Billionaire investor Femi Otedola has divested his indirect controlling interest in Geregu Power Plc following a restructuring of the company’s majority shareholder, Amperion Power Distribution Company Limited.
In a regulatory filing released on Monday, December 29, 2025, Geregu Power informed the Nigerian Exchange Limited and the investing public that Amperion Power Distribution Company Limited had concluded a share sale and acquisition transaction on the same date, resulting in a change in its ownership structure.
Under the new arrangement, MA’AM Energy Limited has acquired a 95% equity stake in Amperion Power Distribution Company Limited, making it the new controlling shareholder. As a result, the indirect controlling interest previously held in Geregu Power by Calvados Global Services Limited and Mr. Otedola has been transferred to MA’AM Energy Limited.
The company clarified that the transaction did not involve a direct sale or transfer of shares in Geregu Power Plc itself. Consequently, Geregu Power’s shareholding structure on the Nigerian Exchange remains unchanged.
However, the change at the level of the majority shareholder has altered the ultimate beneficial ownership of 77% of the company’s issued share capital.
Following the shift in control, Geregu Power announced significant changes to its board. Senator Abdul-Aziz Abubakar Yari was appointed Chairman of the Board, alongside several new non-executive and independent non-executive directors.
The appointments took effect from December 29, 2025, and were approved at a board meeting held the same day.
At the same time, the board accepted the resignation of several directors, including Mr. Femi Otedola, who stepped down as Chairman of the Board, as well as the Chief Executive Officer, Deputy Chief Executive Officer, and other non-executive and independent directors.
The company stated that the outgoing directors’ resignations were connected to the change in ultimate beneficial ownership and expressed appreciation for their contributions during their tenure.
Geregu Power added that management would work with the newly appointed board members to ensure a smooth leadership transition.
