Billionaire investor Femi Otedola has sold his controlling stake in Geregu Power Plc in a $750m deal, marking a major exit as the firm’s valuation climbs to ₦2.9 trillion
Otedola Exits Geregu Power in $750m Deal as Firm’s Valuation Soars to ₦2.9trn
Chairman of First HoldCo Plc and billionaire investor Femi Otedola has divested his controlling interest in Geregu Power Plc, the electricity generation company he took public barely three years ago at a market valuation of ₦250 billion, now worth approximately ₦2.9 trillion.
A source familiar with the transaction disclosed that the deal was valued at $750 million, marking one of the largest exits in Nigeria’s power sector in recent years. Until the completion of the transaction, Otedola remained the majority shareholder in the Lagos-listed utility company.
At the time of Geregu Power’s listing on the Nigerian Exchange in October 2022, Otedola held 95.5 per cent of the company through Calvados Global Services and Amperion Power Distribution Company. Over time, strategic sell-downs to investors—including Afreximbank’s Fund for Export Development in Africa and State Grid Corporation of China—reduced his stake to 76.4 per cent as of September 2025, according to the company’s latest financial report.
Stock exchange filings further revealed that between September and now, Otedola offloaded an additional 14.5 million shares through Amperion. This latest transaction represents about 1.9 billion units, equivalent to 75.8 per cent of Geregu Power’s total issued shares, effectively completing his exit from the company.
Industry insiders said the buyout was facilitated by a consortium of lenders led by Zenith Bank, with BlackBirch Capital serving as the financial adviser to the transaction.
Despite the ownership change, Geregu Power has continued to post strong financial performance. The company recorded a 3.8 per cent increase in net profit to ₦25.1 billion in the first nine months of the year, while revenue grew at a faster pace amid rising costs of sales. Total assets expanded by nearly 60 per cent, reaching ₦273.1 billion within three years of its public listing.
Sources close to the billionaire investor said Otedola is now positioning more of his wealth in the financial services sector, where he is currently the largest shareholder in First HoldCo Plc, owning 16.9 per cent of the banking group.
Geregu Power, located in Ajaokuta, Kogi State, was incorporated in November 2006 under the defunct Power Holding Company of Nigeria (PHCN). The power plant, built and inaugurated by the Federal Government in February 2007, was among the five thermal generation companies created following the privatisation of Nigeria’s power sector.
In November 2013, Amperion acquired a 51 per cent controlling stake in Geregu Power for ₦20.5 billion, a deal that paved the way for Otedola’s deeper involvement. He later financed further acquisitions in the power company with proceeds from the ₦64.9 billion sale of Forte Oil (now Ardova Plc) to Prudent Energy in 2019.
According to information on Geregu Power’s website, the plant currently contributes an average of 10 per cent of Nigeria’s electricity generation, with an installed capacity of 435 megawatts (MW). Read More
