Otedola Offloads Geregu Power Shares in Landmark N1 Trillion Deal

Nigerian businessman, Femi Otedola has sold his controlling stake in Geregu Power Plc in a transaction valued at approximately N1 trillion, marking one of the largest deals in the country’s power sector.

The sale involved Otedola’s investment vehicle, which previously held nearly 80 percent of Geregu Power’s shares.

Under the agreement, a domestic energy company acquired the majority interest, effectively becoming the new controlling shareholder of the entity that holds the bulk of Geregu’s capital.

Although the transaction did not directly change the official shareholdings listed on the Nigerian Exchange, the ultimate ownership of about 77 percent of Geregu Power’s issued capital has shifted as a result of the deal.

Geregu Power, one of Nigeria’s leading electricity generation firms, has expanded significantly under Otedola’s leadership, increasing its capacity and market presence.

The company’s strong performance helped position it as a key player in Nigeria’s power sector.

Otedola’s exit from a majority position comes as he looks to refocus his investments, particularly in the banking and financial services sector, where he remains a major shareholder in First Bank of Nigeria.

Analysts say the transaction reflects broader trends in Nigeria’s energy market, with early investors in the post-privatisation power generation sector realising gains and repositioning capital. As new ownership takes effect, Geregu Power has also confirmed updates to its board of directors to align with the company’s evolving governance.

The company continues to play a significant role in supplying electricity to Nigeria’s national grid and remains a prominent fixture in the country’s capital market.