By Nchetachi Chukwuajah
Billionaire businessman, Femi Otedola, has sold his nearly 80 per cent majority stake in the power-generating company, Geregu Power Plc, for N1.088 trillion in a deal financed by a consortium of banks led by Zenith Bank Plc.
This was announced by the Nigerian Exchange (NGX) on Monday, December 29.
Otedola, through his company, Amperion Power Distribution Company Ltd, held nearly 80 per cent of Geregu Power Plc.
Geregu’s board of directors has also confirmed receiving formal communication from Amperion on the share sale, according to the statement.
It also announced that following the share sale, the shareholding structure of Amperion has changed.
In a corporate filing on the Nigeria Exchange Group (NGX), Geregu said MA’AM Energy Limited, which acquired 95 per cent of equity interest from Amperion Power Distribution Company Ltd, becomes the new controlling shareholder of the company.
The statement read: “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% 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.
“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, the statement noted that the change in the ownership of the “company’s majority shareholder results in a change in the ultimate beneficial ownership of 77% of the company’s issued share capital.”
The transaction also led to a change in the company’s leadership, as Geregu announced new board members.
Otedola will now be replaced as board chairman by Abdul-Aziz Abubakar Yari, a senator and politician, while Abdulkadeer Babangida Njiddah, an account and finance professional, will join the board as non-executive director.
Although Otedola, who is also the chairman of First Holdco Ltd, parent company of First Bank of Nigeria Plc, still retains some shares in Geregu, it was gathered that he will now concentrate on expanding his interest in the Nigerian banking sector.
Otedola currently owns 17.01 per cent of First Bank, the bank’s single largest shareholder since it was established in 1894.
Recall that Otedola’s first big break as a businessman in the energy sector occurred in 2003, when he started Zenon Oil, a diesel marketing company.
At the time, Zenon controlled about 93 per cent of the country’s diesel market.
Otedola later acquired African Petroleum (AP), another marketing company, in 2007 and rebranded it to Forte Oil before exiting in 2019 to focus on power generation with Geregu.
