Billionaire Businessman, Femi Otedola Sells Shares In Geregu Power For ₦1 Trillion

-


Femi Otedola

Billionaire businessman, Femi Otedola has sold his majority stake in Geregu Power Plc for ₦1.088 trillion, in a transaction funded by a consortium of banks led by Zenith Bank Plc.

The Nigerian Exchange (NGX) made this announcement on Monday.

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

With this new development, Otedola, Chairman of First Holdco Ltd, parent company of First Bank of Nigeria Plc, will reportedly now concentrate on expanding his interest in the Nigerian banking sector, although he still retains some shares in Geregu.

Otedola is said to currently own 17.01 percent of First Bank — its single largest shareholder since the bank was established in 1894.

Comments

Post a Comment

Popular posts from this blog

“He Was There” – Jeffrey Epstein’s Victim Accuses President Trump Of Lying About Ties To Late Financier

-
Image
  Maria Farmer has called out President Donald Trump, accusing him of lying.   The artist and one of the earliest accusers of Jeffrey Epstein and Ghislaine Maxwell accused Trump of lying about his alleged presence at Epstein’s Manhattan office in the 1990s.   In an emotional interview on CNN’s Erin Burnett OutFront on Monday, July 21, Farmer recounted a disturbing encounter she says took place in 1995 when she was 25 years old. At the time, Epstein had recruited her for art-related work and summoned her to his office one evening.   Dressed in exercise shorts after running to the meeting, Farmer says she was left waiting when she noticed a “tall, imposing” man in the room—Donald Trump. “He walked up a few feet from me and just stood over me in a very imposing way,”  she recalled.  “He looked at me like he was in on some secret or something. It was really weird, like smirking. And I felt threatened.”   Farmer said she reacted with an “ugly” face, prompti...
Read more

Court Orders Nigerian Government To Serve Court Documents On Nnamdi Kanu Ahead Of Trial

-
Image
  The Federal High Court in Abuja has given an order to the Federal Government.   It ordered the Federal Government to always serve Biafra agitator, Nnamdi Kanu with documents and materials intended to be submitted as exhibits before they are tendered in court.   Justice James Omotosho said such documents and materials must be front loaded and be made available to the defendant as required by law so as not to catch him unawares in the defense of terrorism charges filed against him.   The judge issued the order on Tuesday during the resumption of Kanu’s trial on terrorism charges.   Issues arose when the second prosecution witness (PW2), codenamed as PWBBB, testified that he was assigned by the Attorney General of the Federation to investigate Kanu.   He described Kanu as the operator of Radio Biafra and the founder of the Eastern Security Network (ESN). However, attempts by the Federal Government through its lawyer, Adegnoyega Awomolo (SAN), to tender a let...
Read more

Ibom Air Passenger Remanded In Prison

-
Image
  Comfort Emmanson, a passenger of Ibom Air who had a fight with officials has been arraigned and remanded in custody.   A video of her in a flight inbound Lagos from Uyo has since gone viral.   The Special Adviser to the Minister of Aviation and Aerospace Development, Festus Keyamo, on Media and Communications, Tunde Moshood, who revealed this, said Emmanson has been remanded in the Kirikiri correctional facility.   Moshood disclosed this in a post on X on Monday shortly after the Nigeria Civil Aviation Authority (NCAA), said enforcement action will soon become more frequent in Nigerian airports as unruly conduct by passengers becomes rampant.
Read more