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

Teenage Boy Shot By Landlord In Owerri While Attempting To Retrieve Football From His Compound Has Died

-
Image
The teenage boy who was shot by his landlord in Imo State for jumping into his house to retrieve a ball during a game of football on his school field has succumbed to his injuries. Paul died at the Specialist Hospital, Umuguma, Owerri barely 24 hours after undergoing surgery. Paul’s guardian, Mr Jonathan Odikanwa, a septuagenarian told the newsmen that his ward passed away on Thursday afternoon, March 20, 2025. The 16-year-old student of Urban Secondary School in the Area N, World Bank Housing area of Owerri had jumped over his school fence to retrieve a ball that entered the yet-to-be-identified landlord’s premises on Monday. However, the property owner got offended and shot Paul in the waist, leaving him to battle for his life at the hospital. Odikanwa had on Wednesday appealed to people to pray for the recovery of his ward as he was being wheeled into the theatre to find out where his bowel movements were impeded. “He has passed away. My son has passed away. The doctors just sai...
Read more

What Abia State Governor, Alex Otti Discussed With Nnamdi Kanu At Sokoto Prison

-
Image
Abia State Governor, Alex Otti has told the Indigenous People of Biafra (IPOB) leader, Mazi Nnamdi Kanu to stay calm and steadfast as he continues efforts to secure his release. It was gathered that the governor visited the IPOB leader at the Sokoto Correctional Centre on Sunday, November 30, 2025. This was disclosed on Sunday night in a statement issued by his Special Adviser on Media and Publicity, Ferdinand Ekeoma. Otti, who was accompanied by Abia State Attorney General and Commissioner for Justice, Ikechukwu Uwanna (SAN); Kanu’s younger brother, Prince Emmanuel Kanu; and senior officials of the Sokoto State government, told Nnamdi Kanu that the processes he initiated more than two years ago toward resolving the issue had been  “heightened despite recent developments.” The governor encouraged Kanu to “remain calm but strong,” assuring him that the matter “will be resolved administratively” and that he would eventually regain his freedom. He also expressed satisfaction that the ...
Read more

Ibom Air Bans Passenger For Life After Violent Assault On Crew And Security At Lagos Airport

-
Image
Nigerian air carrier, Ibom Airlines Limited has banned a passenger identified as Comfort Emmanson, from flying with its airline after she was found assaulting one of the crew members of their aircraft. Emmanson had in a viral video repeatedly slapped a Purser with Ibom Aircraft after she was allegedly told to switch off her phone before take-off. Confirming the incident in a statement on Monday, Ibom Air said the incident happened on Sunday while Emmanson was on board their Uyo to Lagos flight. The statement read, “Shortly before take-off from Uyo, Ms. Emmanson was instructed in line with standard aviation safety procedures to switch off her mobile phone. She bluntly refused to comply until the Pilot-in-Command made an announcement, after which a fellow passenger seated beside her took the phone and switched it off. “This action prompted a verbal tirade from Ms. Emmanson. The situation was eventually calmed, and the flight departed as scheduled. “Upon arrival in Lagos, Ms. Emmanson wai...
Read more