Mkpoikana Udoma
Port Harcourt — Nigeria’s corporate investment landscape cracked into life in the first week of 2026 as billionaire investors, Femi Otedola and Tony Elumelu, executed blockbuster transactions that are reshaping strategic capital flows in the power, banking and energy sectors.
Reflecting on the developments, Group Chief Executive of Oando Plc, Mr. Wale Tinubu, described the first week of 2026 as a “roaring start,” citing Otedola’s strategic exit from Geregu Power and Elumelu’s entry into Seplat Energy as defining business signals.
“With the Geregu exit, Femi turned an investment in power into a landmark deal, while simultaneously deepening his position in banking. This speaks to deft positioning,” Tinubu said.
Otedola sold his controlling interest in Geregu Power Plc in a landmark deal valued at approximately $750 million, transferring the 95% equity stake in Amperion Power Distribution Company Ltd, which represented indirect control of roughly 77% of Geregu’s issued share capital, to MA’AM Energy Ltd.
The divestment marks a strategic pivot for Otedola, who has been a driving force in Nigeria’s power generation sector and steered Geregu from an initial 40MW capacity to a 435MW facility contributing significantly to the national grid.
It also aligns with his expanding footprint in the financial sector, where he serves as Chairman of First HoldCo Plc, the parent company of First Bank Nigeria, a position underlined by a substantial stake in the bank.
Tinubu said Otedola’s move underscores the importance of timely capital reallocation and investor discipline.
“The mark of an exceptional investor is not simply in making an investment. The mastery lies in knowing when to exit. This, I must admit, was executed in spectacular fashion,” he stated
Meanwhile, Tony Elumelu’s Heirs Energies made waves with a significant energy sector acquisition, purchasing the entire 20.07% equity stake (approximately 120.4 million shares) previously held by French firm Maurel & Prom in Seplat Energy Plc, a deal valued at about $500 million.
Elumelu’s acquisition reinforces a long-term strategy anchored on indigenous ownership of strategic energy assets and reflects confidence in Nigeria’s oil and gas market.
Seplat’s growth trajectory has been buoyed by significant upstream investments, including the acquisition of ExxonMobil’s onshore business and expanding hydrocarbon production infrastructure.
“For Tony, stepping into Seplat as a major shareholder is a long, deliberate bet on African capability; on ownership; on governance and on the belief that our energy future should increasingly be shaped by those who live and build at home,” he said.
Tinubu added that both transactions underscore how strategic capital, conviction and timing drive sustainable value creation.
“These are exceptional deals that set the tone not just for the year ahead, but for how value is truly created,” he said.
The twin transactions, Otedola’s strategic relinquishment of a major power asset and Elumelu’s entry into a key oil producer, set a powerful tone for capital recycling and investment confidence in Nigeria’s critical economic sectors.
The deals have sparked conversations across Nigeria’s power, banking and energy sectors, reinforcing expectations of increased local investor influence and disciplined capital deployment in 2026.
