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BREAKING: Otedola Sells Stake in Geregu Power, Eyes Multi-Billion Investment in Financial Sector
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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ADC Honours Fallen Heroes, Criticises Tinubu’s Absence on Armed Forces Remembrance Day
Fabian Apechihin
The African Democratic Congress (ADC) has marked the 2026 Armed Forces Remembrance Day, paying tribute to fallen and serving members of the Nigerian Armed Forces, while criticising President Bola Tinubu for his absence at the national ceremony.
The party described the President’s non-attendance at an event meant to promote national unity, reflection and support for troops and their families as troubling, stressing that the physical presence of the Commander-in-Chief carries strong moral and symbolic value for soldiers on the frontlines.
This position was outlined in a statement issued on Thursday by the ADC’s National Publicity Secretary, Bolaji Abdullahi.
According to the ADC, Armed Forces Remembrance Day is more than a ceremonial occasion and requires visible leadership and collective national mourning, especially at a time when security personnel are battling multiple threats across the country.
The party noted that the day is dedicated to honouring the courage, sacrifice and patriotism of military personnel who laid down their lives in defence of Nigeria, adding that such a solemn occasion demands leadership at the highest level.
It argued that the President’s absence weakened the sense of solidarity with troops and military families who continue to shoulder the burden of the nation’s security challenges.
The ADC also linked the issue to the growing pressure on the armed forces, pointing out that soldiers remain overstretched as they confront insurgency, banditry and violent crime in different parts of the country.
The party maintained that leadership should not be reduced to symbolism or delegated during periods of national difficulty, insisting that the Commander-in-Chief’s presence on such a day reflects respect, accountability and shared sacrifice.
Reaffirming its support, the ADC said it honours fallen heroes, stands with serving personnel and recognises the resilience of military families, while calling for leadership that prioritises responsibility, clear strategy and genuine political commitment over image management, foreign engagements or political convenience.
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Nigeria Removed from European Union’s Financial High-Risk List
Fabian Apechihin
Nigeria has been removed from the European Union’s list of high-risk jurisdictions, a move expected to improve trade, financial transactions, and investment flows between the country and Europe.
The European Commission confirmed the decision on Wednesday, according to a report by Business Insider. Nigeria was delisted alongside South Africa, Burkina Faso, Mali, Mozambique, and Tanzania.
In a statement, the commission said the affected countries had strengthened their anti-money laundering and counter-terrorism financing (AML/CFT) frameworks and no longer posed “strategic deficiencies” under the EU’s assessment criteria. It added that the reforms brought their financial systems in line with international standards set by the Financial Action Task Force (FATF).
Reacting to the development, the Minister of State for Finance, Doris Uzoka-Anite, described the decision as a significant boost to investor confidence. Writing on X on Thursday, she said: “Big win for Nigeria! Removed from EU’s financial ‘high-risk’ list! Congrats to President Bola Ahmed Tinubu on this achievement. As minister of state for finance, I’m proud of this boost to trade and investor confidence.”
Nigeria’s removal from the list marks a major shift from its previous status, which subjected transactions with European partners to enhanced due diligence and stricter documentation requirements. That designation had increased scrutiny of Nigerian banks and businesses, often slowing cross-border trade and complicating investment processes.
Analysts say the delisting could help improve Nigeria’s access to European financial markets, reduce transaction costs, and strengthen confidence among foreign investors.
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US Approves $413m for Military Operations in Nigeria Amid Rising Insecurity
Fabian Apechihin
The United States government has approved $413.046 million (about ₦587 billion) to support military operations in Nigeria and other West African countries as part of efforts to combat worsening insecurity in the region.
The funding, aimed at addressing threats such as terrorism and banditry, forms part of the US National Defense Authorization Act (NDAA) for the 2026 fiscal year. The wide-ranging defence bill, which authorises a total global military budget of $901 billion, was signed into law by President Donald Trump on December 18, 2025.
Under the Act, the allocation for the US Africa Command (AFRICOM) falls within the “Operations and Maintenance” category, with a focus on strengthening counter-terrorism operations and degrading extremist networks across West Africa.
The approval follows recent direct US military engagement in Nigeria. On Christmas Day 2025, American forces carried out airstrikes on terrorist hideouts in Sokoto State. In addition, AFRICOM delivered a new batch of military equipment to Nigerian security agencies earlier this week.
The equipment handover, which took place in Abuja, is widely viewed as a strategic move to modernise Nigeria’s military capabilities and enhance its operational effectiveness against insurgent groups.
Beyond financial and logistical support, the NDAA 2026 also introduces institutional reforms affecting US engagement in Africa. The Act establishes a new Bureau of African Affairs and creates the position of Assistant Secretary for African Affairs within the US Department of State.
These new offices will oversee US foreign policy and coordinate security assistance across sub-Saharan Africa. The legislation also mandates a comprehensive review of Russia’s expanding military footprint and influence on the continent, highlighting Washington’s intent to confront geopolitical competition alongside counter-terrorism efforts.
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