Otedola Cashes Out N1.088tr as Banks Close Nigeria’s Biggest Power Sector Deal

|By Babatunji Wusu

Billionaire investor Femi Otedola has divested his majority stake in Geregu Power Plc in a landmark N1.088 trillion transaction financed by a consortium of banks led by Zenith Bank Plc.

The Nigerian Exchange (NGX) disclosed the deal on Monday, confirming a significant ownership shift in one of Nigeria’s largest power generation companies.

Before the sale, Otedola’s Amperion Power Distribution Company Limited controlled nearly 80 percent of Geregu Power. The transaction substantially reduces his exposure to the power sector, although he retains a minority holding in the company.

Market sources say the divestment frees capital for Otedola to deepen his footprint in Nigeria’s banking industry. He currently serves as Chairman of First Holdco Limited, the parent company of First Bank of Nigeria Plc.

Otedola holds 17.01 percent of First Bank, making him the institution’s single largest shareholder since its establishment in 1894.

The deal ranks among the largest equity transactions in Nigeria’s corporate history and underscores sustained investor confidence in the country’s financial sector.