MA’AM Energy Limited has acquired a 77% stake in Geregu Power Plc, following a restructuring of the ownership of its majority shareholder, Amperion Power Distribution Company Limited. This move marks the end of billionaire businessman Femi Otedola’s indirect control over Geregu Power Plc. The transaction, valued at $750 million, sees Otedola divest his 77% controlling stake in the company.
According to a notice filed with the Nigerian Exchange Limited, Amperion Power Distribution Company Limited underwent a restructuring of its ownership, resulting in MA’AM Energy acquiring a 95% equity interest in the company. This makes MA’AM Energy the new controlling shareholder of Geregu Power Plc, with ultimate beneficial ownership of 77% of the company’s issued share capital.
The transaction did not involve a direct sale or transfer of Geregu Power Plc’s shares on the NGX, and the company’s shareholding structure remains unchanged. However, the change in ownership of the majority shareholder results in a change in the ultimate beneficial ownership of 77% of the company’s issued share capital.
Following the change in ownership, Geregu Power Plc has announced a major reconstitution of its board, with Abdul-Aziz Yari appointed as chairman. Other new board members include Abdulkadeer Njiddah, Usman Mohammed, Mohammed Jaafaru, Neka Adogu, and Mahmud Magaji. The company has expressed confidence that the new appointments will strengthen its governance structure and strategic direction.
The outgoing directors, including Femi Otedola, Akin Akinfemiwa, and Julius Omodayo-Owotuga, have resigned, effective December 29, 2025. The company has thanked them for their service and wishes them success in their future endeavors. The chief executive and deputy chief executive will collaborate with the newly appointed directors to ensure a smooth transition.
Geregu Power Plc has reported a profit after tax of N25.1 billion for the nine months ended September 30, 2025, despite rising finance costs and operational expenses. The company’s revenue grew by 16.8% year-on-year, driven by higher energy sales and improved operational efficiency. As Geregu Power Plc enters a new phase under MA’AM Energy’s control, the company is expected to continue its efforts to improve its performance and navigate the challenges in the energy sector.