The transfer of beneficial ownership of majority shares in Geregu Power Plc between Mr. Femi Otedola, the company’s erstwhile Chairman and Senator Abdulaziz Yari, is truly a remarkable watershed in Nigeria’s investment space.
The consummation of change of ownership of the company between the two gentlemen, one, who has made a huge name for himself as an activist and value investor and the other, a politician with a distinguished pedigree in public administration, implicates different dimensions of domestic capabilities in wealth creation and nationalism.
Several times, over the years, I had canvassed for Nigeria’s community of the very wealthy to make the country the centre point of their investments for obvious multiplier effects on themselves and the larger Nigerian population.
The investment trajectory of Otedola in the country is an impressive reference in this regard. I have followed the exploits of the business icon over the past 25 years and can say without any iota of doubt that he represents one of the best in building indigenous financial and investment capacities through the Nigeria capital market with resultant impact on corporate transformation and shareholder values.
Starting out in the oil and gas sector with his Zenon Petroleum and Gas, he acquired controlling shares in African Petroleum (AP) which he rebranded to Forte Oil (FO). After a successful run with the FO brand in both the domestic oil and gas markets and the capital market, the company suffered major setbacks during the 2008 global financial meltdown leading to significant debts and capital value erosion.
Undeterred, he diversified and took a position in the power sector in 2013 with the acquisition of the then 414 megawatt Geregu Power Plant.
Characteristic of a value investor, he exited FO by selling off his 75 percent holdings in the company to reinvest in Geregu Power Plant in 2019. He grew the power company and took it to the Nigeria Stock Exchange where he listed 2.5 billion shares in October 2022 at a unit price of N100, which translated to N250 billion in market capitalization at that time.
Between October 2022 and December 2025, that’s about three years, Geregu Power’s market value had increased by 1,041% at a market value of N2.9trillion
This speaks to the impressive, inherent multiplier values, in the Nigerian domestic capital market.
By the time he was exiting Geregu Power Plc, he had a 76.4 percent controlling interest in the company while the share price had moved from the N100 listing price to N1,141.50 per unit as at 1 December 2025.
Otedola, according to reports, in December 2025, sold his majority holdings in Geregu Power Plc to MA’AM Energy Limited which now has a 77 percent controlling shares in the company.
MA’AM Energy Limited is owned by Senator Yari, former governor of Zamfara State and currently a sitting Senator. The Zamfara State Senator, by this transaction, has emerged, in my consideration, a reference point on how politicians can directly impact the national economy by investing in the country rather than the unpatriotic ferrying of money made in Nigeria to other countries with no direct value to Nigerians.
Lessons learnt from this historic transaction reflect the fact that wealth can be curated in Nigeria by diligence and material discipline when we give up discretionary spending on depreciating assets like luxury vehicles, private jets and such others in favour of capital market investments.
More than anything else, Nigeria’s wealthy class should be convicted on the fact that there are hardly more places around the world that offer returns on investment as Nigeria. This should serve as enough persuasion to convince people to invest in the country.
To this end, my payoff line as I conclude is that the more money Nigerians of means invest in Nigeria, the more buoyant and more opportunities for wealth creation are availed to more Nigerians.
Nze Chidi Duru, OON is the Chairman/Founder, Grand Towers Limited
