Tag: Femi Otedola

₦1tr Geregu Power deal: Otedola sells ownership to A’Aziz Yari’s Zenith Bank-led consortium

Aminu Imam
Geregu Power deal

Billionaire businessman, Femi Otedola has relinquished his controlling interest in Geregu Power Plc in a landmark transaction valued at about ₦1.088 trillion, paving the way for a major ownership and boardroom overhaul at the power generation company. The Nigerian Exchange Limited, (NGX), disclosed that the deal, financed by a consortium of banks led by Zenith Bank Plc, followed a restructuring of ownership at Amperion Power Distribution Company Ltd. after a share sale and acquisition concluded on December 29, 2025. According to the NGX, MA’AM Energy Limited has acquired a 95…

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Hackers hack phones of Ɗangote, Otedola; demand ransom

Aminu Imam
Dangote, Otedola

Hackers have reportedly broken into the mobile phones of two of Nigeria’s top billionaires, Aliko Ɗangote and Femi Otedola. According to reports, both men had their phones compromised within the past week, with the intruders making direct financial demands. Otedola, Chairman of FirstHoldCo Plc, was hacked once, while Dangote — Africa’s richest man — suffered two breaches within 48 hours. It is still unclear whether the business moguls have fully regained control of their devices, but sources say the attackers immediately demanded ransom. “The hackers are asking for money from…

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“₦2tr siphoned through questionable subsidy claims under Jonathan” – Otedola

Aminu Imam
Otedola on Jonathan

The billionaire businessman, Femi Otedola, has said that during the administration of former President Goodluck Jonathan, over ₦2 trillion was siphoned through questionable petrol subsidy claims linked to depot licences.  Otedola stated thisin an issued statement yesterday, backing the Ɗangote Petroleum Refinery (DPR) in its with the Depot and Petroleum Products Marketers Association of Nigeria, (DAPPMAN). Recall that on September 16, DAPPMAN accused the refinery of engaging in market-disruptive practices, claiming that the company’s fuel price cuts were strategically timed to weaken competition rather than to serve patriotic interests. Countering…

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