Make I gist you wetin happen for Naija power sector! Our guy, billionaire Femi Otedola, don waka go sell him majority stake for Geregu Power Plc. E no be small matter o, as the money wey dem yan say e cash out na N1.088 trillion! Omo, na serious business be this!

This deal, wey dem say don happen through one sharp consortium of banks wey Zenith Bank dey lead, don make Otedola shift focus to banking side. You sabi say this man na the chairman for First HoldCo, wey dey run First Bank of Nigeria? So, e no dey waste time at all.

Before this sale, Otedola hold 76.4% of Geregu Power through him companies, Amperion Power Distribution and Calvados Global Services. But as e dey now, the majority don land for MA’AM Energy Limited after dem collect 95% for Amperion. E mean say the control don change hands, and Otedola don drop him hand small, even though e still get some shares.

Geregu Power na big player for Nigerian electricity market, as e dey supply about 10% of power wey dey generate for the country, wit installed capacity of 435MW. E no dey joke! E don grow from just 80MW when Otedola take over to this level. Wetin more person go wan lagi? Otedola really sabi how to turn around business, no doubt!

In 2022, when the company go public, dem value am at N2.9 trillion, and since then, e don blow up by over 1000%! E be like say dem dey ginger am well-well, even though stock trading dey tight small. But wetin you expect, we sabi say power issue for Naija na big wahala!

As we dey talk, Otedola still don dey plan to invest more for the banking sector, and e still dey remain the biggest shareholder for First Bank with 17.01% of e shares. No be today this oga for business start show him ginger. E start with Zenon Oil back in 2003, wey dey control diesel market well-well before e move to power!

Na so e be for Naija, we go dey watch as things dey unfold for dis man wey sabi find money anywhere e dey. Whether na banking or power, e go continue to dey shine! E be like say money no dey sleep for Otedola side!