Femi Otedola has sold his 77% controlling interest in Geregu Power Plc in a transaction valued at about $750 million, according to a regulatory filing published on the Nigerian Exchange website.
The deal was executed through the sale of Otedola’s 95% equity stake in Amperion Power Distribution Company Limited, the holding company that controls Geregu Power.
The buyer is MA’AM Energy Limited, an Abuja-based integrated energy firm active in electricity generation, supply, and energy trading.
Details of the transaction were disclosed in a filing submitted to the Nigerian Exchange, confirming a major change in the ownership structure of Amperion Power, the majority shareholder of Geregu Power Plc.
The document stated that “MA’AM Energy Ltd has acquired a 95 per cent equity interest” in Amperion Power, effectively transferring control of Geregu Power Plc to the new investor.
Ownership Restructuring Confirmed in NGX Filing
According to the filing, the acquisition means the indirect controlling interest previously held by Calvados Global Services Limited and Femi Otedola has now been transferred to MA’AM Energy Limited.
The filing further clarified that the ownership change occurred at the level of Amperion Power, not at Geregu Power Plc itself. This distinction was highlighted to reassure investors and the wider market about the structure of the transaction.
Geregu Power stated that the transaction “does not involve the direct sale or transfer of shares of Geregu Power Plc,” stressing that its listed shares on the Nigerian Exchange remain intact.
As a result, the company’s free float, public shareholders, and market-facing equity structure on the NGX were not affected by the deal.
Market analysts note that such holding-company-level transactions are not uncommon in large energy and infrastructure investments, particularly where strategic control is exercised through special-purpose vehicles.
More information on listed company disclosure requirements can be found on the official Nigerian Exchange platform, which outlines how ownership changes must be communicated to the market.
Deal Financing and Advisers
The transaction closed yesterday and was financed by a consortium of Nigerian banks led by Zenith Bank, one of the country’s largest financial institutions by assets and capital base.
Blackbirch Capital served as financial advisers to the transaction, according to the NGX filing.
Neither the buyer nor the seller disclosed the detailed repayment structure or tenor of the bank financing, but the size of the deal places it among the most significant private-sector energy transactions in Nigeria in recent years.
MA’AM Energy Limited is described in the filing as an integrated energy company with interests spanning power generation, electricity supply, and energy trading.
The acquisition gives the firm indirect control of Geregu Power Plc, one of Nigeria’s most important grid-connected power plants.
Geregu Power operates a gas-fired power plant in Kogi State and is considered a key asset within Nigeria’s electricity value chain. The company plays a role in supporting national grid stability and industrial power supply.
Geregu Power’s Market Position Remains Unchanged
Despite the change in control at the holding-company level, Geregu Power confirmed that its operational and market status remains unchanged.
The company is currently valued at ₦2.85 trillion and is trading at about ₦1,140 per share on the Nigerian Exchange, placing it among the most capitalised and profitable listed firms in Nigeria.
Its strong valuation reflects sustained earnings performance, investor confidence, and its strategic role within the power sector.
Geregu Power reassured investors that all regulatory obligations relating to the transaction were met and that disclosures were made in line with NGX rules.
Femi Otedola, who has interests across energy, finance, and manufacturing, did not issue a separate public statement at the time of the filing.
His divestment marks a significant shift in ownership but does not alter Geregu Power’s listing status.
As investors digest the implications of the transaction, attention is expected to focus on MA’AM Energy’s long-term plans for Geregu Power and how the new ownership may influence future expansion or capital investment.
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