Nigerian billionaire Femi Otedola has sold his controlling stake in Geregu Power Plc, one of Nigeria’s key electricity producers, in a $750 million deal.
In a landmark $750 million transaction, Otedola has fully exited Geregu Power Plc, one of the country’s most strategic electricity generation companies, marking one of the largest private power-sector divestments in Nigeria’s history.
The sale closes a 12-year investment cycle and significantly boosts Otedola’s standing among Africa’s top billionaires.
The divestment followed a restructuring of Amperion Power Distribution Company Limited, Geregu Power’s majority shareholder.
Through the deal, MA’AM Energy Limited, an Abuja-based energy company, acquired a 95% equity stake in Amperion, effectively taking control of 77% of Geregu Power previously held indirectly by Otedola.
The transaction, which closed on December 29, 2025, did not involve a direct transfer of Geregu shares on the Nigerian Exchange (NGX), leaving the company’s listed shareholding unchanged.
A consortium of Nigerian banks led by Zenith Bank reportedly financed the acquisition, with BlackBirch Capital serving as financial adviser.
The $750 million sale confirms Otedola’s full exit and represents a profit of roughly $618 million, underscoring the scale of value creation in Nigeria’s privatized power sector.
From Commodities to Power
Otedola, who first built his fortune in commodities trading, sold his controlling stake in Forte Oil in 2019 to pivot aggressively into the power sector, making Geregu Power the centrepiece of his strategy.
After acquiring the plant during Nigeria’s power sector privatisation in 2013, he increased his stake to more than 95% before gradually selling down holdings in 2022 and 2023 to bring in institutional investors.
Those investors included the Nigerian government, Afreximbank’s Fund for Export Development in Africa, and China’s State Grid Corporation, a move that strengthened Geregu’s balance sheet and governance profile ahead of its listing on the NGX.
Until the latest transaction, Otedola retained indirect control of about 77% of Geregu Power, overseeing its growth into one of Nigeria’s most profitable power producers.
The sale to MA’AM Energy marks his full exit, concluding a 12-year investment cycle that delivered one of the largest private equity-style returns in Nigeria’s energy sector.
Building a Powerhouse
Under Otedola, Geregu grew from a 40-megawatt plant into a 435-megawatt powerhouse, contributing roughly 10% of Nigeria’s national grid and consistently generating ₦20 billion ($133 million) in annual dividends.
Following the transaction, Geregu Power announced a board reconstitution, with a new chairman and several new directors, while the outgoing executive team stepped down, signalling a complete leadership transition.
Financially, the company remains strong. For the nine months ending September 30, 2025, Geregu reported ₦131.47 billion ($877 million) in revenue, up nearly 17% year-on-year, and a profit after tax of ₦25.1 billion ($167 million), reflecting resilience amid rising costs.
The company is currently valued at ₦2.85 trillion ($1.9 billion) and trades at ₦1,140 ($7.60) per share, making it one of the most capitalised and profitable firms on the NGX.
Wealth and the Bigger Picture
For Otedola, the exit also boosts his personal wealth. Now worth approximately $1.6 billion on the Forbes list after adding roughly $100 million this year, he is expected to climb further in Africa’s billionaire rankings.
He remains chairman and the largest individual shareholder of First HoldCo Plc, where he is focusing more capital on financial services — a strategy reflected in previous exits, including Forte Oil.
