The 750 million transaction that reshaped ownership at Geregu Power has done more than alter a shareholder register. It has placed Abdulaziz Abubakar Yari, a former governor and senior figure in Nigerian politics, at the center of one of the most closely followed corporate shifts on the Nigerian Exchange, drawing attention to the role of discreet capital and politically connected investors in the countrys largest listed companies.
The deal marked the exit of billionaire Femi Otedola as the controlling shareholder of Geregu Power, a company he helped turn into a bellwether for Nigerias power sector. With Yari at the helm, MAAM Energy Limited acquired a 77 percent stake in Geregu Power , taking over the indirect controlling interest previously held by Otedola and Calvados Global Services. Otedola retained a 1.05 percent stake, maintaining a limited presence in the company.
Before the transaction was completed, MAAM Energy had already acquired a 95 percent equity interest in Amperion Power Distribution Company Limited, the special-purpose vehicle through which Otedola held most of his Geregu shares. That earlier move effectively positioned Yaris firm as the incoming controlling shareholder, setting the stage for the formal transfer announced to the market.
