Billionaire Femi Otedola has sold his majority interest in Geregu Power Plc for N1.088 trillion in a transaction backed by a consortium of banks led by Zenith Bank Plc. The Nigerian Exchange (NGX) confirmed the deal on Monday.
Otedola’s Amperion Power Distribution Company Ltd previously held nearly 80 percent of the power generation firm.
Following the sale, Otedola, who also serves as Chairman of First Holdco Ltd—the parent company of First Bank of Nigeria Plc—is expected to focus more on expanding his investments in the Nigerian banking sector, though he still retains a minority stake in Geregu Power.
He is currently the largest shareholder of First Bank, holding 17.01 percent of the company since its founding in 1894.
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