Femi Otedola’s New Electricity Deal with Lagos State Govt

Ever wondered why billionaire businessman, Femi Otedola is constantly a top player in the business climate? Well, the answer is simple. He always thinks deep and is always ahead of his contemporaries. 
Without doubt, the business magnate holds a special place among businessmen in Africa. He is blessed with unequaled business wisdom and ingenuity to see opportunities where others would behold nothing. These, among others things have set him far apart from many ordinary business magnates across the continent of Africa.

And for the umpteenth time, he has established himself as someone ahead of the game with great ideas that leaves many in awe of his mastery of the game. Why wouldn’t you applaud him? He is a cognoscenti in the business sector.
He has proven himself as a formidable force in the sector and he has left his indelible imprint anywhere he finds himself.  
You would do yourself some good by consulting the business magnate for a helpful business tutorial.   
Yesterday, Tuesday, July 11, 2023, he unveiled his ambitious plans to develop a power transmission project in collaboration with the Lagos state government under a Public-Private Partnership (PPP) arrangement.
The announcement was made after a tripartite meeting between Otedola; Lagos State Governor Babajide Sanwo-Olu and Dr. Akinwunmi Adesina, the African Development Bank Group President.
In a statement shared on his official Instagram account, Otedola expressed 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, which is currently in discussion.

This recent development by Otedola and Lagos Government emerged in the wake of the Nigeria Electricity Act 2023, which was recently signed into law by President Bola Tinubu.
The act empowers state governments and private individuals to transmit electricity in areas covered by the national grid, ultimately aimed at decentralizing electricity regulation.
Geregu Power Plc, Otedola’s power-generating company, is expected to play a pivotal role in the power transmission project, which is currently in discussion.
The company currently owns three natural gas-fired power plants that generate a combined capacity of 435 megawatts, constituting 10 percent of Nigeria’s total power generation capacity.
With such a strong presence in the country’s energy generation sector, Geregu Power has established itself as a formidable player.
In line with its vision for growth, Geregu Power aims to expand its operations and enhance its power generation capacity.
Over the next two years, the company plans to increase its total capacity from the current 435 megawatts to an impressive 1300 megawatts.
This strategic move not only showcases Geregu Power’s dedication to meeting the energy needs of Nigerians but also underscores its objective to bolster revenue and earnings by capitalizing on the thriving power sector.
As Otedola and Lagos forge ahead with their plans, the spotlight shines on Geregu Power as it takes center stage in Nigeria’s power industry.
The forthcoming PPP power transmission project signifies a significant step toward achieving a more sustainable and efficient power infrastructure, thereby driving the nation’s development and progress.

Four years ago, Otedola had proved to the world that he is indeed a genius 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.
While many business analysts saw this as a wrong move at the time, Otedola followed his intuition and stuck to his decision. That decision has 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.