Billionaire businessman Femi Otedola has sold his majority stake in Geregu Power Plc in a ₦1.088 trillion transaction financed by a consortium of banks led by Zenith Bank Plc.
Otedola, who is also chairman of First HoldCo Plc, is expected to concentrate more on expanding his interests in Nigeria’s banking sector, although he will retain a minority shareholding in Geregu Power.
Before the transaction, Otedola’s company, Amperion Power Distribution Company Limited, held nearly 80 per cent of Geregu Power. Otedola remains the single largest shareholder in First Bank, with a 17.01 per cent stake in the institution founded in 1894.
In a statement released on the Nigerian Exchange (NGX) on Monday and signed by the Company Secretary, Gbeminiyi Shoda, Geregu Power disclosed that it had received formal notification of a change in Amperion’s ownership structure.
According to the disclosure, Amperion underwent restructuring following a share sale and acquisition concluded on December 29, 2025. Under the new arrangement, MA’AM Energy Limited acquired a 95 per cent equity stake in Amperion, becoming its controlling shareholder.
“Consequently, the indirect controlling interest previously held by Calvados Global Services Limited and Mr Femi Otedola in Geregu Power has been transferred to MA’AM Energy Limited,” the company stated.
Geregu Power clarified that the deal did not involve the direct sale or transfer of its shares, noting that its shareholding structure on the NGX remains unchanged. However, the restructuring has resulted in a shift in the ultimate beneficial ownership of about 77 per cent of the company’s issued share capital.
Following the development, the board approved new appointments, with Senator Abdul-Aziz Yari named as chairman and Abdulkadeer Njiddah appointed as a non-executive director. Usman Mohammed, Mohammed Jaafaru, Neka Adogu, and Mahmud Magaji were appointed as independent non-executive directors.
The board also accepted the resignations of several directors and executives, including Femi Otedola as chairman, Akin Akinfemiwa as chief executive officer, and Dr Julius Omodayo-Owotuga as deputy chief executive officer.
Commenting on the transaction, Managing Director of Globalview Capital Limited, Aruna Kebira, described it as a voluntary deal between a willing buyer and seller, stressing the importance of due diligence in transactions of such magnitude.
Similarly, Vice Chairman of Highcap Securities Limited, David Adonri, said the move represents a strategic divestment, noting that the newly constituted board will now shape the company’s future policy direction.
Geregu Power posted strong financial results in the third quarter, with net profit rising to ₦25.1 billion. Revenue climbed to ₦131.47 billion from ₦112.58 billion in the same period of 2024, while total assets grew by about 60 per cent within three years of listing, reaching ₦273.1 billion.
