Breaking: Femi Otedola Offloads Controlling Stake In Geregu Power Plc

According to Ireporter Online, billionaire investor Femi Otedola has divested his majority holding in Geregu Power Plc in a landmark transaction valued at approximately ₦1.088 trillion, ranking among the most significant deals recorded in Nigeria’s power sector in recent times.

The Nigerian Exchange Limited confirmed the development on Monday, disclosing that the acquisition was financed by a consortium of financial institutions led by Zenith Bank Plc. Prior to the sale, Otedola’s investment vehicle, Amperion Power Distribution Company Limited, reportedly controlled nearly 80 per cent of Geregu Power’s issued share capital, positioning him as the dominant shareholder in the power generation company.

Following the transaction, Otedola’s controlling interest in Geregu Power has been substantially reduced, although he is understood to have retained a minority stake in the firm. Geregu Power remains one of the country’s leading electricity generation companies, with a key role in Nigeria’s energy supply.

Beyond the power sector, Otedola continues to expand his footprint in financial services. He currently serves as Chairman of First Holdco Limited, the parent company of First Bank of Nigeria Plc, and has steadily increased his shareholding in the banking group over the past few years.

Market analysts note that Otedola now holds 17.01 per cent of First Bank of Nigeria Plc, making him the largest single shareholder in the institution since its founding in 1894. His rising influence has further cemented his status as a major force in Nigeria’s banking industry, with expectations that proceeds from the Geregu Power transaction could fuel additional investments in the sector.