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Femi Otedola is investing $1 billion in the power plant in Geregu – Reports

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Femi Otedola, a Nigerian businessman and billionaire, has revealed plans to change his focus to power generation.

In a series of tweets on Saturday’s Twitter page, Otedola said his company focus will now be on Geregu power plant where he is estimated to spend $1 billion.

Amperion Power Distribution Company Limited, a Forte Oil Plc subsidiary, purchased the Geregu power plant in 2013 and invested $94 million in the power plant.

Otedola said the purchase was a sign of his dedication to the energy industry restoration plan of the federal government after another $350 million investment in the plant in 2018.

In November 2006, Geregu Power Plc was established as one of Nigeria’s now-defunct Power Holding Company (PHCN) unbundled firms.

The gas power plant started activities at commissioning in 2007 with a complete installed capacity of 414MW.

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Otedola had first announced in December that he would divest his Forte Oil Plc stake of 75 percent.

On Wednesday, the divestment was finished; its majority shareholding was sold to Prudent Energy, a local oil trading company.

Originally, Forte Oil was British Petroleum. During the struggle to free South Africa from White Minority rule, the federal government took over the oil business and renamed it African Petroleum Plc.
Before Otedola purchased the business, African Petroleum was privatized to Sodiq Oil and rebranded it as Forte Oil.

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