MA’AM Energy Assumes Majority Control of Geregu Power as Ownership Restructuring Ends Otedola’s Indirect Stake

MA’AM Energy Limited has emerged as the new controlling shareholder of Geregu Power Plc, Nigeria’s largest listed power generation company by market capitalisation, following a major restructuring of the ownership of its majority shareholder.

The development effectively ends the indirect controlling interest previously held by billionaire investor Femi Otedola, CON, marking a significant shift in the ownership and governance landscape of one of Nigeria’s most strategic power assets.

Disclosure to Nigerian Exchange

In a disclosure filed with the Nigerian Exchange Limited (NGX) on Monday, Geregu Power informed the investing public that its majority shareholder, Amperion Power Distribution Company Limited, concluded a share sale and acquisition transaction on December 29, 2025, resulting in a change in its ownership structure.

According to the notice, MA’AM Energy Limited acquired a 95 per cent equity stake in Amperion, thereby becoming its new controlling shareholder.

This transaction transferred the ultimate beneficial ownership of 77 per cent of Geregu Power’s issued share capital to MA’AM Energy.

“The Company has been informed that Amperion Power Distribution Company Limited has undergone a restructuring of its ownership following a share sale and acquisition concluded on 29 December 2025,” Geregu Power stated.

“As a result of this transaction, MA’AM Energy Limited has acquired 95 per cent equity interest in Amperion Power Distribution Company Limited, thereby becoming the new controlling shareholder.”

End of Otedola’s Indirect Control

Geregu Power further clarified that the restructuring resulted in the transfer of the indirect controlling interest previously held by Calvados Global Services Limited and Femi Otedola to MA’AM Energy.

While the transaction did not involve a direct sale of Geregu Power shares on the Nigerian Exchange, it significantly altered the ultimate ownership profile of the company.

The firm stressed that its shareholding structure on the NGX remains unchanged, assuring investors that no direct trading or dilution of shares occurred at the listed company level.

Board Reconstitution and Leadership Changes

Following the ownership change, Geregu Power announced a comprehensive reconstitution of its board, signalling a new governance phase for the company.

Abdul-Aziz Yari has been appointed as the new chairman of the board, alongside newly appointed directors:

• Abdulkadeer Njiddah

• Usman Mohammed

• Mohammed Jaafaru

• Neka Adogu

• Mahmud Magaji

The board expressed confidence that the new leadership would strengthen the company’s governance framework, strategic oversight, and long-term growth trajectory.

Resignations of Key Executives

The company also confirmed the resignation of Femi Otedola as chairman, alongside several key executives and directors, all effective December 29, 2025.

Those exiting include:

• Chief Executive Officer Akin Akinfemiwa

• Deputy Chief Executive Officer Julius Omodayo-Owotuga

• Eight other directors

While acknowledging their contributions to the growth and stability of Geregu Power, the board extended its appreciation to the outgoing executives and wished them success in their future endeavours.

Geregu Power assured shareholders and stakeholders that executive management would work closely with the newly constituted board to ensure a smooth and seamless transition.