Amanze Chinonye
Geregu Power Plc has announced a significant change in its board and ownership structure following the resignation of billionaire investor Femi Otedola as chairman after he divested his controlling stake in the company, Prime Business Africa reports.
The development was disclosed in a regulatory filing to the Nigerian Exchange Limited (NGX), which said the changes were approved at a board meeting held on Monday, December 29, 2025, after a change in the ultimate beneficial ownership of the company’s issued share capital.
As part of the board reconstitution, Senator Abdulaziz Abubakar Yari, a former governor and serving senator, was appointed chairman of the board with immediate effect.
Join our WhatsApp ChannelOtedola’s exit followed the sale of his indirect controlling interest in Geregu Power, which he previously held through Amperion Power Distribution Company Limited. Verified disclosures indicate that MA’AM Energy Limited acquired 95 per cent of Amperion, effectively transferring control of about 77 per cent of Geregu Power’s issued share capital to the new owners.
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Although the transaction altered the company’s ultimate beneficial ownership, Geregu Power said its listing status and free float on the NGX remain unchanged, in line with capital market regulations.
Market sources estimate the value of the transaction at about N1.08 trillion, roughly $750 million, making it one of the largest private-sector power asset deals in Nigeria. The acquisition was reportedly financed by a consortium of Nigerian banks led by Zenith Bank Plc.
The ownership change also triggered a broader board and management shake-up, with several directors and top executives stepping down, including Chief Executive Officer Akin Akinfemiwa and Deputy Chief Executive Officer Dr Julius Omodayo-Owotuga, alongside multiple non-executive and independent directors.
To reflect the new ownership structure, the board approved the appointment of six new directors, including Abdulkadeer Njiddah as a non-executive director, as part of a wider governance restructuring.
Geregu Power Plc is one of Nigeria’s most capitalised power generation companies and a major contributor to electricity supplied to the national grid. Analysts say the leadership and ownership transition marks a new strategic phase for the company and highlights renewed investor activity in Nigeria’s power sector amid ongoing reforms.
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.
