Billionaire investor Femi Otedola has exited Geregu Power Plc in a landmark 750 million dollar transaction marking one of the largest private power sector divestments in Nigeria’s history and signaling a decisive shift in his investment strategy.
According to a filing on the Nigerian Exchange NGX and sources familiar with the deal the transaction was executed through the sale of Otedola’s 95 percent stake in Amperion Power Distribution Company Limited to MA’AM Energy Ltd a Nigerian integrated energy firm. Amperion is the majority shareholder of Geregu Power which means control of the power company has effectively changed hands.
The NGX filing confirms that MA’AM Energy has acquired a 95 percent equity interest in Amperion transferring the indirect controlling interest previously held by Calvados Global Services Limited and Femi Otedola. While the deal does not involve a direct sale of Geregu Power shares and the company’s public shareholding structure remains unchanged the ultimate beneficial ownership of 77 percent of Geregu Power has shifted.
The transaction reportedly closed on December 29 2025 and was financed by a consortium of Nigerian banks led by Zenith Bank with Blackbirch Capital acting as financial advisers.
Geregu Power one of the most profitable companies on the NGX is currently valued at 2.85 trillion naira trading at 1,140 naira per share. Under Otedola’s stewardship the company expanded from 40MW to a 435MW nameplate capacity contributed about 10 percent of national grid supply and delivered average annual dividends of 20 billion naira.
Otedola’s exit underscores a broader strategic pivot. Having reshaped Nigeria’s energy landscape over two decades starting with Zenon Petroleum acquiring and rebranding African Petroleum to Forte Oil and later building Geregu Power into a leading GenCo he is now concentrating his influence in the financial sector.
He currently serves as Chairman of First HoldCo the parent company of First Bank of Nigeria where he holds a 17.1 percent stake making him the single largest individual shareholder. Since his entry in 2022 First Bank has embarked on aggressive reforms including recapitalisation restructuring and debt recovery.
With 750 million dollars in fresh liquidity Otedola appears well positioned to play a major role as Nigeria’s banking sector prepares for a new wave of recapitalisation and consolidation.
The timing of the deal is also significant for the power sector. The Federal Government recently announced a 4 trillion naira electricity sector liquidity fund aimed at settling GenCo debts and stabilising cash flows. Otedola’s exit highlights a growing trend early investors from the 2013 power privatisation era are beginning to cash out paving the way for new capital new owners and deeper restructuring.
As ownership dynamics shift and liquidity improves both the power and banking sectors are entering a new phase one defined by capital recycling consolidation and renewed investor activity.
