Billionaire businessman, Femi Otedola has relinquished his controlling interest in Geregu Power Plc in a landmark transaction valued at about ₦1.088 trillion, paving the way for a major ownership and boardroom overhaul at the power generation company.
The Nigerian Exchange Limited, (NGX), disclosed that the deal, financed by a consortium of banks led by Zenith Bank Plc, followed a restructuring of ownership at Amperion Power Distribution Company Ltd. after a share sale and acquisition concluded on December 29, 2025.
According to the NGX, MA’AM Energy Limited has acquired a 95 percent equity stake in Amperion Power Distribution Company Ltd., emerging as its new controlling shareholder. As a consequence, the indirect controlling interest in Geregu Power Plc previously held by Calvados Global Services Ltd. and Otedola has been transferred to MA’AM Energy Ltd.
The Exchange, however, clarified that the transaction did not involve a direct sale or transfer of shares in Geregu Power Plc. As such, the company’s shareholding structure on the NGX remains unchanged, despite the shift in ultimate beneficial ownership.
Less than 24 hours after Otedola’s exit, Geregu Power announced a sweeping reconstitution of its Board, appointing former Zamfara State governor and senator, AbdulAziz Yari, as the new chairman with immediate effect. The changes were approved at a Board meeting and duly notified to the NGX.
The company said Yari’s appointment reflects his distinguished career spanning education, politics and public administration, including service in the National Assembly.
As part of the Board changes, AbdulKadeer Njiddah was appointed as a non-executive director, while Usman Mohammed, Mohammed Ja’afaru, Neka Adogu and Mahmud Magaji, (SAN), joined the board as independent non-executive directors. The new appointees bring extensive experience in accounting, finance, energy, corporate governance, operations, legal practice and infrastructure delivery.
Meanwhile, the Board accepted the resignation of Femi Otedola as chairman, alongside Akin Akinfemiwa, Chief Executive Officer; Julius Omodayo-Owotuga, Deputy Chief Executive Officer; and several other Board members, including Christopher Adeyemi, Olawunmi Otedola, Anil Dua, Doron Grupper, Paul Gbededo and Andrew Gamble, with immediate effect.
