Otedola sells Geregu Power shares for N1trn

Billionaire businessman Femi Otedola has sold his majority stake in Geregu Power Plc for N1.088 trillion, marking a major shift in his business focus.

The deal, which was financed by a syndicate of lenders led by Zenith Bank Plc, was disclosed by the Nigerian Exchange Group (NGX) on Monday, December 29, 2025.

Prior to the sale, Otedola’s investment vehicle, Amperion Power Distribution Company Limited, owned close to 80 per cent of the power generation firm.

It was gathered that Otedola, who also chairs First Holdco Limited — the parent company of FirstBank of Nigeria — plans to deepen his investments in the banking sector, although he will retain a minority interest in Geregu Power.

Otedola is currently the largest single shareholder in FirstBank, holding 17.01 per cent of the institution, which was founded in 1894.

The billionaire made his name in the energy industry after establishing Zenon Oil in 2003, a diesel marketing firm that went on to dominate about 93 per cent of the market.

He later acquired African Petroleum (AP) in 2007, rebranding it as Forte Oil, before exiting the company in 2019 to concentrate on power generation through Geregu.

Otedola buys another N14.8bn shares in First HoldCo, raises stake to 18%

Under his stewardship, Geregu Power’s output expanded dramatically from about 80 megawatts to its current capacity of 435 megawatts.

In a regulatory filing on the NGX, Geregu Power announced a change in the ownership structure of Amperion, its majority shareholder.

The company said its board had been formally notified of the completed transaction.

According to the disclosure, MA’AM Energy Limited has acquired a 95 per cent equity stake in Amperion Power Distribution Company Limited, making it the new controlling shareholder.

As a result, the indirect controlling interest previously held by Calvados Global Services Limited and Otedola in Geregu Power has been transferred to MA’AM Energy.

Geregu, however, clarified that the transaction did not involve a direct sale of its shares, stressing that its shareholding structure on the NGX remains unchanged.

The Star