In Dubai, a metropolis that has turn out to be a popular assembly level for world capital and quiet deal-making, Nigerian billionaire Femi Otedola lately welcomed fellow billionaire Abdul Samad Rabiu and different high dignitaries to his dwelling. The gathering was not staged as a company occasion or public present, nevertheless it got here at a second when each males are overseeing transactions and expansions that proceed to reshape a few of Nigeria’s largest corporations.
The assembly occurred towards a backdrop of heightened enterprise exercise throughout Africa, with Nigerian executives more and more balancing boardroom selections with casual conversations that always occur removed from dwelling. Dubai, essentially the most populous metropolis within the United Arab Emirates and capital of the Emirate of Dubai, has emerged as a type of locations the place such conversations unfold naturally, away from the every day pressures of Lagos or Abuja.
For Otedola, the timing was notable. Earlier this yr, First HoldCo Plc, the mum or dad firm of First Financial institution of Nigeria Restricted, reached the Central Bank of Nigeria’s N500 billion ($346 million) minimum capital requirement for banks with worldwide licenses. As chairman of the Lagos-based monetary holding firm, Otedola has been intently concerned within the recapitalization course of, with shareholders signaling readiness to inject extra funds into current subsidiaries and new alternatives as laws tighten throughout the sector.
Nigeria energy asset sees possession shift
Simply weeks earlier than internet hosting Rabiu, Otedola accomplished one of the vital important transactions of his profession. In December 2025, he offered 77 % of his stake in Geregu Energy Plc for $750 million to MA’AM Energy Limited, an organization linked to Nigerian businessman and politician Senator Abdul-Aziz Abubakar Yari.
The deal marked a decisive shift in possession of one among Nigeria’s best-known energy belongings. MA’AM Power acquired a 95 % fairness curiosity in Amperion Energy Distribution Firm Restricted, the car by which Otedola held most of his shares in Geregu. In consequence, the oblique controlling curiosity beforehand held by Calvados World Providers Restricted and Otedola in Geregu Energy Plc was transferred to MA’AM Power.
Geregu Energy, listed on the Nigerian Change underneath the ticker GEREGU, has an put in capability of 435 megawatts and stays one of many nation’s most intently watched vitality shares. Otedola took management of the plant by Amperion Energy in 2013 and led its itemizing on the trade in 2022, making it the primary power-generating firm to go public in Nigeria.
On the time of itemizing, Amperion held a 95.56 % stake, a degree of possession that mirrored Otedola’s agency grip on the enterprise. Since then, he has decreased his place steadily. By October, his holding had fallen to 78.05 % after Amperion sold just over 9 million shares at N1,027.4 each, elevating N9.29 billion, or about $6.25 million. The December transaction went a lot additional, successfully ending his position because the dominant shareholder. Otedola now retains a 5.05 % stake as Geregu continues to report robust numbers.
The corporate posted an 82 % enhance in pre-tax revenue for the three months to September, reaching N11.2 billion ($7.62 million), in accordance with unaudited figures. Quarterly income rose 37 % to N43.8 billion, whereas income for the primary 9 months climbed to N131.5 billion ($89.46 million). Pre-tax revenue for that nine-month interval reached N37.5 billion ($25.51 million), supported by larger energy technology and improved pricing.
Constructing business, powering prosperity
Throughout the desk in Dubai was Abdul Samad Rabiu, whose BUA Group has been urgent forward with a sequence of producing, vitality and agribusiness offers. One of the latest is an settlement with Inexperienced Energy Worldwide Pvt. Ltd. to develop a 22-megawatt gas-fired power plant. The undertaking is designed to offer a extra dependable vitality provide for BUA’s operations and scale back dependence on public electrical energy. By chopping diesel consumption, the corporate goals to decrease prices and enhance effectivity throughout its factories.
Between late November and early December, BUA signed a number of different offers that underscored the tempo of its growth. These included an settlement to amass a Bombardier World 8000 enterprise jet and contracts to broaden its meals and agribusiness footprint. Amongst them are a 32-tonnes-per-hour rice processing line and a partnership with Türkiye’s Viteral Built-in Milling Techniques to construct a 40-tonnes-per-hour animal feed mill in Kano. Working alongside these initiatives is one among BUA’s largest undertakings up to now: an integrated sugar complex expected to process 10,000 tons of cane daily, generate 35 megawatts of electrical energy from bagasse and produce 20 million liters of business ethanol annually. That is geared toward decreasing Nigeria’s reliance on sugar imports whereas supporting native farming and energy technology.
The operational push has been matched by robust monetary efficiency. BUA Meals Plc reported revenue of N405.2 billion ($283.5 million) for the 9 months ended Sept. 30, 2025, greater than double the N201.4 billion ($140.4 million) recorded a yr earlier. Income rose to N1.42 trillion ($987 million) from N1.07 trillion ($743.6 million), thus reflecting larger gross sales volumes and tighter value controls throughout a interval marked by inflation and supply-chain pressure. BUA Cement posted comparable features, with revenue rising to N289.86 billion ($200 million) from N48.97 billion ($33.6 million). Income elevated to N858.7 billion ($590 million) from N583.4 billion ($400.7 million), whereas fairness and whole belongings additionally grew, reinforcing its stability sheet.
Cross-Border dealmakers stability progress
Seen on this context, the Dubai assembly was much less about ceremony and extra about timing. Each Otedola and Rabiu are managing corporations at moments of change, balancing giant transactions with long-term commitments to banking, energy, manufacturing and meals manufacturing. Their dialog, held removed from Nigeria however rooted firmly in its financial system, mirrored how Africa’s wealthiest enterprise figures typically function, transferring with velocity between continents, closing offers, and nonetheless discovering area to take a seat collectively and speak, even because the numbers on their stability sheets proceed to develop.
