Business mogul, Mr Femi Otedola, has resigned as the chairman of Geregu Power Plc, a company listed on the Nigerian Exchange (NGX) Limited.
He stepped down from the position after selling 95 per cent equity stake in Amperion Power Distribution Company Limited to MA’AM Energy Limited.
As a result of this transaction, completed on Monday, December 29, 2025, 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 deal, believed to be worth about $750 million, has made Mr Abdul-Aziz Abubakar Yari the new chairman of the board of Geregu Power.
A statement from the power generating firm today disclosed that the change in the ownership of the company’s majority shareholder results in a change in the ultimate beneficial ownership of 77 per cent of the organisation’s issued share capital.
The new chairman of Geregu is a distinguished Nigerian statesman and public servant. His career spans education, politics, and public administration, beginning as a classroom teacher and progressing through key political and governance roles at state and national levels, including membership of the House of Representatives.
He holds qualifications in Public Administration, Finance and Investment Management (MSc) from the University of Salford, and a Certificate in Leadership and Change from the London School of Economics, complementing his foundational Islamic and formal education.
It was also disclosed that the chief executive of Geregu Power, Mr Akin Akinfemiwa; and his deputy, Mr Julius Omodayo-Owotuga, have resigned, but will be collaborating with the newly appointed directors to ensure a smooth transition.
The board has appointed Abdulkadeer Babangida Njiddah as Non-Executive Director, Usman Gur Mohammed-Independent as Non-Executive Director, Mohammed Sani Jaafaru as Independent Non-Executive Director, Neka Uzoamaka Adogu as Independent Non-Executive Director, and Mahmud Abubakar Magaji (SAN) as Independent Non-Executive Director.