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Otedola exits Geregu Power after selling nearly 80% stake for N1.088 trillion
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Deal financed by consortium of banks led by Zenith Bank Plc
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Focus shifts to banking, retaining some shares in Geregu and maintaining 17.01% in First Bank
Billionaire Femi Otedola has sold his majority stake in Geregu Power Plc for N1.088 trillion in a transaction backed by a consortium of banks, led by Zenith Bank Plc, according to the Nigerian Exchange (NGX) announcement on Monday.
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Otedola’s Amperion Power Distribution Company Ltd reportedly held close to 80 percent of the power generation firm before the deal.
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With this development, Otedola, who also chairs First Holdco Ltd, the parent company of First Bank of Nigeria Plc, will now concentrate on expanding his interests in the banking sector.
He continues to hold a portion of shares in Geregu Power and remains the largest shareholder of First Bank, owning 17.01 percent since its establishment in 1894.
