Femi Otedola has sold most of his shares in Geregu Power Plc in a transaction valued at N1.088 trillion. The Nigerian Exchange announced that the deal was backed by a group of banks, with Zenith Bank Plc leading the financing.
Before the sale, Otedola’s company, Amperion Power Distribution Company Limited, controlled close to 80 percent of Geregu Power. Following the transaction, he still keeps a smaller stake in the power firm but is no longer the majority shareholder.
Sources say the move is part of Otedola’s plan to focus more on the banking sector. He currently serves as Chairman of First Holdco Limited, the parent company of First Bank of Nigeria Plc. Otedola is also known to be the largest single shareholder in First Bank, holding about 17.01 percent of the bank’s shares.
Despite reducing his involvement in Geregu Power, Otedola remains active in Nigeria’s business space, with strong interests in finance and other key sectors of the economy.
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