Billionaire Femi Otedola has officially sold his stake in Geregu Power Plc, marking a significant divestment in Nigeria’s energy sector. The deal, valued at approximately $750 million, reflects a major shift in ownership for one of the country’s key power generation companies.
Eko Hot News reports that Otedola sold his controlling interest to Amperion Power Distribution Limited, a subsidiary of the Amperion Group, ending his direct role in the NGX-listed company. The transaction was conducted in US dollars, signalling strong foreign investor confidence despite economic and regulatory challenges in the Nigerian electricity market.
Geregu Power, based in Kogi State, has been a central player in Nigeria’s electricity supply, generating power for both the national grid and commercial consumers. Analysts note that this sale could pave the way for further private sector investments in the country’s power infrastructure.
Otedola, known for strategic investments across Nigeria’s energy and finance sectors, had been a major shareholder in Geregu Power for several years. His exit follows a broader trend of portfolio diversification among Nigerian high-net-worth investors.
The Nigerian power sector continues to attract both local and international attention, with investors eyeing opportunities in generation, distribution, and renewable energy projects. Observers suggest that Amperion’s acquisition may accelerate operational efficiencies and expand electricity supply across key regions.
This divestment also underscores the growing influence of foreign capital in Nigeria’s energy market, demonstrating confidence in long-term growth potential while creating opportunities for further privatisation and investment.
