Femi Otedola Sells Majority Stake In Geregu Power For N1.088 Trillion
Femi Otedola has sold his controlling stake in Geregu Power Plc for N1.088 trillion, in a deal led by a consortium of banks headed by Zenith Bank Plc. The Nigerian Exchange (NGX) confirmed that Otedola’s Amperion Power Distribution Company Ltd, which held nearly 80 percent of the power company, has transferred control to MA’AM Energy Limited. Otedola, who is also chairman of First Holdco Ltd, the parent company of First Bank of Nigeria Plc, will now focus on expanding his banking investments, while retaining a minority stake in Geregu. He remains First Bank’s largest shareholder with 17.01 percent. Otedola began his business career in the energy sector with Zenon Oil in 2003, a diesel marketing company that quickly captured about 93 percent of the market. He later acquired African Petroleum, rebranding it as Forte Oil, before exiting in 2019 to concentrate on power generation. Under his leadership, Geregu’s output rose from 80MW to 435MW. In a filing with NGX, Geregu said: “Amperion Power Distribution Company Limited 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, becoming the new controlling shareholder. Consequently, the indirect controlling interest previously held by Calvados Global Services Limited and Mr. Femi Otedola in Geregu Power Plc has been transferred to MA’AM Energy Limited. This transaction does not involve the direct sale of Geregu shares, so the company’s shareholding at NGX remains unchanged.” The ownership change affects the ultimate beneficial control of 77% of Geregu’s issued share capital and has also prompted board changes. Former senator Abdul-Aziz Abubakar Yari will replace Otedola as board chairman, while finance professional Abdulkadeer Babangida Njiddah joins as non-executive director.
