4-years After Quitting The Oil And Gas Sector, Billionaire Otedola Strikes New Mega Deal

Have you ever paused to ask why billionaire businessman, Femi Otedola, is constantly in the news for good reasons?

Do you also wonder why he has been successful in every business he has ventured into?

The answer is simple: he always thinks deeply and ahead of his contemporaries. This may be attributed to his uncommon business acumen and, perhaps, his uncanny ability to see opportunities where others don’t. He is blessed with disposition, unequalled business wisdom and ingenuity that has set him far above his many contemporaries.

Last Tuesday, the Executive Chairman of Geregu Power Plc unveiled another ambitious plan to develop a power transmission project. The project, he disclosed, would be done in collaboration with the Lagos state government under a Public-Private Partnership (PPP) arrangement.

The announcement was made 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. Geregu Power Plc, Otedola’s power-generating company, is expected to play a pivotal role in the power transmission project.

Otedola had, in June 2019, quit the oil and gas sector when he sold off his shares in Forte Oil. The announcement had stirred reactions from many quarters, with many who didn’t share in his vision describing it as a wrong move. But he followed his intuition. And today, it has turned out to be one of his best investment decisions ever.

His strategic moves, no doubt, are not only geared towards meeting the energy needs of Nigerians alone but also intended to bolster his revenues and earnings by capitalising on the thriving power sector.

As Otedola and Lagos forge ahead with their plans, the spotlight shines on Geregu Power as it takes centre stage in Nigeria’s power industry.