By Obinna Uballa
Billionaire Femi Otedola has exited his controlling stake in Geregu Power Plc in a landmark deal worth N1.088 trillion, in a transaction backed by a consortium of banks led by Zenith Bank Plc. The sale was announced by the Nigerian Exchange (NGX) on Monday.
Otedola’s Amperion Power Distribution Company Ltd previously held nearly 80 percent of Geregu Power. Though he has sold his majority holding, he retains a minority share in the company.
Following the sale, Otedola is reportedly refocusing on the banking sector, where he is the chairman of First Holdco Ltd, the parent company of First Bank of Nigeria Plc. He currently holds 17.01 percent of First Bank, making him its largest shareholder since the bank’s founding in 1894.
Otedola began his rise in business through the energy sector, launching Zenon Oil in 2003, which at its peak controlled about 93 percent of Nigeria’s diesel market. He later acquired African Petroleum (AP), rebranding it Forte Oil, before exiting the downstream oil business in 2019 to concentrate on power generation with Geregu. Under his leadership, Geregu’s output grew from 80MW to 435MW.
His investments in First Bank have also proven lucrative. The bank’s share price rose from N5 when he began investing to N53 as of last Friday.
Otedola, author of the Amazon bestseller Making It Big: Lessons from a Life in Business, now appears set to leverage his experience and capital to deepen his influence in Nigeria’s financial sector.
