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. Prior to the sale, Otedola’s Amperion Power Distribution Company Ltd held approximately 80 percent of Geregu Power Plc.
The sale marks a significant shift in Otedola’s business focus. As chairman of First Holdco Ltd, the parent company of First Bank of Nigeria Plc, he is expected to concentrate on expanding his interests in the Nigerian banking sector. Nonetheless, he retains a minority shareholding in Geregu Power Plc, indicating continued involvement in the energy industry.
Otedola’s influence in the 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 holding underscores his commitment to the financial sector.
The N1.088 trillion transaction is a major development for Nigeria’s energy market, and the financing by a bank consortium led by Zenith Bank highlights financial institutions’ confidence in the country’s power‑generation industry. The Nigerian Exchange’s announcement provides transparency and insight into the nation’s business landscape.
Beyond the energy sector, the deal reflects the evolving interests of key business leaders like Otedola and the pivotal role of financial institutions in facilitating large‑scale transactions. As the Nigerian economy continues to evolve, such developments will be closely watched by investors and industry observers alike.
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