Otedola Cashes Out Of Geregu Power In N1.09Trn Mega Deal, Shifts Focus To Banking

Billionaire investor Femi Otedola has sold his majority stake in Geregu Power Plc in a landmark N1.088 trillion transaction, marking one of the biggest deals in Nigeria’s power sector.
The divestment, disclosed by the Nigerian Exchange (NGX) on Monday, was financed by a consortium of banks led by Zenith Bank Plc. Otedola’s investment vehicle, Amperion Power Distribution Company Ltd, previously held nearly 80 percent of Geregu Power.
Sources say Otedola, who is chairman of First Holdco Ltd, the parent company of First Bank of Nigeria Plc, will now intensify his push into the banking sector, although he retains a minority stake in Geregu Power.
Otedola is currently the single largest shareholder in First Bank, holding 17.01 percent of the institution, a status he has maintained since emerging as a major investor in the bank.
His business ascent began in the energy sector with the founding of Zenon Oil in 2003, which at its peak controlled about 93 percent of Nigeria’s diesel market. He later acquired African Petroleum (AP) in 2007, rebranding it as Forte Oil, before exiting the company in 2019 to concentrate on power generation.
Under his ownership, Geregu Power’s output expanded dramatically from 80 megawatts to 435 megawatts, transforming the once run-down plant into one of Nigeria’s key power assets.
Otedola’s growing influence in banking has also mirrored strong market performance. First Bank shares, which traded at about N5 when he began investing, closed at N53 on Friday.
He is also the author of the Amazon bestseller Making It Big: Lessons from a Life in Business.