Billionaire investor Femi Otedola has exited Geregu Power Plc in a landmark $750 million transaction that sees him divest 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.
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.
According to the NGX filing, Amperion Power Distribution Company Limited, the majority shareholder of Geregu Power, has undergone a significant restructuring of its ownership.
Sources informed Naijaonpoint that the transaction, which closed on December 29, 2025, was financed by a consortium of Nigerian banks led by Zenith Bank, with Blackbirch Capital acting as financial advisers.
Geregu Power is currently valued at N2.85 trillion, trading at N1,140 per share, and remains one of the most capitalised and profitable firms on the Nigerian Exchange.
Otedola’s involvement in the energy sector spans over two decades. He began in 1999 with the incorporation of Zenon Petroleum and Gas, later acquiring African Petroleum (AP) which he rebranded as Forte Oil.
Following his exit from Forte Oil in 2019, he carved out the power generation arm—Geregu Power—and grew it into one of Nigeria’s foremost GenCos, contributing 10% to national grid supply.
Under his leadership, Geregu expanded from 40MW to a nameplate capacity of 435MW, became consistently profitable, and averaged N20 billion in annual dividends.
A new strategic play – Otedola’s exit from Geregu signals a broader strategic shift to the financial sector. He now serves as Chairman of First HoldCo, the parent company of First Bank of Nigeria, where he holds a 17.1% stake—the single largest individual shareholding.
The transaction comes at a pivotal moment for Nigeria’s electricity market. The Federal Government recently announced a N4 trillion power-sector liquidity fund, with an initial N590 billion currently being disbursed.
As valuations rise and liquidity improves, more exits are expected, signalling a new phase of capital recycling in the sector.
Simultaneously, legacy players are seeking fresh capital to position themselves for a more market-driven operating environment, with limited government support.