Billionaire investor Femi Otedola has exited Geregu Power Plc in a landmark transaction valued at $750 million, divesting his 77 per cent controlling stake in the power generation company.

The development was disclosed in a filing by Geregu Power Plc on the Nigerian Exchange website and confirmed by sources familiar with the transaction, according to Nairametrics.

The deal was executed through the sale of Otedola’s 95 per cent stake in Amperion Power Distribution Company Limited to MA’AM Energy Ltd, a Nigerian energy firm, making it one of the largest private power divestments in Nigeria’s history.

According to the NGX filing, Amperion Power Distribution Company Limited, which is the majority shareholder in Geregu Power Plc, has undergone a major restructuring of its ownership structure.

The filing confirmed that “MA’AM Energy Ltd has acquired a 95% equity interest” in Amperion Power, thereby emerging as the new controlling shareholder of Geregu Power Plc.

As a result of the transaction, the indirect controlling interest previously held by Calvados Global Services Limited and Mr. Femi Otedola “has been transferred to MA’AM Energy.”

Information available on its website describes MA’AM Energy as an Abuja-based integrated energy company involved in electricity generation and supply, energy trading, and marketing.

Sources told Nairametrics that the transaction was completed on December 29, 2025, and was financed by a consortium of Nigerian banks led by Zenith Bank, with Blackbirch Capital serving as financial advisers.

Although the sale involved Otedola’s stake in Amperion Power Distribution Company Limited, Geregu Power clarified that this “does not involve the direct sale or transfer of shares of Geregu Power Plc.”

The company further explained that its public shareholding structure on the Nigerian Exchange remains unchanged despite the change in ultimate beneficial ownership.

Accordingly, while the shareholding structure listed on the NGX is unchanged, the beneficial ownership of 77 per cent of the company has effectively shifted to the new investor.

Geregu Power Plc is currently valued at N2.85 trillion and trades at N1,140 per share, maintaining its position as one of the most capitalised and profitable companies on the Nigerian Exchange.

Femi Otedola’s influence in Nigeria’s energy sector spans more than two decades, beginning in 1999 with the incorporation of Zenon Petroleum and Gas.

He later acquired African Petroleum, which he rebranded as Forte Oil, before exiting the company in 2019.

Following his departure from Forte Oil, Otedola carved out its power generation arm, Geregu Power, and developed it into one of Nigeria’s leading generation companies, contributing about 10 per cent to national grid supply.

Under his leadership, Geregu Power expanded from an initial capacity of 40 megawatts to a nameplate capacity of 435 megawatts, achieved consistent profitability, and paid average annual dividends of about N20 billion.

Otedola’s exit from Geregu Power signals a broader strategic shift towards the financial services sector.

He currently serves as Chairman of First HoldCo, the parent company of First Bank of Nigeria, where he holds a 17.1 per cent stake, making him the single largest individual shareholder.

His entry into First Bank in 2022 significantly reshaped the bank’s ownership structure and has since been followed by major reforms, including recapitalisation, organisational restructuring, and aggressive debt recovery efforts.

The divestment from Geregu Power represents more than a portfolio adjustment, reflecting a deliberate reallocation of capital and influence towards the financial sector, where Otedola appears to see greater control and growth potential.

With $750 million in liquidity unlocked from the transaction, the move comes at a time when Nigeria’s banking sector is preparing for an expected wave of recapitalisation and consolidation.

The transaction also coincides with a critical period for Nigeria’s electricity market, following the Federal Government’s announcement of a N4 trillion power sector liquidity fund.

An initial N590 billion from the fund is currently being disbursed to address outstanding obligations owed to generation companies, including Geregu Power, and to stabilise cash flows within the sector.

Otedola’s exit highlights a broader trend within Nigeria’s power industry, as early investors from the post-2013 power privatisation era begin to reach the maturity stage of their investment cycles.

As sector valuations improve and liquidity conditions strengthen, more divestments are expected, signalling a new phase of capital recycling within the electricity industry.

At the same time, long-standing industry players are seeking fresh capital to reposition themselves for a more market-driven operating environment with reduced government support.

Otedola’s increasing focus on banking could position First Bank as a major beneficiary of the forthcoming recapitalisation wave in the financial sector.

Other transactions within the electricity sector are also advancing, with Nairametrics reporting that the sale of Eko Electricity Distribution Company to North South Power is nearing completion, and approximately N150 billion has already been received.

These evolving ownership dynamics point to heightened investor activity, sector restructuring, and improving liquidity conditions across Nigeria’s power and financial markets.