Prime Business Africa
The majority shareholder of Geregu Power, MA’AM Energy Limited, owned by Abdul-Aziz Abubakar Yari, former governor of Zamfara state, has lost 27.66 percent of its investment in the power-generating company since acquiring its stake from Femi Otedola.
Otedola, who was the chairman of Geregu, sold 95 percent of his stake in Amperion Power Distribution Company Limited to Yari’s company on December 29, 2025.
Join our WhatsApp ChannelAmperion Power, Otedola’s former investment company, holds 1.92 billion shares in Geregu, which is now held on behalf of MA’AM Energy.
The shares, which represent a 77 percent stake in Geregu, were valued at N2.19 trillion as of December 29, 2025, according to Prime Business Africa’s (PBA) analysis.
However, eight months after the deal between Otedola and MA’AM Energy, Yari’s company has lost about N607.91 billion in its investment in Geregu, as analysis showed that the value of the investment has dropped to N1.58 trillion as of August 13, 2026.
Prime Business Africa gathered that the loss recorded by MA’AM Energy was driven by a 27.66 percent decline in Geregu’s share price, as equity traders’ confidence in the power-generating company’s growth prospects declined.
On December 29, 2025, equity traders were willing to trade a share of Geregu at N1,141.50 kobo, however, by August 13, they reduced their asking price to N825.70 kobo per share.
With traders in the stock market only willing to trade a share of Geregu by N315.8 kobo less, MA’AM Energy lost over 27 percent of its investment in December.
Analysis showed that the loss recorded by Yari’s company represents 77 percent of the N789.50 billion combined loss recorded by all the shareholders of the power-generating company.
The decline in Geregu’s share price also led to a drop in the power-generating company’s valuation in the Nigerian Exchange (NGX), as the firm’s stock market value decreased from N2.85 trillion to N2.06 trillion within eight months.
Prime Business Africa gathered that the share price decline comes amid Geregu’s inability to meet its N40.09 billion bond repayment obligations.
Geregu defaulted on the eighth coupon payment and fourth bullet principal repayment of the series 1 senior unsecured bond.
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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.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
