After Gaining N71 Billion in 7 Days, Otedola’s Company Geregu Disburses N8.8bn For Gas Turbine Overhaul

• Femi Otedola’s power-generating company, Geregu Power, has made an advance payment for the maintenance of its gas turbines
• The company said it paid an Italian firm, Anasaldo Energia, N8.8 billion in a deal last year
• The report is part of the company’s unaudited financial reports, which revealed that Otedola made considerable gains in the last seven days

Geregu Power Plc, a power-generating company belonging to billionaire investor and businessman Femi Otedola said it had paid N8.8 billion in advance to an Italian company, Ansaldo Energia, for overhauling its gas turbine as of June 2023.

The company disclosed this in the unaudited interim statement of its June 30, 2023, financials filed with the Nigerian Exchange Limited.

Geregu and Italian firm pen juicy deal as Otedola walks home with billions

According to the report, as of December 2022, advance payment to the Italian company amounted to N4.616 billion.

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Daily Trust reports that in April last year, Anasaldo Energia signed a three-year deal with Geregu Power valued at about 32 million euros to maintain the 435MW power plant in Ajaokuta, Kogi State.

The report follows a report by Legit.ng that Otedola earned about N71 billion in one month, thanks to the performance of Geregu Power, where he holds the majority stake with about 2.38 billion shares.

The value of the power company rose by 10% between July 6, 2021, and July 14, 2023, helping to shore up Otedoa’s stakes from N716.67 billion.

The latest disbursement of N8.8 billion to the Italian firm signals the company’s readiness to provide excellent service in the power sector, a top official of Geregu Power stated on the condition of anonymity.

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Otedola’s Geregu Power earmarks N40bn to buy FG’s power plant, 15 other firms are also interested

Legit.ng reported that The federal government and states want to sell off five National Integrated Power Projects (NIPPs) and hope to raise about N260 billion.

Bureau of Public Enterprises (BPE) has shortlisted 16 companies bidding to acquire the power generation companies

Femi Otedola company, Amperion Power a substantial shareholder in Geregu power was listed among 16 companies.

Source: Legit.ng