Otedola Earns ₦1.088 Trillion After Selling Majority Stake in Geregu Power

Billionaire businessman Femi Otedola has cashed out ₦1.088 trillion after selling his majority stake in Geregu Power Plc in a deal financed by a consortium of banks led by Zenith Bank Plc.

Otedola held the stake through Amperion Power Distribution Company Ltd, which owned nearly 80 per cent of Geregu Power. Geregu’s board said it had received formal notification from Amperion on the transaction.

Following the deal, Geregu disclosed in a filing that MA’AM Energy Limited has acquired 95 per cent equity interest in Amperion, making MA’AM Energy the new controlling shareholder of Amperion.

In its statement, Geregu explained that Amperion’s ownership has been restructured following the share sale and acquisition concluded on December 29, 2025. As a result, the indirect controlling interest previously linked to Calvados Global Services Limited and Femi Otedola in Geregu Power has now moved to MA’AM Energy Limited.

However, the company clarified that the transaction did not involve a direct sale or transfer of Geregu Power shares, meaning the company’s shareholding structure as listed on the NGX remains the same. Still, Geregu noted that the ownership change at its majority shareholder level effectively changes the ultimate beneficial ownership of 77 per cent of Geregu’s issued share capital.

The transaction also comes with boardroom changes. Otedola is expected to step down as chairman, with Abdul-Aziz Abubakar Yari set to take over as board chairman. Geregu also announced that Abdulkadeer Babangida Njiddah, a finance professional, will join the board as a non-executive director.

Although Otedola is said to retain some interest in Geregu, the shift signals a stronger focus on banking. He is currently the chairman of First Holdco Ltd, the parent company of First Bank of Nigeria, and reportedly holds 17.01 per cent of First Bank, making him its single largest shareholder.