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From Romanus Ugwu, Abuja
The Deputy National Organising Secretary of the All Progressives Congress (APC), Nze Chidi Duru, has described Mr Femi Otedola as a model of profitable domestic investment following the successful transfer of beneficial ownership of majority shares in Geregu Power Plc from him—the company’s erstwhile chairman—to entities associated with Senator Abdulaziz Yari.
Duru, the chairman and founder of Grand Towers Limited, noted that it is truly a remarkable watershed in Nigeria’s investment space, commending the consummation of the change of ownership of the company between the two gentlemen.
Duru maintained that the consummation between the man who has made a huge name for himself as an activist and value investor and the other—a politician with a distinguished pedigree in public administration—implicates different dimensions of domestic capabilities in wealth creation and nationalism.
According to him: “Several times, over the years, I had canvassed for Nigeria’s community of the very wealthy to make the country the centre point of their investments for obvious multiplier effects on themselves and the larger Nigerian population.
“The investment trajectory of Otedola in the country is an impressive reference in this regard. I have followed the exploits of the business icon over the past 25 years and can say without any iota of doubt that he represents one of the best in building indigenous financial and investment capacities through the Nigerian capital market with resultant impact on corporate transformation and shareholder values.
“Starting out in the oil and gas sector with his Zenon Petroleum and Gas, he acquired controlling shares in African Petroleum (AP) which he rebranded to Forte Oil (FO).
“After a successful run with the FO brand in both the domestic oil and gas markets and the capital market, the company suffered major setbacks during the 2008 global financial meltdown leading to significant debts and capital value erosion.
“Undeterred, he diversified and took position in the power sector in 2013 with the acquisition of the then 414 megawatt Geregu Power Plant,” he said.
Showering more encomiums on him, the former member of the House of Representatives said: “Characteristic of a value investor, he exited FO by selling off his 75 per cent holdings in the company to reinvest in Geregu Power Plant in 2019.
“He grew the power company and took it to the Nigerian Stock Exchange where he listed 2.5 billion shares in October 2022 at a unit price of N100, which translated to N250 billion in market capitalisation at that time.
“Between October 2022 and December 2025—that’s about three years—Geregu Power’s market value had increased by 1,041 per cent at a market value of N2.9 trillion. This speaks to the impressive, inherent multiplier values in the Nigerian domestic capital market,” he noted.
