Femi Otedola has sold his majority stake in Geregu Power Plc for N1.088 trillion, with the transaction financed by a bank consortium led by Zenith Bank Plc.
The Nigerian Exchange (NGX) confirmed that Otedola’s Amperion Power Distribution Company Ltd, which previously held nearly 80 percent of Geregu, has transferred control to MA’AM Energy Limited.
Otedola, who also chairs 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 currently owns 17.01 percent of First Bank, making him its largest shareholder.
Otedola’s rise in business began in 2003 with Zenon Oil, a diesel marketing company that captured about 93 percent of the market. He later acquired African Petroleum in 2007, rebranding it as Forte Oil, before exiting in 2019 to focus on power generation. Under his leadership, Geregu’s output grew from 80MW to 435MW.
Geregu’s NGX filing explained the transaction:
“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 control of 77% of Geregu’s issued share capital and led to board reshuffles. Former senator Abdul-Aziz Abubakar Yari will replace Otedola as board chairman, while finance professional Abdulkadeer Babangida Njiddah joins as a non-executive director.
