforced his position as a key player in Nigeria’s banking landscape, amid expectations that he may further strengthen his investment in the sector following the Geregu Power sale.