Otedola Scores Another First

Exactly two years ago, billionaire businessman, Femi Otedola, proved to the world that he is indeed a genius and a cognoscente when it comes to investment and the art of making money. When he announced that he would be quitting the oil and gas sector by selling off his shares in Forte Oil in June 2019, many business analysts saw this as a wrong move. They could not fathom why he would quit the business that had given him fame.

But he followed his intuition, and it turned out to be one of his best investment decisions ever.  It is a fact that he knows when to invest and when to re-invest. Little wonder, his fans and those who know him well maintained that he still has the magic with which he turned around the moribund African Petroleum (AP) which he rechristened Forte Oil. Besides, they insisted that Otedola must have thought it out.

As predicted, Otedola, who is blessed with a proven magic wand, successfully rejigged the company from its former declining state to a flourishing one that became a brand to beat in the sector. Indeed, barely two years after he diversified into the power business with Geregu Power Plant, he has proven that he is a master of the game.

Evidence that his N64.3 billion investment in the energy sector, Geregu Power Plant, is already giving his rival a sleepless night is that the company is not only yielding good profits, but it has also changed the energy sector for good.

 He has scored another first as his electricity generation company has been listed on the Nigerian Exchange (NGX), allowing the public to become part owners by buying the company’s shares.

Geregu Power Plant, it was gathered, had a market capitalisation of N250 billion when it was listed on the Nigerian stock exchange on October 5, 2022, through the way of introduction.

The public listing comes at a time when the power plant wants to expand its operations by acquiring another power plant, Geregu 2, which has a capacity of 434 MW. This will increase Geregu Power Plant’s capacity to 735 MW. It is expected to also positively impact the company’s revenue, which rose to N70.9 billion in 2021, recording a 32.3 per cent year-on-year growth last year.