Billionaire Femi Otedola has sold his majority stake in Geregu Power Plc through a $750 million transaction completed on December 29, 2025.
The deal involved transferring a 95% equity interest in Amperion Power Distribution Company Limited, Geregu’s majority shareholder, to MA’AM Energy Ltd.
Amperion previously held a 77% controlling interest indirectly linked to Otedola through Calvados Global Services Limited.
Geregu Power disclosed the ownership restructuring in a filing to the Nigerian Exchange Limited.
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The transaction does not alter Geregu’s direct shareholding structure on the exchange, preserving public listings.
MA’AM Energy, an Abuja-based integrated energy firm involved in generation, supply, trading, and marketing, emerges as the new controlling entity.
Sources indicate a consortium of Nigerian banks, led by Zenith Bank, financed the acquisition, with Blackbirch Capital as advisers.
Geregu Power maintains a market valuation of N2.85 trillion at N1,140 per share.
Otedola’s proceeds signal a strategic pivot toward the financial sector, where he chairs First HoldCo and holds a significant stake in First Bank of Nigeria.
This divestment unlocks liquidity amid Nigeria’s banking recapitalisation drive and power sector reforms, including a N4 trillion liquidity fund.
The deal reflects maturing investments post-2013 privatisation, fostering capital recycling and restructuring in Nigeria’s electricity market.
