Chairman of Geregu Power, Femi Otedola has exited Geregu Power Plc in a landmark $750 million transaction that he divested his 77% controlling stake in the power company.
This is according to a filing by Geregu Power Plc on the Nigerian Exchange (NGX) website and sources familiar with the matter.
A filing by Geregu Power Plc on the Nigerian Exchange (NGX) website on Monday stated this.
Sources said the transaction was executed through the sale of Otedola’s 95% stake in Amperion Power Distribution Company Limited to MA’AM Energy Ltd, a Nigerian firm, marking one of the largest private power divestments in Nigeria’s history
The NGX filing explained that the majority shareholder of Geregu Power, has undergone a significant restructuring of its ownership.
· According to the document, “MA’AM Energy Ltd has acquired a 95% equity interest” in Amperion Power, effectively making it the new controlling shareholder of Geregu Power Plc.
It added that as a result, the indirect controlling interest previously held by Calvados Global Services Limited and Mr. Femi Otedola “has been transferred to MA’AM Energy.”
· It further said that, MA’AM Energy is an Abuja-based integrated energy company engaged in electricity generation and supply, energy trading, and marketing.
According to sources, the transaction closed on December 29, 2025, and was financed by a consortium of Nigerian banks led by Zenith Bank, with Blackbirch Capital acting as financial advisers.
Geregu Power however, clarified that while the sale involved Otedola’s stake in Amperion, Geregu Power it did not involve the direct sale or transfer of shares of Geregu Power Plc.
