Billionaire businessman Femi Otedola has divested his controlling interest in Geregu Power Plc in a landmark transaction valued at approximately $750 million.
Details of the deal were disclosed in a filing uploaded on the Nigerian Exchange (NGX) website on Tuesday.
According to the filing, the transaction was completed through the sale of Otedola’s 95 per cent stake in Amperion Power Distribution Company Limited, the majority shareholder of Geregu Power Plc, to MA’AM Energy Limited. MA’AM Energy is an indigenous, Abuja-based integrated energy company with operations spanning power generation, electricity supply, energy trading and marketing.
The NGX document confirms that Amperion Power Distribution Company Limited has undergone a major restructuring of its ownership following the transaction. It states that “MA’AM Energy Ltd has acquired a 95 per cent equity interest” in Amperion Power, effectively making it the new controlling shareholder of Geregu Power Plc.
As a result, the indirect controlling interest previously held by Calvados Global Services Limited and Femi Otedola has now been transferred to MA’AM Energy.
The deal, which was finalised on Monday, was financed by a consortium of Nigerian banks led by Zenith Bank, with Blackbirch Capital serving as financial advisers to the transaction.
Geregu Power, however, clarified that the sale did not involve a direct transfer of its shares. The company noted that the transaction “does not involve the direct sale or transfer of shares of Geregu Power Plc,” adding that its public shareholding structure on the NGX remains unchanged.
Geregu Power Plc is currently one of the most valuable and profitable companies on the Nigerian Exchange, with a market valuation of about N2.85 trillion. Its shares are trading at N1,140 per unit, reinforcing its position among the most capitalised firms on the bourse.
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