Billionaire investor Femi Otedola has exited Geregu Power Plc in a landmark $750 million transaction that sees him divest his 77per cent 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 95per cent 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.
The document confirms that “MA’AM Energy Ltd has acquired a 95per cent equity interest” in Amperion Power, effectively making it the new controlling shareholder of Geregu Power Plc.
Consequently, the indirect controlling interest previously held by Calvados Global Services Limited and Mr. Femi Otedola “has been transferred to MA’AM Energy.”
According to information on its website, MA’AM Energy is an Abuja-based integrated energy company engaged in electricity generation and supply, energy trading, and marketing.
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.
While the sale involved Otedola’s stake in Amperion, Geregu Power clarified that this “does not involve the direct sale or transfer of shares of Geregu Power Plc,” meaning the company’s public shareholding structure on the NGX remains unchanged.
Thus, the shareholding structure listed on the NGX remains unchanged, though the ultimate beneficial ownership of 77% of the company has effectively shifted.
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.