Femi Otedola Trades Geregu Power Shares Worth Over ₦893bn
The Nigerian financial landscape witnessed a historic realignment on Monday, December 29, 2025, as billionaire investor Femi Otedola Trades Geregu Power shares in a landmark deal valued at approximately ₦1.088 trillion ($750 million). The transaction, which marks one of the largest private divestments in the history of Nigeria’s power sector, saw Otedola exit his majority position in Geregu Power Plc. According to regulatory filings from the Nigerian Exchange (NGX), the deal was executed through a strategic restructuring of Amperion Power Distribution Company Limited, the holding vehicle that previously controlled the power plant.
The technicalities of the trade reveal a sophisticated ownership transfer. MA’AM Energy Limited, an Abuja-based integrated energy firm, acquired a 95% equity interest in Amperion Power Distribution Company. Because Amperion held a nearly 80% stake in Geregu, this acquisition effectively transferred the ultimate beneficial ownership of 77% of Geregu Power’s issued share capital to MA’AM Energy. While the trade was concluded off-market to preserve the stability of Geregu’s share price on the NGX, it signals a complete transition of control. The acquisition was reportedly financed by a consortium of Nigerian banks led by Zenith Bank Plc, with BlackBirch Capital acting as the financial adviser.
The exit of Femi Otedola marks the end of a highly successful 12-year investment cycle. Under his stewardship, the Geregu plant was transformed from a struggling 80MW facility into a 435MW powerhouse, contributing roughly 10% of Nigeria’s national grid. The company’s market capitalization surged by over 1,000% since its listing in 2022, reaching a valuation of ₦2.85 trillion. Analysts suggest that Otedola’s decision to “cash out” is part of a broader strategy to consolidate his influence in the banking sector. He currently serves as the Chairman of FBN Holdings Plc (First Bank) and has recently intensified his capital injection into the financial institution to drive its African expansion goals.
Following the transaction, a significant boardroom shake-up was announced. Senator Abdul-Aziz Abubakar Yari has emerged as the new Chairman of the Board of Directors, replacing Otedola. The restructuring also saw the resignation of long-term executives, including CEO Akin Akinfemiwa and Deputy CEO Julius Omodayo-Owotuga. As MA’AM Energy takes the helm, the investing public remains focused on whether the new leadership can maintain Geregu’s reputation for high profitability and consistent dividend payments. For Otedola, the ₦1.088 trillion deal not only bolsters his liquid wealth but also sets the stage for his next major move in the Nigerian financial services industry.
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