Billionaire Otedola Exits Power Firm Geregu as MA’AM Energy Steps In

Femi Otedola has bowed out of Lagos-listed Geregu Power as chairman and majority shareholder following the sale of its stake in the parent Amperion Power Distribution Company. 

The board of Directors of Geregu Power notifies the Nigerian Exchange Limited and the investing public that it has received formal communication from its majority shareholder, Amperion Power Distribution Company, regarding a change in its shareholding structure.

The company said Amperion Power Distribution Company has undergone a restructuring of its ownership following a share sale and acquisition concluded on 29 December 2025. 

MA’AM Energy Limited has acquired 95% equity interest in Amperion Power Distribution Company, thereby becoming the new controlling shareholder of the company.

Consequently, the indirect controlling interest previously held by Calvados Global Services Limited and Otedola in Geregu Power Plc has been transferred to MA’AM Energy.

“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,” the statement said. “However, 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.”