Billionaire entrepreneur Femi Otedola has finalized the sale of his controlling interest in Geregu Power Plc, in a transaction valued at N1.088 trillion.

The deal was backed by a consortium of banks, with Zenith Bank Plc leading the financing.
Prior to the sale, Otedola’s Amperion Power Distribution Company Ltd held close to 80 percent of Geregu Power.

Following this transaction, he is expected to shift his focus toward expanding his investments in the Nigerian banking sector, while still retaining a minority stake in the power company.

Otedola is also the largest single shareholder in First Bank of Nigeria Plc, holding 17.01 percent of the bank’s shares. He chairs First Holdco Ltd, the parent company of First Bank.
The Nigerian Exchange (NGX) confirmed the completion of the deal on Monday.