Geregu Power Ownership Changes: Femi Otedola Divests Majority Stake to MA’AM Energy

 Geregu Power Ownership Changes Hands as Femi Otedola Divests Majority Stake

Lagos, Nigeria — 

Billionaire Femi Otedola has divested his controlling interest in Geregu Power Plc, Nigeria’s 435MW gas-fired power generation company, in a landmark transaction involving its majority shareholder.

The deal, finalized on December 29, 2025, saw MA’AM Energy Limited acquire a 95% stake in Amperion Power Distribution Company Limited, the majority shareholder of Geregu Power. This effectively transfers approximately 77% indirect control of Geregu Power to MA’AM Energy, while the company’s listed shareholding on the Nigerian Exchange (NGX) remains unchanged. Analysts estimate the deal at $750 million, financed by a consortium led by Zenith Bank Plc.

Following the transaction, Geregu Power’s board underwent significant restructuring. Senator Abdul-Aziz Abubakar Yari, former Zamfara State governor, was appointed chairman, while Abdulkadeer Babangida Njiddah joins as non-executive director. The board also welcomed independent directors Usman Gur Mohammed, Mohammed Sani Jaafaru, Neka Uzoamaka Adogu, and Mahmud Abubakar Magaji.

Outgoing executives, including Femi Otedola (chairman), CEO Akin Akinfemiwa, and Deputy CEO Julius Omodayo-Owotuga, stepped down but will support a smooth transition.

Geregu Power, valued at N2.85 trillion on the NGX, remains focused on operational efficiency amid sector challenges. Otedola retains a minority interest and plans to expand banking investments via First HoldCo Plc.

Disclaimer:

This article is for informational purposes only and does not constitute investment advice. Readers should conduct their own research or consult a professional before making financial decisions. The views expressed here are based on publicly available information as of December 30, 2025, and may be subject to change.