Who Are The New Owners of Geregu Power After Otedola’s Exit?
- Geregu Power confirmed the sale of Femi Otedola’s controlling stake to Ma’am Energy Limited
- Mr Otedola and several top executives resigned following the ownership change
- Senator Abdulaziz Yari has been appointed chairman as a new board takes over leadership of the company
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology and macroeconomic trends in Nigeria.
Geregu Power, the power generation firm that billionaire investor Femi Otedola listed on the stock market in October 2022, on Monday disclosed a shift in its ownership structure after a board meeting at which Mr Otedola announced the sale of his controlling interest in the company.
Source: Twitter
In a disclosure to the Nigerian Exchange Limited, the firm said it had received official notification from Amperion Power Distribution Company, the special purpose vehicle through which Mr Otedola previously held the bulk of Geregu Power’s shares, that the stake had been sold to MA’AM Energy Limited.
According to information on its website, Abuja-headquartered MA’AM Energy is an energy solutions provider whose operations cut across electricity generation and supply, oil and gas exploration and production, refining and processing, as well as energy trading and marketing.
Legit.ng reported that MA’AM Energy Limited purchased a 95% equity stake in Amperion Power Distribution Company Limited, the holding company of Geregu Power, thereby assuming control 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,” the company stated in its filing with the NGX.
During the same meeting, the board also approved the appointment of new directors, with the changes taking effect from 29 December 2025.
The directors accepted the resignations of Mr Otedola as chairman, alongside those of the chief executive officer, Akin Akinfemiwa, and the deputy CEO, Julius Omodayo Owotuga. Christopher Adeyemi and Olawunmi Otedola stepped down as non-executive directors, while Anil Dua, Doron Grupper, Paul Gbadebo and Andrew Gamble also relinquished their positions as independent non-executive directors.
Owners of Ma’am Energy
Details from Ma’am Energy’s registration records at the Corporate Affairs Commission show that four individuals are recognised as persons with significant control over the company.
One of them is Abdulkarim Tsafe, who holds a 25% shareholding in Ma’am Energy. Tsafe is the chief executive officer of Ajao Financial Services Limited, where he oversees strategic initiatives, regulatory compliance and investment advisory activities.
His academic background includes an MBA and a Postgraduate Diploma in Management from Abubakar Tafawa Balewa University, as well as a Higher National Diploma and a National Diploma in Mechanical Engineering from the Federal Polytechnic, Kaduna.
Tsafe has also held roles in several professional bodies, including the Nigerian Society of Engineers, the National Institute of Marketing of Nigeria and the Nigeria Police Trust Fund Implementation Team.
In Zamfara State, he previously served as chief of staff to former Governor Bello Matawalle and as commissioner for water resources.
Source: UGC
Another individual with a 25% stake in Ma’am Energy is Jari Jafar, who was listed as a person with significant control in the company on 17 October 2025.
Also among the owners with a 25% stake in the company is Abdulaziz Yari, son of Abdulaziz Yari, who currently represents Zamfara West in the Senate and has recently been appointed chairman of Geregu Power.
He assumed significant control over Ma’am Energy on the same date as Jafar.
Additionally, Abdulaziz Ahmad holds the remaining 25% interest in the firm and was recorded as a person with significant control on 17 October 2025.
New directors
Abdulaziz Yari
The senator representing Zamfara West has been named chairman of the board. He studied at Sokoto Polytechnic between 1991 and 1994, where he obtained a diploma in Secretarial Studies, before completing a Leadership and Change Certificate at the London School of Economics. Mr Yari also earned a master’s degree in Public Administration, Finance and Investment Management from the University of Salford.
His political career began in 1999 under the platform of the All Nigeria People’s Party. In 2007, he was elected to the House of Representatives to represent the Anka/Talata Mafara Federal Constituency. He later served as governor of Zamfara State from 2011 to 2019. Mr Yari is assuming the role of chairman of Geregu Power.
Abdulkadeer Njiddah
Mr Njiddah is a seasoned accountant and finance professional with extensive experience in banking and auditing. He holds a degree in Accounting and Finance from the University of Maiduguri, as well as a master’s degree and a PhD in Accounting and Finance from Ahmadu Bello University, Zaria.
He is a fellow of both the Institute of Chartered Accountants of Nigeria and the Institute of Internal Auditors of Nigeria, and an associate member of the Chartered Institute of Taxation of Nigeria. Mr Njiddah has been appointed to the board as a non-executive director.
Usman Mohammed
A former managing director of the Transmission Company of Nigeria, Mr Mohammed, holds a PhD in Finance and Accounts and a Bachelor of Science degree in Accountancy. His career, spanning more than 30 years, covers roles in both public and private sectors, with expertise in power sector utilities, financial management, sector reforms and the planning and execution of infrastructure projects.
He also brings skills in labour relations, public policy engagement and the structuring of private sector financing. Mr Mohammed has joined the board as an independent non-executive director.
Mohammed Jaafaru
Mr Jaafaru earned a Bachelor of Science degree in Mechanical Engineering and Physics, with a minor in Mathematics, from Virginia Commonwealth University, and an MBA in Finance from Strayer University, Washington. He currently serves as chief operations officer of Advance Link Petroleum Limited.
His professional training includes advanced programmes in company direction, corporate communications, leadership and team management undertaken in the UK and the UAE. He was appointed as an independent non-executive director.
Neka Adogu
Ms Adogu is the general manager and head of retail sales for northern Nigeria at Access Bank. She also sits on the board of Access Bank DR Congo as a non-executive director. With more than 22 years of experience, her career spans wealth management, banking, risk management and investment advisory services.
She has occupied senior leadership positions across private, commercial and retail banking and joins the Geregu Power board as an independent non-executive director.
Mahmud Magaji
A Senior Advocate of Nigeria, Mr Magaji, has built a career covering criminal law, aviation, oil and gas, election petitions and international dispute resolution. He has previously served on the Independent Appeal Panel of the Legal Practitioners’ Privileges Committee and on the National Executive Committee of the Nigerian Bar Association.
He has been appointed to the board as an independent non-executive director.
Source: Legit.ng
