Barely three months after divesting 2.8 million units of his shares in Geregu Power Plc, the power generation company, where he holds the majority stake, businessman and investor Femi Otedola has embarked on another ambitious business plan. In collaboration with the Lagos State government and African Development Bank, AfDB, he has put plans in place to develop a power transmission project.
The collaboration will be a Public-Private Partnership arrangement. If the project comes to light, it will be the first of its kind in Nigeria as hitherto, private individuals were not allowed to transmit power in the country. With the newly signed electricity act and having identified public-private partnerships as key in driving investment in the power sector, Lagos state government plans to fully take advantage of it and establish a sustainable electricity market, particularly because the state is Nigeria’s biggest economy, and the fifth biggest economy in Africa.
