Oil magnate, Femi Otedola has invested $350 million in a power generation company known as Geregu Power plc. Otedola acquired the company in 2013 through a subsidiary of Forte Oil Plc, Amperion Power Distribution Company Limited. Otedola recently revealed his $350 million investment in the power generation company days after joining Twitter.
The investment is to further raise the power generation in line with the Federal Government's Power Sector Recovery Program in Nigeria, Otedola said.
Femi Otedola with some of the share holders of Geregu plant in China. (Twitter/realFemiOtedola)
“As a testament of my commitment to the Federal Government's Power Sector Recovery Program in Nigeria, here is my company's $350million investment in Geregu Power Plc,” he tweeted.
The billionaire also revealed he had visited the State Grid Corporation of China in February 2018. In 2017, Otedola invested $94 million in the power generation plant with a target to raise its generation capacity from 414 megawatts to 434 megawatts of electricity. Otedola will also be joining Mike Bloomberg as a founding delegate at the inaugural Bloomberg New Economy Forum between November 6, 2018 to November 8, 2018 in Beijing.
Geregu Power Plc is a corporate entity incorporated under the laws of the Federal Republic Nigeria on November 10, 2006, as one of the unbundled companies from the defunct PHCN with the sole interest of electricity generation through the use of Gas Turbines.
The company started operations in 2007 with GT 13 and was officially commissioned by the former President, Chief Olusegun Obasanjo in February 2008.
The plant is an Open Cycle Gas Turbine Power Plant, with a total installed capacity of 414MW at commissioning comprising of Siemens SGT5-2000E 3 x 138MW V94.2 Gas Turbines using natural gas.