Otedola nets nearly ₦900bn as he exits Geregu Power control

Nigerian billionaire Femi Otedola has recorded one of the biggest private investment exits in Nigeria’s power sector after selling most of his controlling stake in Geregu Power Plc, pocketing an estimated ₦896.5 billion from the transaction.

The divestment was carried out through his indirect holdings in Amperion Power Distribution Company Limited and represents a major return on an investment that dates back more than a decade. Otedola’s exit follows the sale of 95% of his stake to MA’AM Energy Limited in a deal valued at about $750 million.

From ₦191bn entry to trillion-naira exit

Company filings show that Otedola and related entities held about 1.91 billion shares, equivalent to 76.39% of Geregu Power’s issued capital as of September 2025. Of this, roughly 1.81 billion shares were sold in the latest transaction.

When Geregu Power listed on the Nigerian Exchange in October 2022, the company was valued at ₦250 billion, placing Otedola’s stake at about ₦191 billion at the time. The portion eventually sold had an estimated entry value of ₦181.4 billion.

Adjusted for foreign exchange movements and transaction costs, analysts estimate the exit delivered a naira capital gain of nearly ₦900 billion, underlining how currency devaluation and share price growth amplified returns over the three-year period.

Geregu’s rise and Otedola’s long bet on power

Geregu Power has been one of the standout performers on the Nigerian Exchange, with its market capitalisation rising from ₦250 billion at listing to about ₦2.85 trillion by late 2025. Improved operations, capacity expansion, and consistent dividend payouts have driven the growth.

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Beyond the sale proceeds, Otedola also benefited from years of dividends, including a ₦21.25 billion final dividend for the 2024 financial year. Geregu has paid an average of around ₦20 billion annually to shareholders in recent years, reinforcing the overall value of the investment.

Otedola first acquired Geregu under the Amperion Power platform in 2013 during Nigeria’s power sector privatisation. His latest exit converts that long-term bet into a landmark windfall and further strengthens his standing among Nigeria’s most successful energy investors.