MA’AM Energy Limited has taken control of 77 per cent of Geregu Power Plc following a restructuring of the ownership of its majority shareholder, bringing to an end the indirect control previously held by billionaire businessman Femi Otedola.
However, it was reported that the transaction amounted to $750m, stating that billionaire investor Otedola has exited Geregu Power Plc by divesting his 77 per cent controlling stake in the company.
“Billionaire investor Femi Otedola has exited Geregu Power Plc in a landmark $750m transaction that sees him divest his 77 per cent controlling stake in the power company.”
In a notice to the Nigerian Exchange Limited on Monday, Geregu Power said its majority shareholder, Amperion Power Distribution Company Limited, had “undergone a restructuring of its ownership following a share sale and acquisition concluded on 29 December 2025.”
The company disclosed that MA’AM Energy acquired a 95 per cent equity interest in Amperion, making it the new controlling shareholder and transferring the ultimate beneficial ownership of 77 per cent of Geregu Power’s issued share capital.
“The Company has been informed that Amperion Power Distribution Company Limited has undergone a restructuring of its ownership following a share sale and acquisition concluded on 29 December 2025. As a result of this transaction, MA’AM Energy Limited has acquired 95 per cent equity interest in Amperion Power Distribution Company Limited, thereby becoming the new controlling shareholder of Amperion Power Distribution Company Limited.”
“As a result of this transaction, the indirect controlling interest previously held by Calvados Global Services Limited and Femi Otedola, CON, in Geregu Power Plc has been transferred to MA’AM Energy Limited,” the board said.
Geregu Power emphasised that the transaction did not involve a direct sale or transfer of its shares on the NGX.
“This transaction does not involve the direct sale or transfer of shares of Geregu Power Plc, and therefore the shareholding structure of the company at the NGX remains unchanged,” the company stated.
However, it noted that “the change in the ownership of the Company’s majority shareholder results in a change in the ultimate beneficial ownership of 77 per cent of the Company’s issued share capital.”
Following the change in ownership, the board announced a major reconstitution, appointing Abdul-Aziz Yari as chairman. Other new board members include Abdulkadeer Njiddah, Usman Mohammed, Mohammed Jaafaru, Neka Adogu, and Mahmud Magaji.
“The Board is confident that the appointments will strengthen the governance structure and strategic direction of the Company,” the statement said.
The company also confirmed the resignation of Otedola as chairman, alongside Chief Executive Officer Akin Akinfemiwa, Deputy Chief Executive Officer Julius Omodayo-Owotuga, and eight other directors, all with effect from 29 December 2025.
Expressing appreciation to the outgoing directors, the board said it “wishes them success in their future endeavours”, while adding that the chief executive and deputy chief executive would “collaborate with the newly appointed Directors to ensure a smooth transition”.
The disclosure, signed by Company Secretary Gbeminiyi Shoda, was made “in compliance with the Rules of The Nigerian Exchange Limited”, as Geregu Power enters a new phase under MA’AM Energy’s control.
It was reported that Geregu Power Plc has reported a profit after tax of N25.1bn for the nine months ended 30 September 2025, representing a resilient performance amid rising finance costs and operational expenses.
According to the company’s unaudited financial statement filed with the Nigerian Exchange Limited, Geregu Power recorded revenue of N131.47bn during the period under review, compared to N112.58bn posted in the same period of 2024. This represents a growth of about 16.8 per cent year-on-year, driven largely by higher energy sales and improved operational efficiency.
