In a deal for N1.088 trillion, Femi Otedola, the majority stakeholder of Geregu Power Plc, Nigeria’s most capitalized power generation firm on the Nigerian Exchange (NGX), gave up his controlling stake in the company to a consortium of banks led by Zenith Bank Plc.
After a restructuring at the level of its majority shareholder, which modifies control dynamics while maintaining the company’s reported shareholding, this is viewed as a big change in its ultimate ownership structure.
The Board of Geregu Power said in a notice to the NGX and investors that it had received official notification from its main stakeholder, Amperion Power Distribution Company Limited, of the completion of an ownership restructure that took place on December 29, 2025.
The statement states that MA’AM Energy Limited has become the new controlling shareholder of Amperion by acquiring a 95 percent equity interest in Amperion Power Distribution Company Limited. As a direct result, MA’AM Energy Limited now owns the indirect controlling stake in Geregu Power Plc, which was previously held through Amperion by Calvados Global Services Limited and billionaire investor Mr. Femi Otedela.
The transaction constitutes a significant shift in the company’s ultimate beneficial ownership, even though it does not directly involve the sale or transfer of Geregu Power shares on the NGX and hence does not modify the company’s immediate shareholding structure as shown on the Exchange.
77% of its issued share capital has effectively changed hands at the beneficial ownership level, according to the corporation.
The business emphasized that its issued shares are still listed on the NGX and said, “This transaction does not involve the direct sale or transfer of shares of Geregu Power Plc.”
“However, the ultimate beneficial ownership of 77% of the company’s issued share capital changes as a result of the ownership change of the majority shareholder.”
One of Nigeria’s leading power generation companies, which has long been linked to Mr. Otedola’s calculated investments in the energy and infrastructure sectors, has seen a significant change of ownership.
The emergence of MA’AM Energy as the new ultimate controller offers a new strategic influence that investors will closely follow, according to market analysts, even though Geregu Power’s operational and financial structure remains identical in the short term.
At a meeting on Monday, December 29, 2025, the Geregu Power Board of Directors discussed and approved the appointment of new directors to the board, with effect from the same date, in accordance with the shift of ultimate beneficial ownership.
The selections are meant to guarantee continuity in governance, supervision, and strategic direction while also reflecting the new ownership structure.
Strong profitability, steady dividend payments, and its strategic importance in Nigeria’s electricity value chain have made Geregu Power Plc, which runs one of the country’s biggest thermal power plants, a standout performer on the NGX.
