Geregu Power Changes Hands as Ma’am Energy Takes Over From Otedola
The Nigerian energy sector witnessed a landmark transition on Monday, December 29, 2025, as Ma’am Energy Takes Over From Otedola
Nigeria’s power sector recorded a major ownership shift on Monday, December 29, 2025, following the completion of a multi billion naira transaction that transferred control of one of the country’s most prominent listed power utilities from billionaire investor Femi Otedola to Ma’am Energy Limited. The deal, valued at about 750 million dollars or approximately ₦1.088 trillion, marks Otedola’s full exit from Geregu Power Plc, ending more than a decade of stewardship during which the company emerged as a flagship asset in Nigeria’s electricity market.
The acquisition was consummated through the sale of a 95 percent equity stake in Amperion Power Distribution Company Limited, the holding company that controls 77 percent of Geregu Power Plc. With the transaction completed, ultimate beneficial ownership has now shifted to Abuja based Ma’am Energy Limited, formally reshaping the control structure of the power generation company.
Ma’am Energy is an integrated energy firm jointly owned by four shareholders, each holding an equal 25 percent interest. The new owners include Abdulkarim Tsafe, an experienced engineer and financial professional, alongside Jari Jafar, Abdulaziz Yari, and Abdulaziz Ahmad. Collectively, the group brings a blend of expertise spanning engineering, finance, petroleum operations, and public sector administration, particularly from the North West region. The transaction was backed by a consortium of Nigerian financial institutions led by Zenith Bank Plc, underscoring strong domestic lender confidence in Geregu Power’s long term commercial prospects.
In line with the change in ownership, the company has implemented a comprehensive restructuring of its board. Senator Abdulaziz Abubakar Yari, former Governor of Zamfara State and current Senator representing Zamfara West, has been appointed Chairman of the Board, succeeding Femi Otedola. The reconstituted board also includes Dr Usman Gur Mohammed, a former Managing Director of the Transmission Company of Nigeria, and Abdulkadeer Njiddah, a respected accounting and finance expert. Other new directors are Mohammed Sani Jaafaru, Neka Uzoamaka Adogu, and Mahmud Abubakar Magaji SAN, reflecting a governance mix that spans technical, legal, banking, and energy sector experience.
The leadership transition has also led to the resignation of key executives who presided over Geregu Power’s growth and successful public listing. Chief Executive Officer Akin Akinfemiwa and Deputy Chief Executive Officer Julius Omodayo Owotuga have stepped down from their roles, although both are expected to remain temporarily to support a smooth transition to the new management team.
Under Otedola’s ownership, Geregu Power underwent a dramatic transformation, expanding from a neglected 80 megawatt facility into a 435 megawatt generation plant that supplies roughly 10 percent of Nigeria’s national grid. During this period, the company’s market capitalization surged to more than ₦2.8 trillion, while operational efficiency and consistent dividend payments made it a standout performer on the Nigerian Exchange. As Ma’am Energy assumes control, investors and industry observers will be closely watching to see whether the new owners can sustain the strong operational performance and shareholder returns that defined the Otedola era.