Femi Otedola exits Geregu Power in $750 million deal

Billionaire investor Femi Otedola has sold his controlling interest in Geregu Power Plc in a transaction valued at about $750 million, marking one of the largest private divestments in Nigeria’s power sector and a major shift in ownership at one of the country’s most profitable electricity generators.

The deal was executed through the sale of Otedola’s 95% stake in Amperion Power Distribution Company Limited, the holding company that controls Geregu Power, to MA’AM Energy Ltd, according to filings by Geregu Power on the Nigerian Exchange (NGX) and people familiar with the transaction. The sale effectively transfers Otedola’s indirect 77% controlling stake in Geregu Power to the new owner.

In a disclosure to the NGX, Geregu Power said Amperion Power has undergone a significant restructuring, with MA’AM Energy acquiring a 95% equity interest and becoming the new controlling shareholder. As a result, the indirect controlling interest previously held by Calvados Global Services Limited and Otedola has been transferred to MA’AM Energy.

The company said the transaction did not involve a direct sale or transfer of Geregu Power shares, meaning its public shareholding structure on the exchange remains unchanged, even as ultimate beneficial ownership has shifted.

MA’AM Energy is an Abuja-based integrated energy company with interests spanning power generation, energy trading and electricity supply. The acquisition was reportedly financed by a consortium of Nigerian banks.

Exiting Energy Sector

Earlier this month, Geregu Power Plc issued a lower earnings projection for the first quarter of 2026, adjusting expectations after falling significantly short of its revenue targets in early 2025.

Geregu Power is currently valued at about N2.85 trillion, trading around N1,140 per share. The gas-fired plant contributes roughly 10% of electricity supplied to the national grid, making it a strategic asset in a sector still grappling with liquidity constraints and infrastructure deficits.

Otedola’s exit brings to a close more than two decades of investment in Nigeria’s energy sector. He began building his energy portfolio in 1999 with Zenon Petroleum and Gas, later acquiring and rebranding African Petroleum as Forte Oil.

After selling his stake in Forte Oil in 2019, he carved out the power generation business and scaled Geregu from about 40 megawatts to a nameplate capacity of 435 megawatts. Under his leadership, the company became a dividend heavyweight, paying an average of about N20 billion annually to shareholders.

The divestment also signals that Otedola is now focused on financial services, where he serves as chairman of First HoldCo, the parent company of First Bank of Nigeria, and holds a 17.1% stake, the largest by an individual investor.