Otedola exits Geregu Power as MA’AM Energy takes control
Femi Otedola has ceded control of Geregu Power Plc after MA’AM Energy Limited acquired a 95 per cent stake in its majority shareholder, Amperion Power Distribution Company Limited. The transaction, valued at $750m, resulted in Otedola divesting his 77 per cent controlling stake in Geregu Power. The company confirmed that the shareholding structure on the Nigerian Exchange remains unchanged. Following the ownership change, the board underwent a major reconstitution and announced several new appointments.
TLDR
- A share sale and acquisition concluded on 29 December 2025 led to MA’AM Energy Limited acquiring 95 per cent equity interest in Amperion, making it the new controlling shareholder.
- Femi Otedola and Calvados Global Services Limited transferred their indirect controlling interest in Geregu Power Plc to MA’AM Energy Limited.
- The board announced the resignation of Otedola as chairman, CEO Akin Akinfemiwa, Deputy CEO Julius Omodayo-Owotuga, and eight other directors, all effective from 29 December 2025.
- Abdul-Aziz Yari was appointed as the new chairman, with several new board members joining.
- Geregu Power reported a profit after tax of N25.1bn for the nine months ended 30 September 2025, with revenue rising to N131.47bn from N112.58bn in the same period of 2024.
