Billionaire businessman Femi Otedola has sold his majority stake in Geregu Power Plc for N1.088 trillion in a deal financed by a consortium of banks led by Zenith Bank Plc.
The Nigerian Exchange (NGX) announced the transaction on Monday.
Otedola’s investment vehicle, Amperion Power Distribution Company Ltd, was reported to hold nearly 80 per cent of the power generation company before the sale.
Following the divestment, Otedola—who is the Chairman of First Holdco Ltd, the parent company of First Bank of Nigeria Plc—is expected to focus more on expanding his interests in Nigeria’s banking sector. He, however, retains a minority stake in Geregu Power.
Otedola is currently the single largest shareholder in First Bank, owning about 17.01 per cent of the institution, a position he holds in a bank established in 1894.