Otedola sells shares in Geregu Power for N1trn as Yari takes over

The chairman of First Holdco Ltd, Femi Otedola, has sold his majority stake in Geregu Power Plc for N1.088 trillion in a deal financed by a consortium of banks led by Zenith Bank Plc.

This was disclosed by the Nigerian Exchange (NGX) on Monday.

Otedola’s Amperion Power Distribution Company Ltd held nearly 80 percent of the power-generating company.

It was gathered that Otedola will now concentrate on expanding his interest in the Nigerian banking sector, although he still retains some shares in Geregu.

Otedola currently owns 17.01 percent of First Bank, its single largest shareholder since it was established in 1894.

Following the latest deal, Geregu announced a change in the shareholding structure of Amperion – its majority shareholder – in a corporate filing on the Nigeria Exchange Group (NGX) yesterday.

According to the statement, Geregu’s board of directors confirmed receiving formal communication from Amperion on the share sale.

“The Company has been informed that Amperion Power Distribution Company Limited has undergone a restructuring of its ownership following a share sale and acquisition concluded on 29 December 2025.

“As a result of this transaction: MA’AM Energy Limited has acquired 95% equity interest in Amperion Power Distribution Company Limited thereby becoming the new controlling shareholder of Amperion Power Distribution Company Limited.

“Consequently, the indirect controlling interest previously held by Calvados Global Services Limited and Mr. Femi Otedola, CON in Geregu Power Plc has been transferred to MA’AM Energy Limited.

“This transaction does not involve the direct sale or transfer of shares of Geregu Power Plc, and therefore the shareholding structure of the Company at the NGX remains unchanged,” the statement reads.

However, the statement noted that the change in the ownership of the “company’s majority shareholder results in a change in the ultimate beneficial ownership of 77% of the Company’s issued share capital”.

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