Femi Otedola Strikes New Mega Deal, Earns N71bn in Just 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 new found 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

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

Otedola new found wealth is thanks to the good 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 analysis shows that between July 6, 2021 and July 14, 2023 the value of Geregu powers share price rose by 10 percent and this helped increased the total value of Otedola’s shareholdings from N716.67 billion to N788.34 billion.

Otedola mega power moves

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

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

Otedola who made the announcement after he met with the Lagos State Governor, Babajide Sanwo-Olu, and Dr. Akinwunmi Adesina, Group President, 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”

Geregu Power Plc is expected to play a pivotal role 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 hat Honeywell Group, owned by Oba Otudeko, notified the Securities and Exchange Commission of acquiring additional equity of almost five billion shares of First Bank of Nigeria.

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