Nigerian 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, made this announcement on Monday.
Otedola’s Amperion Power Distribution Company Ltd reportedly held nearly 80 percent of the power generating company. He has also stepped down as Chairman, Board of Directors, at Geregu Power, given the sale of his majority stake. Abdulaziz Yari is now the new Chairman of Board of Directors at Geregu Power.
With this new development, Otedola, Chairman of First Holdco Ltd, parent company of First Bank of Nigeria Plc, will reportedly now concentrate on expanding his interest in the Nigerian banking sector, although he still retains some shares in Geregu.
Otedola is said to currently own 17.01 percent of First Bank — its single largest shareholder since the bank was established in 1894
