Billionaire dealmaker Femi Otedola has pulled off a mouthwatering ₦1.088 trillion exit from Geregu Power Plc, cashing out his majority stake in one of Nigeria’s biggest power generation firms.
The blockbuster transaction, financed by a consortium of banks led by Zenith Bank Plc, was officially announced by the Nigerian Exchange (NGX) on Monday.
Otedola’s company, Amperion Power Distribution Company Ltd, had controlled close to 80 per cent of Geregu Power.
While he has sold off the bulk of his holdings, insiders say he still retains a minority interest in the company.
The business move is widely seen as a strategic redirecting of investments, with Otedola set to deepen his grip on Nigeria’s banking sector.
He currently owns 17.01 per cent of First Bank of Nigeria Plc, making him the single largest shareholder in the institution’s long history dating back to 1894.
He also serves as chairman of First Holdco Ltd, the bank’s parent company.
Otedola’s business rise began in the energy space with the launch of Zenon Oil in 2003, a diesel marketing firm that went on to dominate about 93 per cent of the market.
In 2007, he acquired African Petroleum (AP), later rebranding it as Forte Oil, before exiting in 2019 to focus squarely on power generation through Geregu.
Under his watch, Geregu Power underwent a dramatic turnaround, with generation capacity surging from a modest 80 megawatts to 435 megawatts, cementing its status as a major player in Nigeria’s electricity sector.
His banking bet has also yielded massive returns. First Bank shares were trading at about ₦5 when he began investing but closed at ₦53 on Friday, reflecting a meteoric rise in value.
Beyond boardrooms and balance sheets, Otedola is also an author, penning the Amazon bestseller, ‘Making It Big: Lessons from a Life in Business’, where he shares insights from his high-stakes journey through Nigeria’s corporate landscape.
