Femi Otedola, billionaire businessman, has sold his major stake in Geregu Power Plc for N1.088 trillion in a deal backed by a consortium of banks
The Nigerian Exchange (NGX) confirmed the transaction on Monday. Otedola’s Amperion Power Distribution Company Ltd previously owned nearly 80 percent of the power-generating company.
Otedola, who is also chairman of First Holdco Ltd, the parent company of First Bank of Nigeria Plc, will now focus on expanding his banking interests, while retaining a minority stake in Geregu. He currently owns 17.01 percent of First Bank, making him its largest shareholder since 1894.
His business career began in energy with Zenon Oil, a diesel marketing company founded in 2003 that captured about 93 percent of the market. He later acquired African Petroleum in 2007, rebranding it as Forte Oil, before exiting in 2019 to focus on power generation. Under his leadership, Geregu’s capacity rose from 80MW to 435MW.
Following the sale, Geregu confirmed updates to Amperion’s ownership in a filing with NGX:
“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. As a result of this transaction, MA’AM Energy Limited has acquired 95% equity interest in Amperion Power Distribution Company Limited, becoming the new controlling shareholder.
“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. This transaction does not involve the direct sale or transfer of Geregu Power Plc shares, and therefore the company’s shareholding structure at NGX remains unchanged.”
The change in Amperion’s ownership affects the ultimate beneficial ownership of 77% of Geregu’s issued share capital.
The deal also prompted board changes: former senator Abdul-Aziz Abubakar Yari replaces Otedola as board chairman, while finance professional Abdulkadeer Babangida Njiddah joins as a non-executive director.
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