Billionaire businessman Femi Otedola has sold his majority stake in Geregu Power Plc, a leading Nigerian power generating company, for a substantial N1.088 trillion. The deal, facilitated by a consortium of banks led by Zenith Bank Plc, was announced by the Nigerian Exchange (NGX) on Monday. Otedola’s Amperion Power Distribution Company Ltd held approximately 80 percent of Geregu Power Plc prior to the sale.

The sale of Otedola’s stake in Geregu Power Plc marks a significant shift in his business focus. As the Chairman of First Holdco Ltd, the parent company of First Bank of Nigeria Plc, Otedola is expected to concentrate on expanding his interests in the Nigerian banking sector. Notably, he retains some shares in Geregu Power Plc, indicating his continued involvement in the energy industry.

Otedola’s influence in the Nigerian banking sector is substantial, with a 17.01 percent stake in First Bank, making him the single largest shareholder in the bank’s 129-year history. This significant holding underscores his commitment to the financial sector.

The sale of Otedola’s majority stake in Geregu Power Plc for N1.088 trillion is a major transaction in Nigeria’s energy sector. The deal’s financing by a consortium of banks, led by Zenith Bank Plc, highlights the confidence of financial institutions in the country’s power generation industry. As Nigeria continues to navigate its energy landscape, transactions like this are pivotal for the sector’s growth and development.

The Nigerian Exchange’s announcement of the sale provides transparency and insight into the country’s business landscape. The deal’s significance extends beyond the energy sector, as it reflects the evolving interests of key business leaders like Otedola and the role of financial institutions in facilitating major transactions. As the Nigerian economy continues to evolve, such developments will be closely watched by investors and industry observers alike.