Nigerian billionaire and energy investor Femi Otedola has formally completed his exit from Geregu Power Plc in a transaction valued at approximately $750 million, signalling a major shift in ownership within Nigeria’s electricity generation sector and closing a defining chapter in the company’s corporate history.
Regulatory disclosures filed with the Nigerian Exchange (NGX) reveal that the transaction was executed through the divestment of Otedola’s 95 percent equity holding in Amperion Power Distribution Company Limited. The stake was acquired by MA’AM Energy Limited, effectively transferring the ultimate beneficial ownership of 77 percent of Geregu Power’s issued share capital to the new investor.
Although the transaction did not involve a direct sale of Geregu Power shares on the NGX—meaning the company’s publicly quoted shareholding structure remains unchanged—the economic and strategic implications are substantial. Control of the power generation company has now shifted decisively, with MA’AM Energy assuming effective dominance through its acquisition of Amperion.
Market analysts view the deal as a full monetisation of Otedola’s long-standing investment in Geregu Power, following years of operational streamlining, balance-sheet strengthening, and enhanced capital market visibility after the company’s public listing. The exit crystallises value at a time when infrastructure assets are facing mounting regulatory scrutiny and evolving macroeconomic pressures.
The divestment also reflects a broader recalibration underway among Nigeria’s high-net-worth investors, as capital is increasingly reallocated from mature infrastructure assets into new growth opportunities across energy, commodities, and financial markets.
Following the completion of the ownership transfer, Geregu Power announced a sweeping reconstitution of its board. Former Zamfara State Governor and Senator, Abdul-Aziz Abubakar Yari, has been appointed Chairman, alongside newly appointed non-executive and independent directors tasked with strengthening governance, oversight, and long-term strategic direction under the new controlling shareholder.
Simultaneously, Otedola stepped down from his role as Chairman, alongside the company’s Chief Executive Officer, Deputy Chief Executive Officer, and several non-executive and independent directors, formally bringing an end to founder-led stewardship at the power firm.
From an investor standpoint, the transaction carries immediate and longer-term implications. In the short term, the absence of a direct equity trade at the listed entity level reduces the likelihood of technical volatility in Geregu Power’s stock. Over the longer term, however, the shift in ultimate ownership introduces new considerations around capital deployment, dividend strategy, and growth priorities.
Management continuity risks appear partially mitigated by collaborative executive handovers during the transition phase, which industry observers say should help maintain operational stability in the near term.
At a broader industry level, the scale of the transaction reinforces international and domestic confidence in Nigeria’s power-generation assets, despite ongoing concerns around grid reliability, tariff reforms, and policy clarity. A $750 million exit establishes a benchmark valuation for similar assets and could stimulate increased merger, acquisition, and private equity activity across the electricity value chain.
Ultimately, Otedola’s departure from Geregu Power represents not a withdrawal from Nigeria’s energy landscape, but a strategic repositioning—locking in returns while passing control to a new sponsor at a time when governance strength, capital discipline, and long-term patience are becoming increasingly critical in the country’s evolving power market.
