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By Chukwuma Umeorah
Femi Otedola has sold his controlling interest in Geregu Power Plc in a transaction valued at about $750 million, marking one of the largest private divestments in Nigeria’s power sector.
The deal, disclosed in a filing on the Nigerian Exchange (NGX), shows that Otedola’s 95 per cent stake in Amperion Power Distribution Company Limited—Geregu Power’s majority shareholder was acquired by MA’AM Energy Ltd, an Abuja-based integrated energy company. The transaction effectively transfers control of 77 per cent of Geregu Power’s issued share capital to MA’AM Energy.
According to the NGX filing, Amperion Power Distribution Company Limited has undergone a restructuring following the share sale, resulting in a change in the ultimate beneficial ownership of Geregu Power Plc.
The filing stated: “MA’AM Energy Ltd has acquired a 95 per cent equity interest” in Amperion Power Distribution Company Limited, thereby becoming its new controlling shareholder and, by extension, the indirect controlling shareholder of Geregu Power Plc.
As a result, the indirect controlling interest previously held by Calvados Global Services Limited and Femi Otedola has been transferred to MA’AM Energy.
Information available on the NGX website describes MA’AM Energy as an Abuja-based energy company involved in electricity generation and supply, as well as energy trading and marketing.
In its notice to the Exchange and the investing public, Geregu Power said: “The Board of Directors of Geregu Power Plc hereby notifies the Nigerian Exchange Limited and the investing public that it has received formal communication from its majority shareholder, Amperion Power Distribution Company Limited, regarding a change in its shareholding structure.
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“The Company has been informed that Amperion Power Distribution Company Limited has undergone a restructuring of its ownership following a share sale and acquisition concluded on 29 December 2025.
“As a result of this transaction, MA’AM Energy Limited has acquired 95 per cent equity interest in Amperion Power Distribution Company Limited thereby becoming the new controlling shareholder of Amperion Power Distribution Company Limited.
“Consequently, the indirect controlling interest previously held by Calvados Global Services Limited and Mr. Femi Otedola, CON in Geregu Power Plc has been transferred to MA’AM Energy Limited.”
The company clarified that the transaction did not involve the direct sale of Geregu Power shares on the NGX, noting: “This transaction does not involve the direct sale or transfer of shares of Geregu Power Plc, and therefore the shareholding structure of the Company at the NGX remains unchanged.”
However, it added that the ownership change at the parent company level alters control of the power firm: “However, the change in the ownership of the Company’s majority shareholder results in a change in the ultimate beneficial ownership of 77 per cent of the Company’s issued share capital.”
Following the transaction, Geregu Power disclosed that its Board approved new appointments, stating: “Following the above change in the ultimate beneficial ownership of the Company’s issued share capital, the Board of Directors at its meeting held on Monday, 29th December, 2025 considered and approved the appointment of the following persons to the Board of the Company, with effect from Monday, 29th December, 2025.”
