Billionaire businessman Femi Otedola has sold his majority stake in Geregu Power Plc for N1.088 trillion, in a transaction financed by a consortium of banks led by Zenith Bank Plc, the Nigerian Exchange (NGX) announced on Monday.

Otedola’s Amperion Power Distribution Company Ltd previously held nearly 80% of Geregu Power. Following the sale, Otedola will focus on expanding his interests in the Nigerian banking sector, while retaining a portion of shares in Geregu.

He is currently the largest shareholder in First Bank of Nigeria Plc, owning 17.01% of the bank through his position as chairman of First Holdco Ltd, the parent company of First Bank.

Otedola’s first major venture in business was in the energy sector, founding Zenon Oil in 2003, which controlled 93% of Nigeria’s diesel market. He later acquired African Petroleum (AP), rebranded as Forte Oil, before exiting in 2019 to focus on power generation.

Under his leadership, Geregu Power’s output increased from 80MW to 435MW. Otedola is also the author of the Amazon bestseller, Making It Big: Lessons from a Life in Business.