Billionaire investor, Femi Otedola has divested a 77 per cent stake in Geregu Power Plc in a transaction valued at about $750 million, marking one of the largest private power sector divestments in Nigeria’s history.
According to a filing by Geregu Power Plc on the Nigerian Exchange (NGX), the transaction was executed through the sale of Otedola’s 95 per cent stake in Amperion Power Distribution Company Limited to MA’AM Energy Limited, a Nigerian energy firm.
Amperion Power Distribution Company Limited is the majority shareholder of Geregu Power Plc. The NGX filing stated that the company has been restructured, noting: “MA’AM Energy Ltd has acquired a 95% equity interest” in Amperion Power, thereby becoming the new controlling shareholder of Geregu Power Plc.
This development means that the indirect controlling interest previously held by Calvados Global Services Limited and Mr. Femi Otedola, CON, has been transferred to MA’AM Energy Limited.
Information on the NGX website describes MA’AM Energy Limited as an Abuja-based integrated energy company involved in electricity generation and supply, energy trading, and marketing.
In a statement, Geregu Power Plc said:
“The Board of Directors of Geregu Power Plc hereby notifies the Nigerian Exchange Limited and the investing public that it has received formal communication from its majority shareholder, Amperion Power Distribution Company Limited, regarding a change in its shareholding structure.
“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% equity interest in Amperion Power Distribution Company Limited thereby becoming the new controlling shareholder of Amperion Power Distribution Company Limited.
“Consequently, the indirect controlling interest previously held by Calvados Global Services Limited and Mr. Femi Otedola, CON in Geregu Power Plc has been transferred to MA’AM Energy Limited.”
The company clarified that the transaction did not involve the direct sale or transfer of Geregu Power Plc shares, and as such, the company’s shareholding structure on the NGX remains unchanged.
However, the statement added:
“The change in the ownership of the Company’s majority shareholder results in a change in the ultimate beneficial ownership of 77% of the Company’s issued share capital.”
Following the change in ownership, the Board of Directors of Geregu Power Plc, at its meeting held on Monday, December 29, 2025, approved the appointment of new board members, with effect from the same date.