Just three months after selling 2.8 million units of his shares in Geregu Power Plc, where he held a majority stake, businessman and investor Femi Otedola is embarking on a new ambitious business venture. Teaming up with the Lagos State government and the African Development Bank (AfDB), he is spearheading a power transmission project.
This collaboration will take the form of a Public-Private Partnership, and if successful, it will mark the first private individual-led power transmission project in Nigeria. The recent signing of the electricity act has opened opportunities for public-private partnerships to drive investment in the power sector. Lagos State, being Nigeria’s largest economy and the fifth-largest in Africa, is keen on fully leveraging this potential to establish a sustainable electricity market.