Who Are the New Owners of Geregu Power Plc?

Geregu Power Plc has entered a new phase after announcing a major change in who ultimately controls the company. 

The update, released on Monday, December 29, 2025, followed a restructuring involving its majority shareholder, Amperion Power Distribution Company Limited.

While Geregu Power itself has not been sold, the change at the shareholder level means new individuals and interests now sit at the top of the company’s ownership structure.

What Changed in Geregu Power’s Ownership?

The shift began when MA’AM Energy Limited acquired a 95 percent equity stake in Amperion Power Distribution Company Limited. With this acquisition, MA’AM Energy became Amperion’s new controlling shareholder.

Because Amperion holds a majority interest in Geregu Power Plc, the transaction automatically led to a change in Geregu’s ultimate beneficial ownership. 

In simple terms, the people who ultimately control the company behind the scenes have changed.

Geregu Power confirmed that the deal was completed on December 29, 2025, and the disclosure was formally filed with the Nigerian Exchange Limited. The statement was signed by the company’s secretary, Gbeminiyi Shoda.

No Direct Sale of Geregu Power Shares

The company was clear on one key point: no Geregu Power shares were directly sold as part of this transaction. This means the company’s share register on the NGX remains the same.

However, despite the absence of a direct share sale, the restructuring resulted in a transfer of ultimate beneficial ownership over 77 percent of Geregu Power’s issued share capital. Effective control has now moved from Calvados Global Services Limited and billionaire investor Femi Otedola to MA’AM Energy Limited.

Femi Otedola, who previously served as chairman of Geregu Power, resigned from the role, with his resignation taking effect on the same day the ownership change was announced.

New Leadership at the Board Level

Following the ownership shift, Geregu Power’s Board approved several new appointments aimed at stabilising governance and guiding the company into its next phase.

Senator Abdul-Aziz Abubakar Yari

Yari was appointed Chairman of the Board. Yari is a seasoned public administrator and politician with experience across education, state governance, and national legislative roles. 

He began his career as a teacher before moving into politics, where he served in both state and federal capacities. His academic background includes studies in Public Administration, a master’s degree in Finance and Investment Management from the University of Salford, and leadership training from the London School of Economics.

Abdulkadeer Babangida Njiddah

Njiddah joined the Board as a Non-Executive Director. He is a highly trained accountant and finance expert with experience across academia, public service, and the power sector. 

A Fellow of the Institute of Chartered Accountants of Nigeria and the Institute of Internal Auditors, Njiddah currently leads Abdulkadeer & Co., where he oversees audit and compliance work for corporate and government clients.

Usman Gur Mohammed

Mohammed was appointed Independent Non-Executive Director. With more than 30 years of experience, Mohammed is well known in Nigeria’s power and infrastructure space. 

He has worked on projects involving multilateral financing, power sector reform, and private sector investment frameworks. He holds advanced degrees in finance and accounting and is a Fellow of the Institute of Chartered Accountants of Nigeria.

Mohammed Sani Jaafaru

Jaafaru also joined as an Independent Non-Executive Director. His background combines engineering, finance, and operational leadership within the energy sector. As Chief Operations Officer of Advance Link Petroleum Limited, he has led efforts to improve governance systems, automate operations, and reduce revenue losses.

Neka Uzoamaka Adogu

Adogu, another Independent Non-Executive Director, brings over two decades of experience from the financial services industry. She spent much of her career at Access Bank Plc, rising to the position of General Manager. Her expertise spans banking operations, risk management, wealth management, and strategic growth across African markets.

Mahmud Abubakar Magaji, SAN

Magaji, SAN, was appointed Independent Non-Executive Director, adding strong legal depth to the Board. A Senior Advocate of Nigeria, Magaji has extensive experience in criminal law, oil and gas, aviation, property, and election-related cases. He has served on several judicial and legal panels and is active in both local and international arbitration circles.

Resignations and Transition Plan

Alongside the new appointments, Geregu Power confirmed the resignation of several board members. 

These include former chairman Femi Otedola, Chief Executive Officer Akin Akinfemiwa, and Deputy Chief Executive Officer Julius Omodayo-Owotuga. Other departing directors include Christopher Adeyemi, Olawunmi Otedola, Anil Dua, Doron Grupper, Paul Miyonmide Gbededo, and Andrew Gamble.

The company noted that the outgoing CEO and Deputy CEO will support the incoming leadership during a transition period to ensure continuity and stability.

What This Means for Geregu Power

The ownership change marks a significant turning point for Geregu Power Plc. While the company’s listed shares remain untouched, real control has shifted to MA’AM Energy Limited through its takeover of Amperion.

With a reconstituted board bringing experience from politics, finance, energy, and law, investors and stakeholders will now be watching closely to see how the new leadership shapes Geregu Power’s strategy, governance, and long-term performance in Nigeria’s power sector.