Geregu Power Plc has entered a new era after MA’AM Energy Limited assumed control of 77% of the company, ending billionaire Femi Otedola’s long-held indirect ownership.
According to a notice filed with the Nigerian Exchange, MA’AM Energy acquired 95% of Amperion Power Distribution Company—the vehicle through which Otedola’s stake was held—following a major share sale concluded on December 29, 2025.
Although the company clarified that no Geregu shares were traded on the NGX itself, the change in Amperion’s ownership effectively transferred beneficial control of Geregu to MA’AM Energy. Nairametrics reported the blockbuster deal at $750 million.
The shake-up triggered a sweeping board overhaul. Former Zamfara State Governor Abdul-Aziz Yari was named board chairman, while Otedola, CEO Akin Akinfemiwa, DCEO Julius Omodayo-Owotuga, and eight directors resigned effective immediately. Geregu said the outgoing leadership would support a smooth transition.
Despite the upheaval, Geregu continues to show financial strength, posting N25.1 billion profit after tax in its 2025 nine-month results—a 16.8% revenue jump driven by higher energy sales and operational efficiency.
The company said the new board is expected to strengthen governance as Geregu Power moves into a new phase under MA’AM Energy’s control.
