femi otedola.webp
The Digest:

Billionaire businessman Femi Otedola has sold his majority stake in Geregu Power Plc in a deal valued at $750 million, marking a significant divestment from the power generation company he took public in 2022. According to sources, the sale was facilitated by a consortium of lenders led by Zenith Bank, with Otedola now set to channel billions into the financial sector, where he already holds a leading share in First HoldCo Plc.

Key Points:
  • Otedola sold approximately 75.8% of his stake in Geregu Power Plc
  • The transaction was valued at $750 million and led by Zenith Bank
  • He remains the top shareholder in First HoldCo Plc (formerly First Bank)
  • Geregu Power contributes about 10% of Nigeria’s electricity generation
  • Otedola previously sold his stake in Forte Oil (now Ardova) in 2019
  • The power company’s market value has grown from ₦250bn to nearly ₦2.9tn since listing
  • Otedola is now focusing on new investments in the financial services sector
When a tycoon exits one sector to deepen his presence in another, it’s not just a transaction; it’s a strategic realignment that often foreshadows where money and influence will flow next.

Sources: Premium Times Report, Nairametrics