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In a move that has sent shockwaves through the Nigerian power sector and the investment community, billionaire tycoon Femi Otedola has officially sold his controlling interest in Geregu Power Plc.
As of December 29, 2025, a formal “Change in Shareholding” notification filed with the Nigerian Exchange (NGX) confirms that Otedola has divested a significant portion of his stake, marking a strategic pivot for the man who brought the first power generation company to the main board of the exchange.
Otedola, primarily through Amperion Power Distribution Company, reportedly offloaded a substantial block of shares.
Amperion Power Distribution Company Limited underwent 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.
Market insiders suggest Otedola is reallocating capital to consolidate his position in the financial services sector (First HoldCo Plc) and to fund new ventures in renewable energy and data centers.
New ownership of Geregu Power
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:
Senator Abdul-Aziz Abubakar Yari, Chairman, Board of Directors, Abdulkadeer Babangida Njiddah, Non-Executive Director, Usman Gur Mohammed, Independent Non-Executive Director, Mohammed Sani Jaafaru, Independent Non-Executive Director, Neka Uzoamaka Adogu, Independent Non-Executive Director and Mahmud Abubakar Magaji, SAN, Independent Non-Executive Director.
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