Billionaire investor Femi Otedola has exited Geregu Power Plc in a $750 million deal, divesting his 77% indirect controlling stake through the sale of 95% equity in Amperion Power Distribution Company Limited to MA’AM Energy Ltd. A Geregu Power filing on the Nigerian Exchange (NGX) confirmed the restructuring, marking one of Nigeria’s largest private power divestments.
Geregu clarified that the transaction “does not involve the direct sale or transfer of shares of Geregu Power Plc,” keeping its public shareholding on NGX unchanged. However, beneficial ownership of 77% of the firm has shifted to MA’AM Energy. The company is valued at N2.85 trillion and trades at N1,140 per share.
Otedola’s energy involvement spans 20+ years, beginning with Zenon Petroleum in 1999 and the acquisition of Forte Oil, later spun into Geregu Power. Under his leadership, Geregu scaled from 40MW to 435MW capacity and averaged N20bn in annual dividends. The firm supplies about 10% of Nigeria’s grid.
Otedola’s exit signals a strategic pivot to banking, where he chairs First HoldCo, parent of First Bank, holding a 17.1% stake—the largest individual shareholding. Nigerian banks, led by Zenith Bank, financed the deal, while advisers stressed it reflects capital reallocation as the sector gains liquidity support from a new N4trn power fund.
The deal aligns with investor maturity in Nigeria’s post-2013 power privatisation cycle, with more exits expected as valuations rise. Other transactions, including the sale of Eko DisCo to North South Power, are advancing. Analysts say the trend signals increased restructuring, capital recycling, and improved liquidity conditions.