By Ghazali Ibrahim
Nigerian billionaire Femi Otedola has officially relinquished his controlling stake in Geregu Power Plc, following the sale of his 95% equity in Amperion Power Distribution Company Limited, the firm that previously held a 77.5% controlling stake in Geregu.
The transaction, completed on December 29, 2025, saw the stake sold to MA’AM Power Limited, a local energy company. The deal is estimated to be worth over ₦1.088 trillion, making it one of the largest private power sector transactions in recent Nigerian history.
Following the sale, Otedola also stepped down as Chairman of Geregu Power’s board. Former Zamfara State Governor and senator, Abdulaziz Yari, has been appointed as the new board chairman.
Although the direct shareholding structure on the Nigerian Exchange remains unchanged, the beneficial ownership of the company has now shifted, as MA’AM Energy becomes the new controlling entity behind Geregu.
Otedola, who played a major role in Geregu’s rise as one of Nigeria’s leading power producers, is reportedly shifting focus to other strategic investments, including the financial services sector, where he holds significant interest in First Bank’s parent company, FBN Holdings.
The exit marks a new chapter for Geregu Power, as industry watchers await MA’AM Energy’s vision under Yari’s leadership.
