Just three years after taking his power company public , Nigerian billionaire Femi Otedola is preparing another major shift. He has sold 77 percent of his stake in Geregu Power Plc for 750 million, according to sources close to the transaction. This marks a decisive step away from an asset he helped turn into a market bellwether.
According to a notice published on the website of the Nigerian Exchange on Monday, the shares were acquired by MAAM Energy Limited, a company linked to Nigerian businessman and politician Senator Abdul-Aziz Abubakar Yari. MAAM Energy acquired 95 equity interest in Amperion Power Distribution Company Limited thereby becoming the new controlling shareholder of Amperion Power Distribution Company Limited, the vehicle through which Otedola held the vast majority of his shares in Geregu. Consequently, the indirect controlling interest previously held by Calvados Global Services Limited and Mr. Femi Otedola, CON in Geregu Power Plc has been transferred to MAAM Energy Limited.
Geregu Power, listed on the Nigerian Exchange under the ticker GEREGU, has an installed capacity of 435 megawatts and remains one of the countrys most closely followed energy stocks. Otedola took control of the plant through Amperion Power in 2013 and, in 2022, led its listing on the NGX, the first power-generating company to do so. At the time of the listing, Amperion held a 95.56 percent stake, underscoring Otedolas grip on the business.
