Billionaire investor Femi Otedola has sold his 77% controlling stake in Geregu Power Plc in a landmark $750 million deal, marking one of the largest private transactions in Nigeria’s power sector.
The divestment was executed through the sale of Otedola’s 95% stake in Amperion Power Distribution Company Limited to MA’AM Energy Ltd, a Nigerian energy firm, according to a filing on the Nigerian Exchange (NGX).
The transaction effectively transfers Otedola’s indirect ownership of Geregu Power to MA’AM Energy, although the company’s public shareholding on the NGX remains unchanged. The deal was reportedly financed by a consortium of Nigerian banks led by Zenith Bank, with Blackbirch Capital serving as financial advisers. MA’AM Energy, based in Abuja, is an integrated energy company involved in electricity generation, distribution, and trading.
Otedola’s exit from Geregu Power signals a strategic shift toward the financial sector, where he now chairs First HoldCo, the parent company of First Bank of Nigeria, holding a 17.1% stake.
Under his leadership, Geregu Power grew from 40MW to 435MW, consistently delivered profits, and contributed about 10% to Nigeria’s national grid. With $750 million in liquidity unlocked, the move positions Otedola to focus on banking and investment opportunities while reflecting a broader trend of capital recycling in Nigeria’s power market.
