Billionaire investor Femi Otedola has officially sold his controlling stake in Geregu Power Plc, sealing a landmark $750 million transaction that ranks among the largest private power-sector divestments in Nigeria’s history.
According to filings on the Nigerian Exchange (NGX) and sources familiar with the deal, Otedola divested his 77% majority stake in Geregu Power through the sale of his 95% holding in Amperion Power Distribution Company Limited.
The buyer, MA’AM Energy Ltd, is a Nigerian energy firm, signaling a major shift in ownership within the country’s power generation landscape.
Geregu Power, one of Nigeria’s most prominent power generation companies, has been a key asset in Otedola’s portfolio, and the exit marks a significant strategic move by the billionaire investor, who has recently been reshaping his business interests across key sectors of the economy.
Market watchers say the deal could reshape competition and investment flows in Nigeria’s electricity sector, as attention now turns to MA’AM Energy’s plans for the power plant and the wider industry.
⚡ A major chapter closes — and another opens — in Nigeria’s power sector.
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