Billionaire Femi Otedola has divested his controlling stake in Geregu Power Plc in a transaction valued at N1.088 trillion, according to the Nigerian Exchange (NGX). The acquisition was financed by a banking consortium led by Zenith Bank Plc.
Otedola’s Amperion Power Distribution Company had held nearly 80 percent of the power generation company. Following the sale, Otedola is expected to shift his focus toward growing his holdings in Nigeria’s banking sector, where he remains a major player.
Currently, Otedola holds 17.01 percent of First Bank of Nigeria Plc, making him the single largest shareholder in the institution since its founding in 1894. While he has exited Geregu Power as a majority stakeholder, he still retains a partial share in the company.