Nigerian businessman Femi Otedola, chairman of Geregu Power Plc in Nigeria’s electricity generation sector, has realised approximately ₦896.5 billion from selling a majority stake in the company.
Okay News reports that the transaction involved divesting 95 per cent of his indirect holdings through Amperion Power Distribution Company Limited to MA’AM Energy Limited for $750 million.
Otedola previously controlled 76.388 per cent of Geregu’s 2.5 billion issued shares, equating to about 1.909 billion shares as of September 2025.
The sale of roughly 1.814 billion shares marks one of the largest private exits in Nigeria’s power sector in recent years.
Geregu Power listed on the Nigerian Exchange in October 2022 at ₦100 per share, valuing the company at ₦250 billion.
Otedola’s initial investment in the 95 per cent portion sold was around ₦181.4 billion, delivering a 469 per cent naira return over three years.
In dollar terms, the exit yielded a gain of between $309 million and $466 million, depending on exchange rates applied, highlighting the impact of naira devaluation.
Geregu’s market capitalisation has surged to ₦2.85 trillion by late 2025, driven by operational expansions, capacity growth, and consistent dividends.
The company has paid out substantial dividends, averaging around ₦20 billion annually in recent years, further boosting returns for long-term holders.
Otedola acquired Geregu in 2013 during Nigeria’s power sector privatisation, transforming it into a high-performing asset before this landmark divestment.
