Collins Sefa Billionaire investor Femi Otedola has divested a 77 percent indirect stake in Geregu Power Plc in a transaction valued at approximately US$750 million, marking one of the largest private power sector divestments in Nigeria’s history.
The transaction was executed through the sale of Mr. Otedola’s 95 percent equity interest in Amperion Power Distribution Company Limited, the majority shareholder of Geregu Power Plc, to MA’AM Energy Limited, an Abuja-based integrated energy company.
According to a filing published on the Nigerian Exchange (NGX) website, the transaction was concluded on December 29, 2025, resulting in a change in the ultimate beneficial ownership of Geregu Power Plc, although the company’s direct shareholding structure on the Exchange remains unchanged.
In a statement to the NGX, Geregu Power Plc confirmed that Amperion Power Distribution Company Limited has undergone a restructuring of its ownership following the share sale.
“MA’AM Energy Limited has acquired a 95% equity interest in Amperion Power Distribution Company Limited, thereby becoming its new controlling shareholder,” the company stated.
As a consequence of the transaction, 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.
The filing clarified that the transaction did not involve the direct sale or transfer of Geregu Power Plc shares. However, the change in ownership at the level of its majority shareholder has resulted in a shift in the ultimate beneficial ownership of 77 percent of the company’s issued share capital.
MA’AM Energy Limited is described as an integrated Nigerian energy company with operations spanning electricity generation and supply, as well as energy trading and marketing.
Following the change in ownership, the Board of Directors of Geregu Power Plc, at a meeting held on Monday, December 29, 2025, approved the appointment of new directors to reflect the updated ownership structure, with the appointments taking immediate effect.
The divestment underscores a significant transition in the ownership of one of Nigeria’s key power generation assets and signals growing investor activity and consolidation within the country’s energy sector.
