Femi Otedola Exits Geregu Power Management in $750 Million Deal
Nigerian billionaire Femi Otedola has divested his controlling stake in Geregu Power Plc, one of Nigeria's leading electricity generators, in a transaction valued at approximately $750 million (equivalent to about ₦1.088 trillion). The deal, completed on December 29, 2025, marks a major shift in ownership and leadership for the company, which Otedola transformed from a distressed asset into a top-performing listed entity.
Geregu Power Plc announced the change through a regulatory filing on the Nigerian Exchange (NGX). The transaction involved the sale of Otedola's 95% equity interest in Amperion Power Distribution Company Limited—Geregu's majority shareholder—to MA’AM Energy Limited, an Abuja-based integrated energy firm specialising in electricity generation, supply, energy trading, and marketing. As a result, the indirect controlling interest of about 77% in Geregu Power has transferred to MA’AM Energy.
The company emphasised that the deal "does not involve the direct sale or transfer of shares of Geregu Power Plc," leaving the public shareholding structure on the NGX unchanged. Geregu Power's market capitalisation stands at approximately ₦2.85 trillion, with shares trading at around ₦1,140 each.
The ownership restructuring triggered a complete board overhaul. Otedola resigned as chairman, effective December 29, along with CEO Akin Akinfemiwa, Deputy CEO Julius Omodayo-Owotuga, and several other directors, including Olawunmi Otedola, Anil Dua and Doron Grupper. The board expressed appreciation for their contributions and noted that the outgoing executives would assist in a smooth transition.
In their place, the board appointed former Zamfara State governor and senator Abdul-Aziz Yari as the new chairman. Additional new directors include Abdulkadeer Njiddah (non-executive) and independents Usman Mohammed, Mohammed Jaafaru, Neka Adogu, and Mahmud Magaji.
Sources familiar with the matter told multiple outlets that the transaction was financed by a consortium of Nigerian banks led by Zenith Bank, with Blackbirch Capital serving as financial advisers. The deal represents one of the largest private divestments in Nigeria's power sector since the 2013 privatisation wave.
Otedola acquired Geregu Power during the sector's privatisation, initially through Amperion, which purchased a controlling stake for ₦20.5 billion in 2013. Under his leadership, the plant's capacity expanded from around 40-80 MW to a nameplate of 435 MW, contributing about 10% to the national grid. The company achieved consistent profitability and delivered average annual dividends of ₦20 billion, culminating in its public listing in October 2022 at a value of ₦250 billion.
This move continues Otedola's strategic pivot toward the financial sector. He remains the largest individual shareholder in First HoldCo Plc (parent of First Bank of Nigeria), holding approximately 17%—the single biggest stake.
