Amanze Chinonye
The transfer of majority shareholding in Geregu Power Plc from billionaire investor Mr. Femi Otedola to MA’AM Energy Limited, owned by Senator Abdulaziz Yari, has been described as a landmark development in Nigeria’s domestic investment landscape, underscoring the wealth-creation potential of the country’s capital market, Prime Business Africa reports.
In a statement released on Wednesday, Chairman and Founder of Grand Towers Limited, Nze Chidi Duru, OON, said the transaction represents a compelling model of how indigenous capital, when strategically deployed within Nigeria, can generate exceptional returns while strengthening national economic capacity.
Mr. Otedola, a renowned activist and value investor, built Geregu Power into one of Nigeria’s most capitalised power generation companies following his acquisition of the 414-megawatt plant in 2013. His entry into the power sector came after setbacks suffered by Forte Oil Plc, formerly African Petroleum, during the 2008 global financial crisis.
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In 2019, Otedola exited Forte Oil by selling his 75 per cent stake and reinvested the proceeds into Geregu Power. The company was listed on the Nigerian Exchange in October 2022, with 2.5 billion shares offered at ₦100 per share, translating to a market capitalisation of ₦250 billion at listing.
By December 2025, Geregu Power’s market value had risen to about ₦2.9 trillion, representing a growth of over 1,000 per cent in roughly three years. The share price climbed from its ₦100 listing price to ₦1,141.50 per unit as of December 1, 2025, with Otedola holding a 76.4 per cent controlling stake before his exit.
According to reports, Otedola sold his majority holding in December 2025 to MA’AM Energy Limited, which now controls about 77 per cent of Geregu Power Plc.
Duru noted that the emergence of Senator Yari, a former governor of Zamfara State and current senator, as the new majority shareholder presents a notable example of how politically exposed individuals can contribute directly to Nigeria’s economic growth by investing locally rather than exporting capital abroad.
“This transaction demonstrates the inherent multiplier effects embedded in Nigeria’s domestic capital market,” Duru said, adding that it challenges the perception that profitable investments must be offshore.
He argued that the Geregu Power story illustrates how disciplined, long-term investment in productive assets can outperform discretionary spending on depreciating luxury items such as high-end vehicles and private jets.
Duru further urged Nigeria’s wealthy class to recognise that the country remains one of the most attractive investment destinations globally in terms of potential returns, despite prevailing economic challenges.
“The more Nigerians of means invest their capital within the country, the stronger the economy becomes and the wider the opportunities for wealth creation for other Nigerians,” he said.
The Geregu Power transaction has continued to attract attention within financial and policy circles, with analysts describing it as a defining case study in profitable domestic investment and indigenous wealth creation.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
