Femi Otedola Sells Stake in Geregu Power for N1.088 Trillion

Nigerian businessman Femi Otedola has sold a significant stake in Geregu Power Plc (NGX: GEREGU) for N1.088 trillion to a consortium led by Zenith Bank Plc (NGX: ZENITHBANK). Otedola, who owns 17.01% of First Bank, will now concentrate on expanding his investments in the Nigerian banking sector.

The shareholding structure of Geregu has changed with Amperion Power Distribution Company Ltd becoming the new controlling shareholder. This transaction does not involve a direct sale of shares in Geregu Power Plc, maintaining the company's share structure on the NGX.