Billionaire investor and businessman, Femi Otedola, has revealed plans to shift focus to power generation with a planned investment of up to $1 billion into Geregu Power Plc. This follows his recent sale of Forte Oil Plc, Nairametrics has reported.
Earlier, Nairametrics reported that the full acquisition of Forte Oil Plc by Prudent Energy Services Ltd took place after months of it being in the works.
The business tycoon took to his Twitter and Instagram pages to announce his latest money moves and plans for Geregu Power Plc.
The purchase of Geregu was done in 2013 during the power sector privatization, under Amperion Power Distribution Company Limited which is a subsidiary of Forte Oil Plc. After the acquisition, $94 million was initially invested in the power plant. In 2018, another $350 million was pumped into the plant. Otedola said the acquisition/investment is demonstrative of his commitment to the Federal Government’s power sector recovery plan.
Geregu Power Plc was incorporated in November 2006 as one of the unbundled companies from the now-defunct Power Holding Company of Nigeria (PHCN). The gas power plant began operations in 2007 with a total installed capacity of 414MW at commissioning.