Nigeria, Dec. 29 -- The chairman of financial services group First HoldCo Plc, Femi Otedola, has offloaded his interest in Geregu Power Plc, the electricity generation company he took public in October 2022 at a market value of N250 billion, now in the neighbourhood of N2.9 trillion.

The deal was valued at $750 million, a source with knowledge of the transaction told PREMIUM TIMES. Until the completion of the share sale, he was the majority owner of the Lagos-quoted firm.

His stake in the utility at the point of listing was 95.5 per cent, variously held through Calvados Global Services and Amperion Power Distribution Company.

All the same, partly selling down the shares largely to strategic investors such as Afreximbank's Fund for Expo...