Billionaire businessman Femi Otedola has relinquished his controlling interest in Geregu Power Plc in a transaction valued at N1.088 trillion, financed by a consortium of banks led by Zenith Bank Plc.
The Nigerian Exchange (NGX) announced the development on Monday, noting that the change followed a restructuring of ownership at Amperion Power Distribution Company Limited after a share sale and acquisition concluded on December 29, 2025.
According to the NGX, MA’AM Energy Limited has acquired a 95 percent equity stake in Amperion Power Distribution Company Limited, making it the new controlling shareholder.
As a result of the transaction, the indirect controlling interest in Geregu Power Plc previously held by Calvados Global Services Limited and Mr. Otedola has been transferred to MA’AM Energy Limited.
The exchange clarified that the deal did not involve a direct sale or transfer of shares in Geregu Power Plc. Consequently, the company’s shareholding structure on the NGX remains unchanged despite the shift in indirect control.
