MA’AM Energy Limited has emerged as the new controlling shareholder of Amperion Power Distribution Company Limited after acquiring a 95 per cent equity stake in the firm, a move that has triggered a major change in the ownership structure of Geregu Power Plc.
 
The development was disclosed by Geregu Power in a regulatory filing, which confirmed that the indirect controlling interest previously held by Calvados Global Services Limited and billionaire investor Femi Otedola has now been transferred to MA’AM Energy Limited.
 
The transaction resulted in a change in the ultimate beneficial ownership of 77 per cent of Geregu Power’s issued share capital. The deal estimates the value of the share acquisition at about $750 million, marking one of the most significant transactions in Nigeria’s power sector in recent years.
 
Alongside the ownership change, the board approved a sweeping reconstitution, with new appointments taking effect from December 29, 2025. Otedola stepped down as Chairman of the company, while Chief Executive Officer (CEO), Akin Akinfemiwa, and Deputy CEO, Julius Omodayo Owotuga, also resigned their positions.
 
Christopher Adeyemi and Olawunmi Otedola exited as non-executive directors, while Anil Dua, Doron Grupper, Paul Gbadebo, and Andrew Gamble resigned their roles as independent non-executive directors.
 
MA’AM Energy Limited is jointly owned by four individuals, each holding a 25 per cent stake. Abdulkarim Tsafe, born in November 1967, became a person with significant control on October 17, 2025.
 
He is the Chief Executive Officer of Ajap Financial Services Limited and has a background spanning engineering, management, and financial services, with previous public sector experience in Zamfara State.    
 
Jari Jafar, born in July 1980, also holds a 25 per cent interest and became a person with significant control on the same date. Abdulaziz Yari, born in April 1994, likewise holds a 25 per cent stake and became a person with significant control on 17 October 2025.