Billionaire businessman Femi Otedola has sold his controlling stake in Geregu Power Plc in a deal valued at N1.088 trillion, funded by a consortium of banks led by Zenith Bank Plc. The transaction was confirmed on Monday by the Nigerian Exchange (NGX).
Otedola’s investment firm, Amperion Power Distribution Company Ltd, previously owned nearly 80 percent of Geregu Power. While he has divested his majority holding, he retains a minority share in the company.
The move signals a strategic shift for Otedola toward the banking sector, where he serves as chairman of First Holdco Ltd, the parent company of First Bank of Nigeria Plc. He currently owns 17.01 percent of First Bank, making him its largest single shareholder since its founding in 1894.
Otedola made his initial mark in the energy sector with the establishment of Zenon Oil in 2003, which came to control around 93 percent of the diesel market. In 2007, he acquired African Petroleum (AP), later rebranded Forte Oil, before exiting in 2019 to focus on power generation. Under his leadership, Geregu Power’s capacity rose from 80MW to 435MW.
His banking investments have also flourished, with First Bank’s share price rising from N5 when he first invested to N53 as of last Friday.
Otedola, author of the Amazon bestseller Making It Big: Lessons from a Life in Business, is now poised to expand his influence in Nigeria’s financial sector following his exit from full-scale power generation.
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