In a major corporate development shaking Nigeria’s energy sector, billionaire investor, Femi Otedola, has stepped down as Chairman of Geregu Power Plc, triggering a significant leadership and ownership transition at one of our national most capitalised power generation companies.
The change follows a strategic restructuring of the company’s majority shareholding, effectively transferring control from Mr. Otedola’s entities to a new investor, MA’AM Energy Limited. The shift marks a pivotal moment for Geregu Power — a key player in Nigeria’s electricity market — and signals the end of Otedola’s more than decade-long dominance in the business.
Ownership Restructuring and Transaction Details
According to a notice filed with the Nigerian Exchange (NGX), Amperion Power Distribution Company Limited — through which Otedola held his controlling stake in Geregu — has undergone a change in its ownership structure following the sale of a 95 % equity interest to MA’AM Energy.
This transaction effectively transfers the indirect controlling interest of about 77 % of Geregu Power’s issued share capital to the new entity.
While direct shares of Geregu Power quoted on the NGX remain unchanged, the rearrangement of beneficial ownership has prompted a sweeping reconstitution of the board and executive leadership.
Leadership Shake-Up at the Top
Alongside his resignation as chairman, Otedola’s exit was accompanied by the departure of several top executives, including:
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Akin Akinfemiwa — Chief Executive Officer
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Julius Omodayo-Owotuga — Deputy CEO
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Other non-executive and independent directors aligned with his tenure.
In their place, the board has appointed a new leadership team focused on governance and strategy during this critical transition. The most notable appointment is Senator Abdul-Aziz Abubakar Yari, the former governor of Zamfara State, who has been named the new Chairman of Geregu Power Plc.
Other new board members include experienced professionals from finance, energy, and legal sectors — aimed at strengthening the company’s oversight and positioning it for future growth amid persistent industry challenges.
Strategic Implications for Nigeria’s Power Sector
Geregu Power operates a 435 MW gas-fired plant in Ajaokuta, Kogi State, and has been a cornerstone asset in Nigeria’s bid to shore up electricity generation capacity since privatisation. Under Otedola’s stewardship, the company expanded its capacity and contributed meaningfully to the national grid.
Industry analysts suggest that the change in ownership comes at a time when Nigeria’s power sector continues to grapple with liquidity constraints, gas supply bottlenecks, and rising operational costs — making fresh leadership and strategic direction critical for future viability.
Otedola’s Future Focus
Although Otedola is relinquishing his leadership role at Geregu Power, he remains active in Nigeria’s corporate landscape, particularly in the banking sector, where he holds significant stakes and leadership positions.
His exit from Geregu is widely seen as part of a broader portfolio realignment geared toward financial services and other investment opportunities.
What This Means Going Forward:
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Fresh leadership and governance at Geregu Power under Senator Yari.
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Change in ultimate beneficial ownership, even as public shareholding stays the same.
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A test for MA’AM Energy’s strategic direction in one of Nigeria’s flagship power companies.
This shake-up underscores the evolving dynamics of Nigeria’s energy sector as private investors recalibrate strategies in response to structural challenges and market opportunities.
