Femi Otedola Sells 77% Stake in Geregu Power Plant

Femi Otedola has sold his 77 per cent controlling stake in Geregu Power Plc in a $750 million transaction, according to a filing uploaded on the Nigerian Exchange (NGX) website. The deal was executed through the sale of Otedola’s 95 per cent stake in Amperion Power Distribution Company Limited to ...

Femi Otedola has sold his 77 per cent controlling stake in Geregu Power Plc in a $750 million transaction, according to a filing uploaded on the Nigerian Exchange (NGX) website.

The deal was executed through the sale of Otedola’s 95 per cent stake in Amperion Power Distribution Company Limited to MA’AM Energy Limited, an Abuja-based integrated energy company involved in electricity generation, supply, and energy trading.

The NGX filing confirmed that Amperion Power, the majority shareholder of Geregu Power, has undergone a major ownership restructuring. The document states that “MA’AM Energy Ltd has acquired a 95 per cent equity interest” in Amperion Power, making it the new controlling shareholder of Geregu Power Plc.

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

The transaction, which closed yesterday, was financed by a consortium of Nigerian banks led by Zenith Bank, with Blackbirch Capital serving as financial advisers.

Geregu Power clarified that while Otedola’s sale involved his stake in Amperion, the transaction “does not involve the direct sale or transfer of shares of Geregu Power Plc,” ensuring that the company’s public shareholding structure on the NGX remains unchanged.

Geregu Power, currently valued at N2.85 trillion and trading at N1,140 per share, continues to be one of the most capitalised and profitable companies listed on the Nigerian Exchange.