Femi Otedola Sells Company's Shares for Over N1 trillion
- Femi Otedola has sold his controlling stake in Geregu Power Plc in a N1.088 trillion ($750 million)
- The deal was financed by a consortium of banks led by Zenith Bank, with MA’AM Energy Ltd
- The transaction does not involve a direct sale of Geregu Power Plc shares, meaning Otedola retains a minority stake
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigerian billionaire Femi Otedola has sold his controlling stake in Geregu Power Plc in a N1.088 trillion ($750 million) transaction financed by a consortium of banks led by Zenith Bank Plc, according to filings with the Nigerian Exchange (NGX) and people familiar with the deal.
Source: UGC
The NGX said on Monday, December 29 that Amperion Power Distribution Company Ltd, which held nearly 80% of Geregu Power, has changed ownership.
MA’AM Energy Ltd, an Abuja-based integrated energy company, acquired a 95% equity interest in Amperion, effectively transferring control of Geregu Power from entities linked to Otedola to MA’AM Energy.
Details on the deal
Geregu Power clarified that the transaction involved the sale of shares in Amperion and did not entail a direct transfer of Geregu Power Plc shares, meaning the company’s public shareholding structure on the NGX remains unchanged.
However, the ultimate beneficial ownership of about 77% of the power producer has shifted.
Nairametrics reports that the deal closed on December 29, 2025, with Blackbirch Capital acting as financial adviser.
Geregu Power is currently valued at about N2.85 trillion and trades at roughly N1,140 per share, making it one of the most capitalised firms on the exchange.
Otedola, who will retain a minority interest in Geregu, is expected to focus on expanding his investments in Nigeria’s banking sector, The Cable reports.
Source: Getty Images
He is chairman of First HoldCo Ltd, the parent company of First Bank of Nigeria Plc, and owns 17.01% of the lender, making him its single largest shareholder. First Bank shares, which traded around N5 when he began investing, closed at N53 on Friday.
Otedola built his fortune in energy, founding diesel marketer Zenon Oil in 2003 and later acquiring African Petroleum in 2007, which he rebranded as Forte Oil before exiting in 2019.
He then focused on power generation, turning around Geregu from about 80MW to a nameplate capacity of 435MW, contributing roughly 10% to national grid supply and paying an average of about N20 billion in annual dividends.
For Otedola, the move frees significant liquidity at a time when Nigeria’s banking industry is preparing for recapitalisation and possible consolidation.
He is also the author of Making It Big: Lessons from a Life in Business, an Amazon bestseller.
Geregu Power financials
Earlier, Legit.ng reported that Geregu Power Plc announced revenue of N112.5 billion for the 9-month period.
This reflects a 102% growth compared to the N55.7 billion recorded during the same period in the previous year.
According to the company's unaudited financial report N71.4 billion was generated from energy sales, while N41.1 billion came from capacity charges, totalling N112.58 billion in revenue.
Source: Legit.ng
