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BREAKING: Otedola Sells Stake in Geregu Power, Eyes Multi-Billion Investment in Financial Sector

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By: Fabian Apechihin

Billionaire businessman and Chairman of First HoldCo Plc, Femi Otedola, has sold his ownership stake in Geregu Power Plc, the electricity generation company he listed on the Nigerian Exchange in October 2022.

Sources familiar with the transaction told PREMIUM TIMES that the deal was valued at about $750 million. Until the completion of the sale, Otedola was the majority shareholder in the power firm.

Geregu Power was listed at a market valuation of ₦250 billion in 2022 and has since grown significantly, with its market capitalisation now estimated at around ₦2.9 trillion.

At the time of listing, Otedola held a 95.5 per cent stake in the company through Calvados Global Services and Amperion Power Distribution Company. Over the years, partial divestments to strategic investors — including Afreximbank’s Fund for Export Development in Africa and State Grid Corporation of China — reduced his holding to 76.4 per cent as of September, according to the company’s latest financial report.

Further stock exchange filings show that between September and now, Otedola offloaded an additional 14.5 million shares through Amperion. His latest divestment represents 1.9 billion shares, equivalent to 75.8 per cent of Geregu Power’s total issued shares.

Insiders disclosed that the buyout was facilitated by a consortium of lenders led by Zenith Bank, with BlackBirch Capital acting as financial adviser.

Financially, Geregu Power recorded a 3.8 per cent increase in net profit to ₦25.1 billion in the first nine months of the year, while revenue grew at a faster pace despite rising costs of sales. The company’s total assets rose by nearly 60 per cent, reaching ₦273.1 billion within three years of its listing.

Sources said Otedola plans to channel more of his wealth into the financial sector, where he is already the largest shareholder in First HoldCo Plc, owning 16.9 per cent of the banking group.

Background on Geregu Power

Geregu Power, located in Ajaokuta, Kogi State, was incorporated in November 2006 under the defunct Power Holding Company of Nigeria (PHCN) on behalf of the Federal Government. The plant was inaugurated in February 2007 and later emerged as one of five thermal power generation companies created during the privatisation of the power sector.

In November 2013, Amperion Power Distribution Company acquired a 51 per cent controlling stake in Geregu Power for ₦20.5 billion.

Otedola had earlier exited the downstream oil sector in 2019, selling his 75 per cent stake in Forte Oil (now Ardova Plc) for about ₦64.9 billion to Prudent Energy, owned by Abdulwasiu Sowami. Proceeds from that sale were partly used to increase his investment in Geregu Power.

According to the company, Geregu Power contributes an average of 10 per cent of Nigeria’s electricity generation, with an installed capacity of 435 megawatts (MW).

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National Trail Mourns Pioneer Editor, Abdulazeez Suleiman

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Inna Lillahi wa Inna Ilaihir-Raji’un.

The Chairman and Editor-in-Chief of , Hon. Inuwa Bwala, on behalf of the management and staff, has expressed deep sorrow over the death of veteran journalist and pioneer editor of the newspaper, Abdulazeez Suleiman.
Bwala also extended condolences to Suleiman’s family, associates and the Nigerian media industry, describing his passing as a monumental loss at a time his experience, courage and service to the nation were still greatly needed.
Suleiman reportedly died shortly before a scheduled surgery.
A pioneer editor of National Trail Newspaper, Abdulazeez Suleiman was regarded as a thoroughbred journalist with a remarkable talent for breaking exclusive stories and shaping public discourse through responsible journalism.
Throughout his distinguished career, he worked with notable media organisations, including National Trail Newspaper, Daily Trust, Summit and The Road. He earned widespread admiration for fearless reporting, ethical conduct and unwavering commitment to professionalism.
His writings and public interventions consistently reflected deep concern for justice, peace, accountability and national unity.

Beyond journalism, Suleiman was widely respected as a bridge-builder who strongly believed in dialogue, mutual understanding and peaceful coexistence among Nigeria’s diverse peoples. He remained steadfast in his conviction that truth and justice are essential pillars for national progress.

Though his voice has now gone silent, the values and ideals he stood for will continue to inspire generations. His legacy as a principled journalist, advocate and patriot will endure in the hearts of many whose lives he touched through his work and humanity.
The management and staff of National Trail Newspaper prayed Almighty Allah to forgive his shortcomings, grant him Aljannatul Firdaus and comfort his family, friends, colleagues and members of the in this moment of grief.
Rest in peace, Abdulazeez Suleiman. Your service and legacy will not be forgotten.

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JUST IN: After Primary Election Victory, Shehu Sani Visits Parents’ Graves to Offer Prayers and Express Gratitude to God

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Following his victory in the party primary election, Senator Shehu Sani visited the graves of his parents to pray and give thanks to Almighty God.

The former senator described the visit as very important to him, noting that his parents played a significant role in his upbringing and in shaping his political life.

Shehu Sani prayed for Allah to forgive his parents and all deceased Muslims, while also reaffirming his commitment to continue serving the people with honesty and integrity after securing victory in the primaries.

The gesture has attracted attention from his supporters and social media users, many of whom praised his act of remembering his parents after a political success.

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National Trail Mourns Pioneer Editor, Abdulazeez Suleiman

Published

on

Inna Lillahi wa Inna Ilaihir-Raji’un.

The Chairman and Editor-in-Chief of , Hon. Inuwa Bwala, on behalf of the management and staff, has expressed deep sorrow over the death of veteran journalist and pioneer editor of the newspaper, Abdulazeez Suleiman.
Bwala also extended condolences to Suleiman’s family, associates and the Nigerian media industry, describing his passing as a monumental loss at a time his experience, courage and service to the nation were still greatly needed.
Suleiman reportedly died shortly before a scheduled surgery.
A pioneer editor of National Trail Newspaper, Abdulazeez Suleiman was regarded as a thoroughbred journalist with a remarkable talent for breaking exclusive stories and shaping public discourse through responsible journalism.
Throughout his distinguished career, he worked with notable media organisations, including National Trail Newspaper, Daily Trust, Summit and The Road. He earned widespread admiration for fearless reporting, ethical conduct and unwavering commitment to professionalism.
His writings and public interventions consistently reflected deep concern for justice, peace, accountability and national unity.

Beyond journalism, Suleiman was widely respected as a bridge-builder who strongly believed in dialogue, mutual understanding and peaceful coexistence among Nigeria’s diverse peoples. He remained steadfast in his conviction that truth and justice are essential pillars for national progress.

Though his voice has now gone silent, the values and ideals he stood for will continue to inspire generations. His legacy as a principled journalist, advocate and patriot will endure in the hearts of many whose lives he touched through his work and humanity.
The management and staff of National Trail Newspaper prayed Almighty Allah to forgive his shortcomings, grant him Aljannatul Firdaus and comfort his family, friends, colleagues and members of the in this moment of grief.
Rest in peace, Abdulazeez Suleiman. Your service and legacy will not be forgotten.

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