Nigerian billionaire, Femi Otedola, has exited Geregu Power Plc in a $750 million transaction that saw him divest his 77 percent controlling stake in the power generation company.
The development was disclosed in a filing by Geregu Power on the Nigerian Exchange (NGX) and confirmed by sources familiar with the transaction.
The deal was executed through the sale of Otedola’s 95 percent stake in Amperion Power Distribution Company Limited to MA’AM Energy Ltd, a Nigerian energy firm.
The document said “MA’AM Energy Ltd has acquired a 95% equity interest” in Amperion Power, making it the new controlling shareholder of Geregu Power.
It added that the indirect controlling interest previously held by Calvados Global Services Limited and Otedola “has been transferred to MA’AM Energy”.
Geregu Power said the transaction “does not involve the direct sale or transfer of shares of Geregu Power Plc”.
The company said its public shareholding structure on the NGX therefore remains unchanged, although the ultimate beneficial ownership of 77 percent of the company has effectively shifted.
Sources told Nairametrics that the transaction, which closed on December 29, 2025, was financed by a consortium of Nigerian banks led by Zenith Bank, with Blackbirch Capital serving as financial advisers.
MA’AM Energy, according to information on its website, is an Abuja-based integrated energy company engaged in electricity generation and supply, energy trading, and marketing.
Geregu Power is currently valued at N2.85 trillion and trades at N1,140 per share, making it one of the most capitalised and profitable companies on the NGX.
Otedola’s involvement in the energy sector dates back more than two decades, beginning in 1999 with the incorporation of Zenon Petroleum and Gas.
Under his leadership, Geregu expanded from 40 megawatts to a nameplate capacity of 435 megawatts and became consistently profitable, paying an average of N20 billion in dividends annually.
He is currently chairman of First HoldCo, the parent company of First Bank of Nigeria, where he holds a 17.1 percent stake, the largest individual shareholding.
