By Udeme Akpan, Energy Editor
Billionaire investor Femi Otedola has divested 77 percent stake in Geregu Power Plc valued at $750 million.
According to a filing by Geregu Power Plc on the Nigerian Exchange (NGX) website, the transaction was executed through the sale of Otedola’s 95% 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.
The NGX filing showed that Amperion Power Distribution Company Limited, the majority shareholder of Geregu Power, has been restructured. It stated: “MA’AM Energy Ltd has acquired a 95% equity interest” in Amperion Power, effectively making it the new controlling shareholder of Geregu Power Plc.”
This means that 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 at NGX’s website, MA’AM Energy is an Abuja-based integrated energy company engaged in electricity generation and supply, energy trading, and marketing.
It stated: “The Board of Directors of Geregu Power Plc hereby notifies the Nigerian Exchange Limited and the investing public that it has received formal communication from its majority shareholder, Amperion Power Distribution Company Limited, regarding a change in its shareholding structure.
“The Company has been informed that Amperion Power Distribution Company Limited has undergone a restructuring of its ownership following a share sale and acquisition concluded on 29 December 2025.
“As a result of this transaction, MA’AM Energy Limited has acquired 95% equity interest in Amperion Power Distribution Company Limited thereby becoming the new controlling shareholder of Amperion Power Distribution Company Limited.
“Consequently, 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.
This transaction does not involve the direct sale or transfer of shares of Geregu Power Plc, and therefore the shareholding structure of the Company at the NGX remains unchanged.
“However, the change in the ownership of the Company’s majority shareholder results in a change in the ultimate beneficial ownership of 77% of the Company’s issued share capital.
Following the above change in the ultimate beneficial ownership of the Company’s issued share capital, the Board of Directors at its meeting held on Monday, 29th December, 2025 considered and approved the appointment of the following persons to the Board of the Company, with effect from Monday, 29th December, 2025.”
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