Billionaire investor, Femi Otedola, has divested his 77 per cent controlling stake in Geregu Power Plc in a $750 million landmark deal.The transaction represents one of the largest private power divestments in Nigeria’s history.

The deal, announced via a filing on the Nigerian Exchange Limited (NGX) website and confirmed by sources close to the transaction, 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 integrated energy company.

According to the Nigerian Exchange Limited (NGX) filing, the acquisition makes MA’AM Energy the new controlling shareholder of Geregu Power Plc, effectively transferring the indirect controlling interest previously held by Otedola and Calvados Global Services Limited to the Abuja-based firm.

MA’AM Energy, which is engaged in electricity generation, supply, energy trading, and marketing, now holds the majority stake in Amperion Power, the majority shareholder of Geregu Power.

The transaction, which officially closed on December 29, 2025, was financed by a consortium of Nigerian banks led by Zenith Bank, with Blackbirch Capital serving as financial advisers. Geregu Power clarified that the sale did not involve a direct transfer of shares in the power company itself, meaning the public shareholding structure listed on the NGX remains unchanged.

Geregu Power, currently valued at N2.85 trillion and trading at N1,140 per share, continues to be one of the most capitalised and profitable companies on the Nigerian Exchange, even as its ultimate beneficial ownership undergoes a major shift.

Reacting on the development, Patrick Ajudua, President of the NewDimension Shareholders Association of Nigeria, described the recent exit of Femi Otedola from Geregu Power Plc as a significant development for shareholders.

According to Ajudua, the decision reflects Otedola’s exclusive right to manage and dispose of his investment, and it comes at a pivotal moment for the company. While shareholders recognize and commend Otedola for the company’s remarkable achievements and consistent dividend payments during his tenure, they expressed cautious optimism about the future under the new investors.

Key concerns highlighted by Ajudua include whether the incoming investors will maintain the strong financial performance and consistent dividend distribution that shareholders have come to expect.

“Our concern is if new investors will continue to sustain the positive financial results and consistent dividend payment we enjoy during the chairmanship of Otedola.

“We also expect the new investors to address the floating deficiency that has been a source of concern to many investors. A situation where major investors have 95 per cent holdings, leaving just five per cent as float against the required 20 per cent.”

He added that shareholders have welcomed the new investors while praising Otedola for the milestones achieved during his leadership, expressing hope that the company’s growth trajectory will continue under new stewardship.

“Hence shareholders welcome the new investors and commend Otedola for great achievement the company has attained under his tenure,” he said.