Billionaire investor Femi Otedola has formally exited Geregu Power Plc in a landmark transaction valued at approximately $750 million, marking one of the largest private divestments in Nigeria’s power sector and a significant turning point in the country’s post-privatisation energy landscape.
The exit was executed through the sale of Otedola’s controlling interest in Amperion Power Distribution Company Limited, the majority shareholder of Geregu Power Plc. MA’AM Energy Ltd has acquired a 95% equity stake in Amperion, effectively assuming indirect control of Geregu Power and transferring the ultimate beneficial ownership of about 77% of the power generation company. Importantly, Geregu Power clarified that the transaction does not involve a direct sale of its publicly traded shares, meaning the company’s shareholding structure on the Nigerian Exchange remains unchanged.
The deal, which closed on December 29, 2025, was financed by a consortium of Nigerian banks led by Zenith Bank, with Blackbirch Capital acting as financial advisers. At current market levels, Geregu Power is valued at roughly ₦2.85 trillion, trading at around ₦1,140 per share, and remains one of the most capitalised and consistently profitable companies on the Nigerian Exchange.
Otedola’s departure from Geregu Power brings to a close a significant chapter in Nigeria’s power sector. After exiting Forte Oil in 2019, he carved out Geregu Power as a standalone generation business and oversaw its transformation from a modest 40MW operation into a major GenCo with a nameplate capacity of 435MW. Under his leadership, Geregu contributed roughly 10% of Nigeria’s grid supply, delivered stable cash flows, and paid average annual dividends of about ₦20 billion—an uncommon achievement in a sector long plagued by liquidity challenges.
The transaction comes at a pivotal moment for Nigeria’s electricity market. The Federal Government recently announced a ₦4 trillion power-sector liquidity fund, with an initial ₦590 billion already being disbursed to settle GenCo debts and stabilise cash flows across the value chain. Improved liquidity, rising valuations, and a more transparent market structure are creating exit opportunities for early investors who entered the sector following the 2013 power privatisation.
Otedola’s exit also reflects a broader strategic reallocation of capital. Rather than signalling a loss of confidence in the power sector, the move appears to be a deliberate pivot toward financial services. Otedola is now Chairman of First HoldCo, the parent company of First Bank of Nigeria, where he holds a 17.1% stake—the largest individual shareholding. Since entering the bank in 2022, he has played a central role in reshaping its ownership structure and driving reforms focused on recapitalisation, governance, and balance-sheet recovery.
With $750 million in unlocked liquidity, the Geregu divestment positions Otedola strongly as Nigeria’s banking sector prepares for a new wave of recapitalisation and consolidation. The move underscores a shift in where long-term value and influence are perceived to lie, particularly as financial institutions face higher capital thresholds and new competitive dynamics.
More broadly, the transaction highlights an emerging trend in Nigeria’s energy market: the recycling of capital. As first-generation investors reach maturity and valuations improve, ownership changes are accelerating. Other deals are also in motion, including advanced negotiations around the sale of electricity distribution assets, signalling increased investor activity and sector restructuring.
