Femi Otedola has officially cashed out of Geregu Power — the power company he built over the years. He sold his majority stake for about $750 million, marking a big exit.
What makes it interesting is how far the company came. He bought into Geregu in 2013 for $132 million, grew it from a small 80MW plant to 435MW, and later listed it on the Nigerian Stock Exchange. Today, it’s worth close to ₦3 trillion.
With the sale, Otedola has stepped away from the board, and new owners are taking over. Looks like he’s now shifting his attention back to banking, especially his investments in First Bank.
