Billionaire businessman, Femi Otedola, 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 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.
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