Billionaire investor Femi Otedola has sold his controlling interest in Geregu Power Plc in a landmark deal valued at about $750 million, marking one of the largest private power-sector divestments in Nigeria’s history.
The development was disclosed in a filing by Geregu Power Plc on the Nigerian Exchange (NGX) and confirmed by sources familiar with the transaction.
The deal was executed through the sale of Otedola’s 95 percent stake in Amperion Power Distribution Company Limited to MA’AM Energy Ltd, a Nigerian energy firm. Amperion is the majority shareholder in Geregu Power and holds the vehicle through which Otedola exercises indirect control over the listed power generation company.
According to the NGX filing, Amperion Power Distribution Company Limited has undergone a significant restructuring of its ownership. The document states that “MA’AM Energy Ltd has acquired a 95% equity interest” in Amperion Power, effectively 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”.
Information on MA’AM Energy’s website describes the company as an Abuja-based integrated energy business engaged in electricity generation and supply, energy trading, and marketing.
Sources told Nairametrics that the transaction was completed on December 29, 2025, and was financed by a consortium of Nigerian banks led by Zenith Bank, with Blackbirch Capital acting as financial advisers.
Geregu Power clarified that the transaction “does not involve the direct sale or transfer of shares of Geregu Power Plc”. This means the company’s public shareholding structure on the NGX remains unchanged, even though the ultimate beneficial ownership of about 77 percent of the company has effectively shifted to the new investor.
Geregu Power is currently valued at about N2.85 trillion, trading at N1,140 per share, and remains one of the most capitalised and profitable companies on the Nigerian Exchange.
Otedola’s involvement in Nigeria’s energy sector spans more than two decades. He began in 1999 with the incorporation of Zenon Petroleum and Gas before acquiring African Petroleum, which he later rebranded as Forte Oil. After exiting Forte Oil in 2019, he carved out the power generation business, Geregu Power, and built it into one of Nigeria’s leading generation companies, contributing around 10 per cent of electricity supplied to the national grid.
Under his leadership, Geregu Power expanded from an initial 40 megawatts to a nameplate capacity of 435 megawatts, achieved consistent profitability, and paid average annual dividends of about N20 billion.
The divestment from Geregu Power signals a broader strategic shift by Otedola towards the financial services sector. He is currently chairman of First HoldCo, the parent company of First Bank of Nigeria, where he holds a 17.1 per cent stake, the single largest individual shareholding in the group.
His entry into First Bank in 2022 significantly reshaped the bank’s ownership structure and has since been followed by a series of reforms, including recapitalisation efforts, organisational restructuring, and aggressive debt recovery. The Geregu Power exit is widely seen as a reallocation of capital and influence towards banking, a sector where Otedola is positioning for greater control and long-term returns.
With an estimated $750 million in liquidity unlocked from the transaction, the move comes as Nigeria’s banking industry prepares for a fresh wave of recapitalisation and consolidation.
The sale also comes at a critical time for Nigeria’s electricity market. The Federal Government recently announced a N4 trillion power-sector liquidity fund, with an initial N590 billion already being disbursed. The fund is intended to clear generation company debts, including obligations owed to Geregu Power, and improve cash flow across the sector.
Otedola’s exit underscores a growing trend among early investors in Nigeria’s post-2013 power privatisation programme, many of whom are reaching maturity in their investment cycles. As sector valuations rise and liquidity conditions improve, more exits are expected, signalling a new phase of capital recycling within the electricity industry. At the same time, established operators are seeking fresh capital to adapt to a more market-driven environment with reduced government support.
The shift in ownership dynamics is not limited to generation companies. Nairametrics understands that the sale of Eko Electricity Distribution Company to North South Power is nearing completion, with about N150 billion already received, pointing to increased deal activity across the value chain.
Otedola has previously reduced his exposure to Geregu Power. Corporate documents obtained from the Nigerian Exchange Limited show that he sold more than 14.8 million shares in the company through Amperion Power Distribution Company Limited between October 20 and October 30, 2023. The records indicate that 4.8 million ordinary shares, valued at N1.89 billion, were sold in a cross-deal transaction on October 30, 2023, according to a document dated October 31, 2023.
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