Senator Yari Takes Control of Geregu Power as Femi Otedola Exits

• Njiddah, Mohammed, Jaafaru, Adogu, Magaji emerge directors

Emmanuel Addeh in Abuja

Senator Abdulaziz Yari has emerged as the new chairman of the board of Geregu Power Plc after the exit of billionaire businessman, Femi Otedola, in a transaction that has seen him (Otedola) divest his 77 per cent of his controlling stake in the power generation company.

A filing by Geregu Power Plc on the Nigerian Exchange (NGX) website showed that the transaction 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 firm.

Aside from Yari who now heads the board, Usman Gur Mohammed as well as Sani Jaafaru and Uzoamaka Adogu, among others, have been appointed as independent non-executive directors of the power company.

This therefore means that the indirect controlling interest previously held by Calvados Global Services Limited and Femi Otedola has been transferred to MA’AM Energy, an Abuja-based integrated energy company engaged in electricity generation and supply, energy trading, and marketing.

It was learnt that the transaction, which closed on December 29, 2025, was financed by a consortium of Nigerian banks led by Zenith Bank, with Blackbirch Capital acting as financial advisers.

Geregu Power is currently valued at N2.85 trillion, trading at N1,140 per share, and is one of the most capitalised and profitable firms on the Nigerian Exchange.

With a contribution of about 10 per cent to the national grid, Geregu has over the years expanded from 40MW to a nameplate capacity of 435MW, becoming consistently profitable, and averaging N20 billion in annual dividends.

In the same vein, a “Notice of Change in the Shareholding Structure of Majority Shareholder/ Resignation of Directors and Appointment of New Directors”, signed by Gbeminiyi Shoda, Company Secretary, said: The Board of Directors of Geregu Power Plc  hereby notifies the Nigerian Exchange Limited (NGX) and the investing public that it has received formal communication from its majority shareholder, Amperion Power Distribution Company Limited, regarding a change in its shareholding structure.

“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 per cent 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, 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 notice said.

However, it stated that the change in the ownership of the Company’s majority shareholder resulted in a change in the ultimate beneficial ownership of 77 per cent of the Company’s issued share capital.

Following the above change in the ultimate beneficial ownership of the Company’s issued share capital, the Board of Directors at its meeting held on Monday, December 29, 2025, said it considered and approved the appointment of Yari as chair of the board, while Babangida Njiddah, Gur Mohammed, Sani Jaafaru, Uzoamaka Adogu and Mahmud Magaji are now independent non-executive directors.

“The Board also accepted the resignation of the underlisted Directors from the Board of the Company, effective 29th December, 2025: Mr. Olufemi Otedola, CON – Chairman, Board of Directors; Mr. Akin Akinfemiwa – Chief Executive Officer; Dr. Julius Omodayo-Owotuga – Deputy Chief Executive Officer (and) Mr. Christopher Adeyemi – Non-Executive Director.

“(Others are) Ms. Olawunmi Otedola – Non-Executive Director; Mr. Anil Dua – Independent Non-Executive Director; Mr. Doron Grupper – Independent Non-Executive Director; Mr. Paul Miyonmide Gbededo – Independent Non-Executive Director (and) Mr. Andrew Gamble – Independent Non-Executive Director.”

Besides, the board expressed its appreciation to the outgoing directors for their contributions to the company during their tenure and wished them success in their future endeavours.