Otedola Sells Majority Stake in Geregu Power

In a deal for N1.088 trillion, Femi Otedola, the majority stakeholder of Geregu Power Plc, Nigeria’s most capitalized power generation firm on the Nigerian Exchange (NGX), gave up his controlling stake in the company to a consortium of banks headed by Zenith Bank Plc.

After a restructuring at the level of its majority shareholder, which modifies control dynamics while maintaining the company’s quoted shareholding, this is perceived as a big change in its final ownership structure.

The Board of Geregu Power announced in a notice to the NGX and the investing public that it had received official notification from its majority shareholder, Amperion Power Distribution Company Limited, about the completion of an ownership restructure that took place on December 29, 2025.

The statement states that MA’AM Energy Limited has become Amperion’s new controlling shareholder by acquiring a 95% ownership stake in Amperion Power Distribution Company Limited. As a direct result, MA’AM Energy Limited now owns the indirect controlling stake in Geregu Power Plc, which was previously owned by Calvados Global Services Limited and billionaire investor Mr. Femi Otedela through Amperion.

The transaction constitutes a significant shift in the company’s ultimate beneficial ownership, even if it does not include the direct sale or transfer of Geregu Power shares on the NGX and hence does not change the company’s immediate shareholding structure as recorded on the Exchange.

According to the company, beneficial ownership of 77% of its issued share capital has changed hands.

The business said, “This transaction does not involve the direct sale or transfer of shares of Geregu Power Plc,” stressing that its issued shares are still listed on the NGX.

“However, the ultimate beneficial ownership of 77% of the company’s issued share capital changes as a result of the change in ownership of the company’s majority shareholder.”

The event represents a significant change in the ownership structure of one of Nigeria’s leading power generation companies, which has long been linked to Mr. Otedola’s calculated investments in the infrastructure and energy sectors.

Market watchers point out that although Geregu Power’s operational and financial structure won’t alter in the near future, investors will be keeping a careful eye on MA’AM Energy’s rise to the position of ultimate controller.

At a meeting on Monday, December 29, 2025, the Geregu Power Board of Directors considered and approved the appointment of new directors to the board, with effect from the same date, in accordance with the change of ultimate beneficial ownership.

The selections are meant to guarantee continuity in governance, supervision, and strategic direction while also reflecting the new ownership structure.

Strong profits, steady dividend payments, and its strategic importance in Nigeria’s electricity value chain have made Geregu Power Plc, which runs one of the country’s biggest thermal power plants, a star performer on the NGX.