Billionaire businessman Femi Otedola has sold his ownership stake in Geregu Power Plc. His stake reportedly sold for N1.088 trillion in a deal financed by a consortium of banks led by Zenith Bank Plc.
Otedola said the divestment is part of a strategic decision to redirect capital into Nigeria’s financial services sector. He said the move reflects confidence in long term opportunities within banking and financial institutions.
Geregu Power is one of Nigeria’s major power generation companies. The firm operates a power plant in Kogi State and supplies electricity to the national grid.
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Otedola said he plans to invest billions of naira in the financial sector.
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