Nigerian Billionaire investor, Femi Otedola has exited Geregu Power Plc in a landmark $750 million transaction that sees him divest his 77% controlling stake in the power company.
This is according to a filing by Geregu Power Plc on the Nigerian Exchange (NGX) website and sources familiar with the matter.
The transaction was executed through the sale of Otedola’s 95% stake in Amperion Power Distribution Company Limited to MA’AM Energy Ltd, a Nigerian firm, marking one of the largest private power divestments in Nigeria’s history.
According to the NGX filing, Amperion Power Distribution Company Limited, the majority shareholder of Geregu Power, has undergone a significant restructuring of its ownership.
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The document confirms that “MA’AM Energy Ltd has acquired a 95% equity interest” in Amperion Power, effectively making it the new controlling shareholder of Geregu Power Plc.
Consequently, the indirect controlling interest previously held by Calvados Global Services Limited and Mr. Femi Otedola “has been transferred to MA’AM Energy.”
According to information on its website, MA’AM Energy is an Abuja-based integrated energy company engaged in electricity generation and supply, energy trading, and marketing.
The transaction, which closed on December 29, 2025, was financed by a consortium of Nigerian banks led by Zenith Bank, with Blackbirch Capital acting as financial advisers.
Geregu Power is currently valued at N2.85 trillion, trading at N1,140 per share, and remains one of the most capitalised and profitable firms on the Nigerian Exchange.
Strong man of the capital market
Otedola’s involvement in the energy sector spans over two decades. He began in 1999 with the incorporation of Zenon Petroleum and Gas, later acquiring African Petroleum (AP) which he rebranded as Forte Oil.
Following his exit from Forte Oil in 2019, he carved out the power generation arm—Geregu Power—and grew it into one of Nigeria’s foremost GenCos, contributing 10% to national grid supply.
