Businessman Femi Otedola has scored a major point with one of his businesses. His power-generating company, Geregu Power has become Nigeria’s first power-generating company to be quoted on the Nigerian Exchange. Having scaled the regulator’s hurdle, the power company is making its entry into NGX with a market value totalling N250 billion.
After selling off his controlling shares in excess of 78 percent in Forte Oil to Abdulwasiu Sowami’s Ardova, he then purchased Geregu Power using the proceeds from the selloff of Forte Oil. While Geregu Power generates electricity, Amperion, another company he owns, distributes the power.
Otedola, who likes to refer to himself as an investor, featured prominently in a fierce ownership battle at FBN Holdings last year, after his acquisition of the biggest stake in the financial institution. With this and taking Geregu Power public, Otedola may well be on his way to returning to his place on Forbes Africa’s Billionaires Ranking where he held the third position until he got knocked off after a plummet in the value of his shares in the Forte Oil which forced him to sell off to Sowami.
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