Femi Otedola has divested his 77% controlling stake in Geregu Power Plc in a $750 million deal. The sale was made through the transfer of his 95% stake in Amperion Power Distribution Company Limited to MA’AM Energy Limited, an indigenous energy firm involved in electricity generation, supply, and energy trading. This transaction was disclosed on the Nigerian Exchange (NGX) website.
The deal restructures the ownership of Amperion Power, with MA’AM Energy becoming the new controlling shareholder of Geregu Power. The indirect controlling interest previously held by Otedola and his firm, Calvados Global Services Limited, has now been transferred to MA’AM Energy. The transaction closed successfully with financing from a consortium of Nigerian banks led by Zenith Bank.
Geregu Power remains unaffected in terms of its public shareholding structure, with no direct sale of shares in the company. The company is valued at N2.85 trillion, maintaining a strong position as one of the most capitalised and profitable firms on the NGX.
