MA’AM Energy Limited has taken control of 77 per cent of Geregu Power Plc following a restructuring of the ownership of its majority shareholder, bringing to an end the indirect control previously held by billionaire businessman Femi Otedola.
However, Naijaonpoint reports that the transaction amounted to $750m, stating that billionaire investor Otedola has exited Geregu Power Plc by divesting his 77 per cent controlling stake in the company.
“Billionaire investor Femi Otedola has exited Geregu Power Plc in a landmark $750m transaction that sees him divest his 77 per cent controlling stake in the power company.”
In a notice to the Nigerian Exchange Limited on Monday, Geregu Power said its majority shareholder, Amperion Power Distribution Company Limited, had “undergone a restructuring of its ownership following a share sale and acquisition concluded on 29 December 2025.”