Business
Why I sold ownership of Geregu Power Plant — Otedola
Nigerian billionaire businessman Femi Otedola has disclosed that he sold his stake in Geregu Power Plc to invest in the planned public offering of the Dangote refinery project owned by Aliko Dangote.
Mr Otedola made the disclosure while speaking to journalists during a visit to the Dangote Refinery on Wednesday.
While praising Mr Dangote’s industrial projects, he described the businessman as “a colossus” and “one of the greatest men that has come out of Africa.”
“That’s one of the reasons why I sold my stake in the Geregu plant to come and invest my proceeds in the IPO of Dangote Refinery,” Mr Otedola said.
The businessman said he had repeatedly appealed to Mr Dangote to allocate shares to him in the refinery’s private placement.
“On a personal note, I have appealed to him. I have been here with him 25 times,” he said, adding that as part of his compensation, Mr Dangote should allocate him shares worth $100 million during the private placement phase.
Mr Otedola described the Dangote refinery project as a transformational investment capable of freeing Nigeria and Africa from economic dependence.
“I wish Aliko Dangote is a colossus, a genius, probably one of the greatest men that has come out of Africa for delivering us out of economic slavery in Nigeria and by extension Africa,” he said.
Last December, Mr Otedola offloaded his interest in Geregu Power Plc, the electricity generation company he took public in October 2022 at a market value of N250 billion, which was valued at the time to be in the neighbourhood of N2.9 trillion.
The deal was valued at $750 million, a source with knowledge of the transaction told PREMIUM TIMES at the time. Until the completion of the share sale, he was the majority owner of the Lagos-quoted firm.
In his remarks on Wednesday, Mr Dangote revealed that preparations were underway for an Initial Public Offering (IPO) of the refinery, which he said could be launched by September.
According to him, investor demand for the offering has already reached “billions of dollars.”
“There is quite a lot of demand in terms of people disturbing us, pushing us, saying we want to buy,” he said.
Mr Dangote said the goal was to allow early investors to benefit from the refinery’s future growth in the same way investors benefited from early stakes in global technology firms.
“We want it to be like when you buy Amazon or Apple… everybody has become a millionaire and that is what we want to bring into Africa,” he said.
READ ALSO: Billionaire, Femi Otedola, among writers shortlisted for BCA African Business Book 2026
The Dangote refinery, located in Lagos, began fuel production last year and is expected to significantly reduce Nigeria’s dependence on imported petroleum products.
The facility has been widely described as Africa’s largest refinery and one of the biggest single-train refineries globally.
Mr Otedola’s comments come amid increasing investor interest in large-scale infrastructure and energy assets in Nigeria, especially projects linked to domestic refining and industrialisation.
The UK has launched a £15 million initiative, aimed at attracting private investment, supporting economic reforms and speeding up Nigeria’s long-term economic transformation.
The initiative was announced during a recent visit by the UK Minister for Africa and International Development, Jenny Chapman, according to a statement issued by the British High Commission on Friday.
The programme, announced during Ms Chapman’s meeting with Taiwo Oyedele, the minister of finance and coordinating minister of the economy, will run for three years. It plans to deepen ongoing reforms, strengthen the private sector and unlock new sources of capital for economic growth.
“The UK-Nigeria Growth Programme helps bring this partnership to life by supporting capital market development, technology investment, small businesses and technical assistance,” Mr Oyedele said.
“We look forward to seeing these opportunities deliver lasting benefits and drive progress for both countries.”
The new programme comes as Nigeria and the UK look to expand economic cooperation beyond traditional development assistance towards investment-led growth.
Alongside the initiative, the UK announced expanded synergy in Nigeria’s digital economy through the SPRIRET initiative under its Digital Access Programme.
The initiative will enhance governance reforms across five states and help reduce regulatory barriers constraining investment in broadband infrastructure, digital services, and emerging technologies.
The British High Commission said the intervention is expected to encourage greater private-sector participation and improve the business environment for technology-driven investments.
Trade, finance partnerships
During the visit, Ms Chapman met Minister of Industry, Trade and Investment Jumoke Oduwole to review the progress so far recorded under the Enhanced Trade and Investment Partnership between both countries.
Discussions centred on scaling up Nigeria’s exports through the UK’s Developing Countries Trading Scheme, strengthening cooperation in the fintech sector, and expanding capital market linkages.
READ ALSO: Democracy Day: Tinubu says economic reforms are boosting healthcare funding
The engagement reflects growing efforts by the two countries to deepen trade and investment ties as Nigeria seeks to diversify its economy and attract foreign capital.
According to the statement, British International Investment, the UK’s development finance institution, has invested roughly $800 million in sectors including agriculture, manufacturing and renewable energy in Nigeria.
The UK government is also supporting the rehabilitation and expansion of Lagos ports through financing valued at about $1 billion.
The country remains an important destination for Nigerian businesses seeking international expansion, with seven Nigerian banks now operating there.
Business
NCC Appoints Oforitsenere Emiko as Interim Board Chairman to Drive Nigeria’s Tech Skills Transformation
BY NKECHI NAECGE -ESEZOBOR—The Nigerian Communications Commission (NCC) has appointed Princess Oforitsenere Emiko as the Interim Chairman of the Governing Board of the Digital Bridge Institute (DBI). This strategic move is part of the Commission’s ongoing efforts to reposition the institute to meet the growing demands of Nigeria’s evolving digital economy.
The announcement was disclosed on Monday in a statement by the NCC’s Director of Public Affairs, Nnenna Ukoha.
According to the Commission, the appointment is aimed at strengthening the institute’s capacity to respond to the rapid transformation of the communications sector and the emerging requirements of the broader digital market.
Alongside Princess Emiko, the NCC named Engr. Abraham Oshadami, Executive Commissioner for Technical Services, and Ms. Rimini Makama, Executive Commissioner for Stakeholder Management, as interim board members. They are expected to work closely with the President and Chief Executive Officer of DBI, David Daser, as well as other continuing board members whose tenures remain valid.
Established by the NCC in May 2004, the Digital Bridge Institute was originally created as a specialized training center for telecommunications and information technology.
However, the Commission noted that the sector has since transitioned into a wider digital economy that demands continuous skills development and advanced technical capacity.
The NCC emphasized that the restructuring of the institute reflects the vital role communication infrastructure plays in national development and economic sovereignty.
A major driver of this initiative is Nigeria’s youth demographic, with approximately 70 percent of the population under the age of 30, making targeted skills development a critical component of the national transformation agenda.
To address this, the Commission stated that the renewed focus of the institute will center on five key areas: education and training, research and development, innovation, economic impact and growth, and emerging policy and regulation.
This new strategy was developed through extensive consultations involving key public stakeholders, including the Federal Ministry of Communications, Innovation and Digital Economy, the Federal Ministry of Education, TETFund, the Federal Ministry of Science and Technology, and the National Agency for Science and Engineering Infrastructure (NASENI). The initiative is ultimately designed to align DBI’s mandate with modern technological realities and strengthen Nigeria’s overall position in the global digital economy.
The post NCC Appoints Oforitsenere Emiko as Interim Board Chairman to Drive Nigeria’s Tech Skills Transformation appeared first on Business Today NG.
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