Otedola sells shares in Geregu Power for N1.088 trillion

Otedola sells shares in Geregu Power for N1.088 trillion

Femi Otedola, billionaire businessman, 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 deal was announced by the Nigerian Exchange (NGX) on Monday.

Otedola’s Amperion Power Distribution Company Ltd held nearly 80 percent of the power generating company.

Otedola currently owns 17.01 percent of First Bank — its single largest shareholder since it was established in 1894.