Billionaire businessman Femi Otedola has completed a significant divestment, selling his majority stake in Geregu Power Plc for an impressive N1.1 trillion. This major transaction, confirmed by the Nigerian Exchange (NGX), sees a consortium of banks backing the deal. Otedola’s Amperion Power Distribution Company Ltd, which held nearly 80 percent of the power-generating company, has undergone a significant ownership restructuring as part of this sale.
This strategic move allows Femi Otedola to pivot his focus towards expanding his substantial banking interests. While he is stepping back from his controlling position in Geregu Power, he will maintain a minority stake in the company. Otedola’s influence in the financial sector is already considerable, holding 17.01 percent of First Bank of Nigeria Plc, making him its largest shareholder since its inception in 1894.
His entrepreneurial journey began in the energy sector with Zenon Oil, a diesel marketing company he founded in 2003, quickly dominating the market with a 93 percent share. He later acquired African Petroleum in 2007, rebranding it as Forte Oil, before exiting that venture in 2019 to concentrate on power generation.
Under Otedola’s leadership, Geregu Power Plc experienced substantial growth in its operational capacity, increasing from 80MW to a robust 435MW. This expansion highlights his strategic vision and ability to drive value in the energy sector.
Featured snippet paragraph: The answer to what is happening with Femi Otedola’s Geregu Power stake is that he has sold his majority interest for N1.1 trillion through a restructuring of his company Amperion Power Distribution Company Limited. MA’AM Energy Limited is the new controlling shareholder, acquiring 95% equity interest in Amperion.
Following the sale and acquisition, Geregu Power Plc officially confirmed updates to Amperion’s ownership structure. In a filing with the Nigerian Exchange (NGX), the company stated that Amperion Power Distribution Company Limited has concluded a share sale and acquisition on December 29, 2025.
MA’AM Energy Limited has now acquired a 95% equity interest in Amperion Power Distribution Company Limited, positioning itself as the new controlling shareholder. This acquisition significantly impacts the indirect controlling interest previously held by Calvados Global Services Limited and Femi Otedola himself in Geregu Power Plc.
It is important to note that this transaction did not involve the direct sale or transfer of Geregu Power Plc shares. Consequently, the company’s shareholding structure as listed on the Nigerian Exchange (NGX) remains unchanged from an external perspective.
However, the change in Amperion’s ownership has a substantial effect on the ultimate beneficial ownership of approximately 77% of Geregu’s issued share capital. This means the economic benefits and control derived from a significant portion of the company have shifted.
This major shift in control has also prompted immediate changes within the board of directors. Former senator Abdul-Aziz Abubakar Yari has been appointed to replace Femi Otedola as the new board chairman, signaling a new leadership direction for Geregu Power Plc.
Additionally, finance professional Abdulkadeer Babangida Njiddah has joined the board as a non-executive director. His expertise is expected to contribute to the company’s future strategic decisions and operational oversight.
How to understand the impact of this sale on Nigeria’s power sector involves looking at the consolidation of ownership and potential for further investment. Deals like these can signal investor confidence and the evolving landscape of energy infrastructure in the country.
What is the future for Femi Otedola’s investments after this deal? He is set to concentrate on expanding his significant holdings and influence within the Nigerian banking sector, building on his existing substantial shareholding in First Bank.
Is Geregu Power Plc still a significant player after this transaction? Yes, with its increased capacity and a new controlling shareholder, the company is positioned to continue its role in Nigeria’s electricity generation.
Why is this sale significant for the Nigerian economy? It represents a substantial inflow of capital and a restructuring of key energy assets, potentially influencing future investment and development in the sector.
How did Geregu Power’s capacity grow under Otedola? His leadership saw the company’s power generation capacity expand significantly, from 80MW to 435MW, demonstrating effective management and investment.
What is the role of MA’AM Energy Limited in this deal? MA’AM Energy Limited has become the new controlling shareholder of Geregu Power Plc by acquiring a majority stake in Amperion Power Distribution Company Limited.
Why did Femi Otedola sell his majority stake? He aims to redirect his focus and capital towards expanding his extensive interests in the banking sector, leveraging his existing strong position.
What is the total value of the Geregu Power stake sale? The billionaire businessman sold his majority stake for a total of N1.1 trillion, a landmark deal in the Nigerian business landscape.
How is Femi Otedola’s stake in First Bank of Nigeria Plc structured? He holds 17.01 percent of the bank’s shares, making him the largest shareholder and a pivotal figure in its ownership structure since 1894.
What was Femi Otedola’s previous business in the energy sector? He previously owned and operated Zenon Oil, a prominent diesel marketing company, and later acquired and rebranded African Petroleum as Forte Oil before exiting in 2019.
What is the new ownership structure of Amperion Power Distribution Company Limited? MA’AM Energy Limited now holds a 95% equity interest in Amperion Power Distribution Company Limited, becoming the primary controlling entity.
