Businessman Femi Otedola has sold his ownership interest in Geregu Power Plc in a transaction valued at about $750 million, marking a major divestment in Nigeria’s power sector.
Geregu Power Plc announced the development in a filing posted on the Nigerian Exchange (NGX) website.
MA’AM Energy takes control
According to the filing, MA’AM Energy Limited acquired 95 per cent equity in Amperion Power Distribution Company Limited. Amperion Power serves as the majority shareholder of Geregu Power.
With the acquisition, MA’AM Energy now controls Amperion Power. As a result, Calvados Global Services Limited and Femi Otedola no longer hold indirect controlling interest in Geregu Power.
Geregu Power shareholding remains unchanged
However, the transaction did not involve the direct sale of Geregu Power Plc shares. Therefore, the company’s shareholding structure on the NGX remains unchanged.
Nonetheless, the filing confirmed a change in the ultimate beneficial ownership of 77 per cent of the company’s issued share capital.
Profile of MA’AM Energy
Information on the NGX platform describes MA’AM Energy Limited as an Abuja-based integrated energy company. The firm operates in electricity generation, supply, trading, and marketing.
Industry analysts regard the transaction as one of Nigeria’s largest private power divestments in recent years.
Board approves leadership changes
Following the restructuring, the Board of Directors of Geregu Power Plc approved new board appointments. The appointments took effect on Monday, December 29, 2025.
The company said it has notified the NGX and the investing public in line with regulatory requirements.
