Femi Otedola, the Nigerian billionaire, has divested his controlling interest in one of the country’s leading independent electricity generators, GEREGU POWER PLC , and steps down as chairman of the company.
Geregu Power announced that MA’AM Energy Limited, an Abuja-based energy company, acquired a 95 per cent equity interest in Amperion Power Distribution Company, its majority shareholder which holds 78.05 per cent of Geregu’s issued share capital.
Amperion was previously indirectly controlled by Mr Otedola through Calvados Global Services. The transaction, which officially closed on December 29, 2025, was financed by a consortium of Nigerian banks led by Zenith Bank, with Blackbirch Capital serving as financial advisers. Sources familiar with the deal value it at approximately $750m.
The deal transfers indirect control of approximately 77 per cent of Geregu to MA’AM Energy, although the company stressed that no direct shares were sold, leaving its registered shareholding structure on the Nigerian Exchange unchanged.
As of December 31 2024, Geregu had an issued share capital of 2.5bn shares, closing at N1,150. Amperion continues to hold 1,951,366,783 shares (78.05 per cent), with Libreville Power holding 125m shares (5 per cent).
Following the change in ultimate beneficial ownership, the board convened on December 29 and approved a comprehensive overhaul. Senator Abdul-Aziz Abubakar Yari, former governor of Zamfara State and current senator representing Zamfara West, was appointed chairman with immediate effect. Joining him as new directors are Abdulkadeer Babangida Njiddah (non-executive), Usman Gur Mohammed (independent non-executive), Mohammed Sani Jaafaru (independent non-executive, holder of an MBA in Finance from Strayer University, Washington D.C.), Uzoamaka Adogu (independent non-executive), and Mahmud Abubakar Magaji, SAN (independent non-executive).
The board also accepted the resignations, effective the same day, of Mr Otedola as chairman; Akin Akinfemiwa as chief executive; Julius Omodayo-Owotuga as deputy chief executive; and non-executive and independent directors Christopher Adeyemi, Olawunmi Otedola, Anil Dua, Doron Grupper, Paul Miyonmide Gbededo, and Andrew Gamble.
Geregu operates a 435MW gas-fired plant in Kogi State, which Mr Otedola acquired in 2013, revitalised, and listed on the exchange in 2022.
Sources say Mr Otedola is redirecting his focus to banking, where he chairs First HoldCo, the parent of First Bank of Nigeria.
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