Billionaire investor, Femi Otedola, has exited Geregu Power Plc in a key $750 million transaction that sees him divest his 77 per cent controlling stake in the power generation company, marking one of the biggest private-sector exits in Nigeria’s electricity industry.
The deal was disclosed in a filing by Geregu Power Plc on the Nigerian Exchange website and confirmed by sources familiar with the transaction. It was executed through the sale of Otedola’s 95 per cent stake in Amperion Power Distribution Company Limited to MA’AM Energy Ltd, a Nigerian energy firm, effectively transferring control of Geregu Power to the new investor.
According to the NGX filing, Amperion Power, the majority shareholder in Geregu Power, underwent a significant change in ownership structure following the transaction. The document states that “MA’AM Energy Ltd has acquired a 95% equity interest” in Amperion Power, making it the new controlling shareholder of Geregu Power Plc. As a result, the indirect controlling interest previously held by Calvados Global Services Limited and Mr. Femi Otedola “has been transferred to MA’AM Energy.”
Sources said the transaction was concluded on December 29, 2025, and was financed by a consortium of Nigerian banks led by Zenith Bank, with Blackbirch Capital acting as financial advisers. The size and structure of the deal underline growing local capacity to fund large-ticket acquisitions in Nigeria’s power sector, which has long struggled with limited access to long-term capital.
Geregu Power clarified, however, that the transaction “does not involve the direct sale or transfer of shares of Geregu Power Plc,” meaning the company’s public shareholding structure on the Nigerian Exchange remains unchanged.
While the beneficial ownership of the 77 percent controlling stake has shifted, the listed shareholding as reflected on the NGX stays intact.
Currently valued at about N2.85 trillion and trading at N1,140 per share, Geregu Power remains one of the most capitalised and consistently profitable companies on the Nigerian Exchange. Its strong market position and stable earnings profile were key factors that made the asset attractive to a new core investor at a time when interest in power infrastructure is being rekindled.
MA’AM Energy, according to information on its website, is an Abuja-based integrated energy company involved in electricity generation and supply, energy trading, and power marketing. Its acquisition of Amperion signals an ambitious expansion play and positions the firm as a major force in Nigeria’s electricity value chain.
For Otedola, the exit brings the curtain down on a more than two-decade journey in Nigeria’s energy sector. His foray began in 1999 with the incorporation of Zenon Petroleum and Gas, which later grew into one of the country’s dominant fuel supply businesses. He went on to acquire African Petroleum, rebranding it as Forte Oil, before exiting the downstream oil business in 2019.
Out of that exit emerged Geregu Power, the power generation arm he carved out and built into one of Nigeria’s leading GenCos. Under his stewardship, Geregu expanded from an initial 40 megawatts to a nameplate capacity of 435 megawatts, contributing roughly 10 percent to national grid supply. The company became a rare success story in a troubled sector, achieving consistent profitability and paying an average of about N20 billion in dividends annually.
Otedola’s decision to sell Geregu is widely seen as part of a broader strategic pivot toward the financial services sector. He is currently Chairman of First HoldCo Plc, the parent company of First Bank of Nigeria, where he owns a 17.1 percent stake, making him the single largest individual shareholder.
His entry into First Bank in 2022 reshaped the institution’s ownership structure and has since been followed by far-reaching reforms, including recapitalisation plans, balance-sheet cleanup, and aggressive debt recovery efforts. With $750 million in fresh liquidity unlocked from the Geregu sale, analysts say Otedola is now better positioned to deepen his influence in banking at a time when the sector is bracing for another round of recapitalisation and possible consolidation.
Beyond the individual transaction, the deal carries wider implications for Nigeria’s power market. It comes as the Federal Government rolls out a N4 trillion power-sector liquidity support programme, with an initial N590 billion already being disbursed to settle GenCo debts and stabilise cash flows across the industry, including obligations owed to companies like Geregu Power.
Otedola’s exit also reflects a broader trend: early investors who came in after the 2013 power privatisation are beginning to reach maturity in their investment cycle. As asset valuations rise and sector liquidity improves, more exits are expected, ushering in a new phase of capital recycling and ownership transition in Nigeria’s electricity market.
At the same time, legacy operators are seeking fresh capital and new strategic partners to navigate a more market-driven environment with reduced government backing. In that context, the $750 million Geregu transaction stands as both a personal milestone for Otedola and a defining moment for Nigeria’s evolving power sector.
Credit: The Sun