Billionaire investor Femi Otedola has sold his majority stake in Geregu Power Plc in a landmark transaction valued at about $750 million, marking one of the largest private divestments in Nigeria’s power sector.
The exit was disclosed in a filing by Geregu Power on the Nigerian Exchange Limited and confirmed by sources familiar with the matter. The deal sees Otedola divest his indirect 77% controlling interest in the power generation company.
According to the filing, the transaction was executed through the sale of Otedola’s 95% stake in Amperion Power Distribution Company Limited, Geregu Power’s majority shareholder, to MA’AM Energy Limited. With the acquisition, MA’AM Energy becomes the new controlling shareholder of Amperion, and by extension, the ultimate beneficial owner of Geregu Power’s majority stake.
The company clarified that the deal did not involve a direct sale of Geregu Power shares on the NGX. As a result, the company’s listed shareholding structure remains unchanged, even though there has been a transfer of ultimate beneficial ownership of 77% of its issued share capital.
Alongside the ownership change, Geregu Power announced a major board reconstitution. Senator Abdul-Aziz Abubakar Yari has been appointed Chairman of the Board, alongside several new non-executive and independent non-executive directors, following the resignation of Otedola as chairman and the exit of other board members.
Geregu Power said the board changes are aimed at strengthening governance and ensuring continuity as the company enters a new phase under its new controlling shareholder. The firm added that management would work closely with the newly appointed directors to ensure a smooth transition.
The deal underscores renewed interest by domestic investors in Nigeria’s power sector and signals a major shift in ownership at one of the country’s most prominent power generation companies.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
