Prime Business Africa
Femi Otedola, the majority stakeholder in Geregu Power, has sold his N2.17 trillion stake in the power generation company and resigned from his position as chairman.
Geregu announced the transaction on Monday, December 29, via a statement to the Nigerian Exchange (NGX) Limited.
Join our WhatsApp ChannelPrime Business Africa gathered that prior to the announcement, Otedola, through Calvados Global Services Limited, held indirect shares of 1,909,709.273 in Geregu via Amperion Power Distribution Company Limited.
Based on the company’s share price of N1,141.5 kobo, which has been the value since March 17, Otedola’s shares are worth N2.17 trillion.
Although Geregu did not disclose the value of the transaction, the company said MA’AM Energy Limited acquired 95 percent of the equity interest Otedola holds in Amperion Power Distribution.
“The Board of Directors of Geregu Power Plc (“the Company”) hereby notifies the Nigerian Exchange Limited (“NGX”) and the investing public that it has received formal communication from its majority shareholder, Amperion Power Distribution Company Limited, regarding a change in its shareholding structure,” Geregu said.
“The Company has been informed that Amperion Power Distribution Company Limited has undergone 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.”
Also, Geregu said following the acquisition sale, Abdul-Aziz Abubakar Yari took over from Otedola as board chairman of Geregu.
The company added that Akin Akinfemiwa, who holds 2,174,245 shares, valued at N2.48 billion, also resigned as chief executive officer of the company.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
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