Billionaire businessman Femi Otedola has sold his majority stake in Geregu Power Plc in a massive transaction valued at ₦1.088 trillion, marking one of the biggest deals on the Nigerian Exchange in recent times.
The Nigerian Exchange (NGX) confirmed the development on Monday, noting that the deal was funded by a consortium of banks led by Zenith Bank Plc. Otedola’s company, Amperion Power Distribution Company Ltd, was reported to have held close to 80 percent of Geregu Power before the sale.
Although he has now reduced his holding significantly, Otedola is not completely exiting the company, as he is said to have retained a minority stake in Geregu Power Plc.
With this move, attention is shifting to Otedola’s growing influence in the banking sector. The businessman, who is the Chairman of First Holdco Ltd — the parent company of First Bank of Nigeria Plc — is expected to focus more on expanding his footprint in financial services.
Otedola is currently the single largest shareholder in First Bank, owning about 17.01 percent of the institution, a position that further strengthens his influence in one of Nigeria’s oldest banks, established in 1894.
The deal signals another strategic shift by Otedola, who has over the years moved between energy, commodities, and finance, reshaping his business interests with bold, high-value decisions.
