Femi Otedola, CON, billionaire businessman, has divested of his majority stake in Geregu Power Plc in a ₦1.088 trillion share-deal facilitated by a consortium of banks, led by Zenith Bank Plc.
The deal by Otedola with Geregu Power Plc was announced on Monday by the Nigerian Exchange (NGX).
Otedola’s Amperion Power Distribution Company Ltd held nearly 80 per cent of the power-generating company.
As reported by TheCable, Otedola, who is also the chairman of First Holdco Ltd — parent company of First Bank of Nigeria Plc — will now concentrate on expanding his interest in the Nigerian banking sector, although he still retained some shares in Geregu Power Oil.
Otedola currently owns 17.01 per cent of First Bank — its single largest shareholder since it was established in 1894.
The share price of First Bank was ₦5 when he started investing in the bank but it closed at ₦53, last Friday.
Following the latest deal, Geregu Power Plc announced a change in the shareholding structure of Amperion – its majority shareholder – in a corporate filing on the Nigeria Exchange Group (NGX).
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 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, 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,” it was stated in the statement.
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 per cent of the company’s issued share capital,”
The transaction also led to a change in the company’s leadership, as Geregu announced new board members.
Senator Abdul-Aziz Abubakar Yari will replace Otedola as Board Chairman, while Abdulkadeer Babangida Njiddah, an account and finance professional, will join the Board as non-executive director.
Otedola’s first big break as a businessman was in the energy sector when he set up Zenon Oil, a diesel marketing company, in 2003. Zenon controlled about 93 per cent of the diesel market.
He later acquired African Petroleum (AP), another marketing company, in 2007 and rebranded it to Forte Oil before exiting in 2019 to focus on power generation with Geregu, which currently generates 435MW — up from 80MW when he took over the run-down plant.
Otedola is the author of the Amazon bestseller, “Making It Big: Lessons From A Life In Business.
•Source: TheCable
