Deal values Geregu Power at $750 million as Nigerian billionaire Otedola reallocates capital toward banking and broader financial services investments growth.
Nigerian billionaire Femi Otedola has sold his controlling interest in Geregu Power Plc in a deal valued at about $750 million, marking a major shift away from the power sector as he prepares to deploy fresh capital into financial services.
The transaction ends Otedola’s long-running involvement in Geregu Power, one of Nigeria’s largest electricity generation companies, and underscores his growing focus on banking and related investments. A source with direct knowledge of the deal confirmed the valuation.
Otedola, who is chairman of First HoldCo Plc, the parent company of First Bank of Nigeria, had been the majority owner of Geregu Power since taking the company public in October 2022. At the time of listing, Geregu Power was valued at about ₦250 billion. Its market capitalization has since risen sharply to roughly ₦2.9 trillion.
At listing, Otedola held a 95.5 percent stake in the company through Calvados Global Services and Amperion Power Distribution Company. Over time, his ownership was gradually diluted as strategic investors entered, including Afreximbank’s Fund for Export Development in Africa and China’s State Grid Corporation.
Read Also: FBN Holdings Speaks On Femi Otedola’s Takeover
By September 2025, his stake had fallen to 76.4 percent, according to the company’s latest financial disclosures. Stock exchange filings show that between September and now, Otedola sold an additional 14.5 million shares through Amperion, bringing the total divestment to about 1.9 billion shares, or roughly 75.8 percent of Geregu Power’s issued share capital.
People familiar with the transaction said the buyout was facilitated by a consortium of lenders led by Zenith Bank, with BlackBirch Capital acting as financial adviser.
Geregu Power has reported steady financial growth despite rising costs. Net profit for the first nine months of the year rose 3.8 percent to ₦25.1 billion, while revenue increased at a faster pace, driven in part by higher operating expenses. Total assets have grown by about 60 percent since the company’s stock market debut.
Founded in 2006 and located in Ajaokuta, Geregu Power was originally developed by the Nigerian government and privatized in 2013, when Amperion acquired a controlling stake. The plant currently has an installed capacity of 435 megawatts and contributes about 10 percent of Nigeria’s electricity generation.
Otedola is now expected to channel more of his wealth into the financial sector. He is currently the largest individual shareholder in First HoldCo, with a 16.9 percent stake, reinforcing his position as a key figure in Nigeria’s banking industry.
