Geregu Power Plc has announced a significant change in its ultimate ownership structure following a restructuring at its majority shareholder level, a move that effectively ends billionaire investor Femi Otedola’s controlling influence over the power generation company and ushers in a sweeping reconstitution of its board.
In a disclosure to the Nigerian Exchange (NGX) on Monday, the power producer said MA’AM Energy Ltd has acquired a 95 per cent stake in Amperion Power Distribution Company Ltd, the special purpose vehicle that holds a 77 per cent controlling interest in Geregu Power.
The company clarified that the transaction, which was completed on December 29, did not involve a direct sale of Geregu Power shares. As a result, its shareholding structure on the NGX remains unchanged, even though the ultimate beneficial ownership has shifted.
Prior to the restructuring, Amperion Power was indirectly controlled by Calvados Global Services Ltd and Femi Otedola. The acquisition by MA’AM Energy therefore transfers the indirect controlling interest in Geregu Power to the new entity, marking Otedola’s formal exit from control of the company. Financial details of the transaction were not disclosed.
The ownership change triggered an immediate and far-reaching overhaul of Geregu Power’s leadership. According to the company’s notice, nine directors have resigned from the board, including Otedola, who served as chairman, Chief Executive Officer Akin Akinfemiwa, and Deputy Chief Executive Officer Julius Omodayo-Owotuga.
Several non-executive and independent directors also stepped down as part of the transition, clearing the way for a new board to take charge of the company’s strategic direction.
In their place, Geregu Power announced the appointment of six new directors with immediate effect. Former Zamfara State governor and senator, Abdul-Aziz Abubakar Yari, was named the new chairman of the board.
Other newly appointed directors include Abdulkadeer Babangida Njiddah and Usman Gur Mohammed, both finance and accounting professionals; Mohammed Sani Jaafaru, a petroleum industry executive; former Access Bank executive Neka Uzoamaka Adogu; and Senior Advocate of Nigeria, Mahmud Abubakar Magaji.
The company said the board changes are intended to strengthen its corporate governance framework and reposition Geregu Power strategically at a time when Nigeria’s electricity sector is grappling with deep structural challenges.
These challenges include persistent liquidity constraints in the power value chain, gas supply disruptions driven by pipeline vandalism and infrastructure gaps, as well as rising operating and financing costs that continue to weigh on generation companies.
Despite the resignations of the CEO and deputy CEO from the board, Geregu Power said both executives will continue to work with the newly constituted board to ensure a smooth transition, indicating continuity in day-to-day management and operations.
Femi Otedola, one of Nigeria’s most prominent investors, had built Geregu Power into a flagship asset within his energy portfolio after acquiring the plant during the privatisation of the power sector and subsequently listing the company on the Nigerian Exchange.
His exit represents a major turning point in the company’s history and could reshape investor perception of Geregu Power’s long-term strategy, governance posture, and capital allocation priorities under its new ultimate owner.
Geregu Power said the disclosure was made in full compliance with NGX listing rules. Shares of the company closed unchanged at the end of trading on Monday, suggesting the market is still assessing the implications of the ownership and boardroom changes.
Babatunde Akinsola ✔
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports
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