Geregu Power Plc said its ultimate ownership has changed following a restructuring at its majority shareholder, marking the exit of billionaire investor Femi Otedola from the company’s control and triggering a sweeping overhaul of its board.
The Nigerian power producer said MA’AM Energy Ltd has acquired a 95 percent stake in Amperion Power Distribution Company Ltd, the vehicle that holds a 77 percent controlling interest in Geregu Power.
The transaction, completed on December 29, did not involve a direct sale of Geregu Power shares, meaning its shareholding structure on the Nigerian Exchange remains unchanged, the company said.
The restructuring transfers the indirect controlling interest previously held by Calvados Global Services Ltd and Otedola to MA’AM Energy, effectively changing the company’s ultimate beneficial ownership. Geregu Power did not disclose the financial terms of the deal.
The ownership shift was followed by the resignation of nine directors, including Otedola as chairman, Chief Executive Officer Akin Akinfemiwa, and Deputy CEO Julius Omodayo-Owotuga, according to the notice to the exchange. The outgoing board also includes several non-executive and independent directors.
In their place, the board approved the appointment of six new directors with immediate effect. Former Zamfara State governor and senator Abdul-Aziz Abubakar Yari was named chairman of the board.
Other appointees include finance and accounting professionals Abdulkadeer Babangida Njiddah and Usman Gur Mohammed, petroleum executive Mohammed Sani Jaafaru, former Access Bank executive Neka Uzoamaka Adogu, and Senior Advocate of Nigeria Mahmud Abubakar Magaji.
Geregu Power said the appointments are aimed at strengthening its governance framework and strategic direction at a time when Nigeria’s power sector is under pressure from liquidity constraints, gas supply challenges, and rising operating costs.
While the CEO and deputy CEO have formally resigned from the board, the company said both executives will work with the newly appointed directors to ensure a smooth transition, suggesting management continuity in day-to-day operations.
Otedola, one of Nigeria’s most prominent investors, had built Geregu Power into a flagship asset in his energy portfolio following its privatisation and subsequent listing on the Nigerian Exchange.
His exit marks a significant turning point for the company and could reshape investor perception of its long-term strategy and capital allocation under the new controlling owner.
The company said the disclosure was made in compliance with Nigerian Exchange rules. Shares of Geregu Power were unchanged as of the close of trading on Monday.