Otedola Sells Majority Stake in Geregu Power Plc for 1.088 Trillion Naira

Nigerian billionaire businessman, Otedola, has sold a major stake in Geregu Power Plc (NGX: GEREGU) for a transaction value of 1.088 trillion naira, making it one of the largest deals in Nigeria's power sector in recent years. The sale was led by a financial consortium of banks, including Zenith Bank Plc (NGX: ZENITHBANK).

Otedola's company, Amperion Power Distribution Company Limited, reportedly held close to 80% of the issued share capital of Geregu Power Plc. Following the transaction, Otedola retains a minor stake in Geregu Power.

Additionally, Otedola is also a significant shareholder in First Bank Nigeria Plc, further solidifying his presence in the financial services sector.