Billionaire businessman Femi Otedola has sold his majority stake in Geregu Power Plc in a deal valued at ₦1.088 trillion.
The Nigerian Exchange (NGX) disclosed the transaction on Monday, noting that the sale was financed by a consortium of banks led by Zenith Bank Plc.
Otedola’s company, Amperion Power Distribution Company Ltd, previously held close to 80 per cent of Geregu Power, one of Nigeria’s leading power generation firms.
Following the divestment, Otedola is expected to focus more on expanding his investments in the banking sector, particularly through First Holdco Ltd, the parent company of First Bank of Nigeria Plc, where he serves as chairman. Despite the sale, he is reported to have retained a minority stake in Geregu Power.
The businessman currently owns 17.01 per cent of First Bank, making him the institution’s single largest shareholder since its establishment in 1894.
