In a transaction funded by a group of banks headed by Zenith Bank Plc, Femi Otedola, chairman of First Holdco Ltd., sold his majority ownership in Geregu Power Plc for N1.088 trillion. The Nigerian Exchange (NGX) made this announcement on Monday. Nearly 80% of the power-generating company was owned by Otedola’s Amperion Power Distribution Company Ltd.Although Otedola still owns some shares in Geregu, it was reported that he will now focus on growing his stake in the Nigerian banking industry. Since First Bank was founded in 1894, Otedola has been its largest stakeholder, holding 17.01 percent of the company. In a corporate filing on the Nigeria Exchange Group (NGX) yesterday, Geregu revealed a change in the shareholding structure of Amperion, its main shareholder, in the wake of the most recent transaction. The statement claims that the board of directors of Geregu acknowledged receiving official correspondence on the share sale from Amperion. The company has been notified that, as a result of a share sale and acquisition that was completed on December 29, 2025, Amperion Power Distribution Company Limited has undergone an ownership restructuring.
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