"First in Nigeria": Otedola Eyes New Mega Deal, Pockets N71bn in 7 Days After Losing First Bank Position

"First in Nigeria": Otedola Eyes New Mega Deal, Pockets N71bn in 7 Days After Losing First Bank Position

  • Nigerian businessman Femi Otedola's wealth has increased by over N71 billion thanks to the good performance of Geregu Power
  • Otedola's newfound wealth will help put behind the recent changes in his position at First Bank of Nigeria
  • Geregu Power Plc, Otedola’s power-generating company, is working on a mega deal with the Lagos state government

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Femi Otedola has experienced a substantial surge in wealth, surpassing over N71.6 billion within seven days.

Otedola new found wealth is thanks to the excellent performance of Geregu Power, where Otedola holds the position as the highest individual shareholder with a total of 2.38bn (2,388,922,308) shares.

Legit.ng's analysis shows that between July 6, 2021, and July 14, 2023, the value of Geregu Power's share price rose by 10% which helped increase the total value of Otedola's shareholdings from N716.67 billion to N788.34 billion.

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Femi Otedola mega deals
Femi Otedola with Lagos State Governor Babatunde Sanwo-Olu and Akinwumi Adesina, President of the African Development Bank. Photo credit: @femiotedola
Source: Instagram

Otedola's mega-power moves

Geregu Power has been in the news recently after unveiling an ambitious plan to develop a power transmission project.

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The project would be done in collaboration with the Lagos state government under a Public-Private Partnership (PPP) arrangement.

Otedola made the announcement after he met with the Lagos State Governor, Babajide Sanwo-Olu, and Dr Akinwunmi Adesina, the Group President of the African Development Bank.

In a statement shared on his official Instagram account, Otedola expressed great optimism about the ongoing talks, which aim to establish Nigeria’s first-ever PPP power transmission project.

The statement reads:

"Power Discourse with the President of African Development Bank Group, Akinwumi Adesina, and HE Governor of Lagos State, Babajide Sanwo-Olu.
"We discussed developing Lagos State’s Public-Private Partnership power transmission project, the first in Nigeria"

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Geregu Power Plc is expected to be pivotal in the power transmission project.

Oba Otudeko fights back, takes over First Bank from Otedola as largest shareholder

Meanwhile, in another report, Legit.ng revealed that Honeywell Group, owned by Oba Otudeko, notified the Securities and Exchange Commission of acquiring additional equity of almost five billion First Bank of Nigeria shares.

The acquisition notice was also sent to FBN Holdings via a Honeywell Group affiliate, Barbican Capital Limited.

A statement on Honeywell's website said that the company had notified FBN Holdings and regulatory authorities of the acquisition of 4,770,269,843 shares of FBN by its sister company, Barbican Capital Limited.

Source: Legit.ng

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