Billionaire businessman Femi Otedola has exited his shareholding in Geregu Power Plc through a deal reportedly worth around $750 million.
The transaction was concluded on December 29 2025 and until the completion of the share sale, he was the majority owner of the Lagos-quoted firm.
The serial investor, who was also the chairman of Geregu Power, resigned from his position and exited the company, along with six other directors.
His stake in the company was variously held through Calvados Global Services and Amperion Power Distribution Company.
In a regulatory filing on Monday, December 29, Geregu Power confirmed that the billionaire businessman has offloaded his interest and exited the company.
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It noted that the transaction was executed through the sale of Otedola’s 95 per cent stake in Amperion Power Distribution Company Limited to MA’AM Energy Limited, a Nigerian firm.
“MA’AM Energy Limited has acquired 95% equity interest in Amperion Power Distribution Company Limited, thereby becoming the new controlling shareholder of Amperion Power Distribution Company Limited.
“Consequently, the indirect controlling interest previously held by Calvados Global Services Limited and Mr Femi Otedola, CON in Geregu Power Plc has been transferred to MA’AM Energy Limited,” Geregu Power stated.
According to the company, the transaction does not involve the direct sale or transfer of shares of Geregu Power, and therefore the shareholding structure of the company at the NGX remains unchanged.
It stated, however, that the change in the ownership of the company’s majority shareholder results in a change in the ultimate beneficial ownership of 77 per cent of the company’s issued share capital.
With a current market capitalisation of about N2.85 trillion, Geregu Power is trading around N1,140 per share on the floor of the Nigerian Exchange Limited and is one of the most capitalised and profitable firms on the Nigerian stock market.
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The company said it has also accepted the resignation of the billionaire investors and other directors from its board, effective December 29, 2025.
They include:
- Mr Olufemi Otedola, CON – Chairman, Board of Directors
- Mr Akin Akinfemiwa – Chief Executive Officer
- Dr Julius Omodayo-Owotuga – Deputy Chief Executive Officer
- Mr Christopher Adeyemi – Non-Executive Director
- Ms Olawunmi Otedola – Non-Executive Director
- Mr Anil Dua – Independent Non-Executive Director
- Mr Doron Grupper – Independent Non-Executive Director
A serial investor
Otedola’s journey into the energy sector began more than two decades ago when he incorporated Zenon Petroleum and Gas.
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He was later to acquire African Petroleum (AP) and rebrand it as Forte Oil, which he exited from in 2019.
He carved out Geregu Power, a power generation company, and grew it into one of Nigeria’s foremost GenCos.
According to information on the company’s website, Geregu Power contributes on average 10 per cent of the power Nigeria generates, with installed capacity currently standing at 435 megawatts.
He is looking to invest more of his fortune in the financial sector, where he is currently the chairman and top shareholder of First HoldCo.
Pinnacle Daily reported recently that Otedola boosted his stake at the First Holdco and has said that by the time the capital-raising exercise to meet the Central Bank of Nigeria’s recapitalisation requirements is concluded, he would have invested over ₦320 billion in cash, without any borrowing.
Alex is a business journalist cum data enthusiast with the Pinnacle Daily. He can be reached via ealex@thepinnacleng.com, @ehime_alex on X
