Otedola Sells Geregu Power Shares: Meet The New Owners

In a major development for Nigeria’s power sector, billionaire investor Femi Otedola has sold his controlling interest in Geregu Power Plc, ending more than a decade of direct influence over one of the country’s most important electricity generation companies.

The transaction, valued at about $750 million (approximately N1.088 trillion), was completed on December 29, 2025, and transfers indirect control of Geregu Power to MA’AM Energy Limited.

The deal marks a turning point for Geregu Power, which Otedola transformed from a struggling asset into a flagship power company after acquiring it during the 2013 privatization exercise.

It also ushers in a new ownership structure, a reconstituted board, and fresh political and business interests into one of Nigeria’s most strategic power assets.

Under the agreement, MA’AM Energy acquired 95 percent of Amperion Power Distribution Company Limited, Otedola’s investment vehicle that held a 77 percent controlling stake in Geregu Power.

While Geregu’s direct shareholding on the Nigerian Exchange remains unchanged, effective control has shifted. The transaction was financed by a consortium of lenders led by Zenith Bank Plc, with BlackBirch Capital acting as financial adviser.

Former Zamfara State Governor and Senator Abdul-Aziz Abubakar Yari has emerged as the new chairman of Geregu Power’s board, signaling a sweeping governance transition.

Since its listing on the NGX in October 2022 at a valuation of N250 billion, Geregu Power’s market capitalization has climbed to about N2.9 trillion. With an installed capacity of 435 megawatts, the plant contributes roughly 10 percent of Nigeria’s grid electricity supply, making the ownership change a matter of national economic significance.

Why Otedola Sold His Stake

Otedola’s exit from Geregu Power appears to be a calculated strategic shift rather than a retreat from business. Sources close to the billionaire say the sale is driven by his growing focus on the financial services sector, particularly banking.

He is currently the single largest shareholder in First HoldCo Plc, the parent company of First Bank of Nigeria, with a 17.01 percent stake.

The proceeds from the Geregu transaction are expected to be deployed toward increasing his holdings in First HoldCo, where he has steadily built influence.

His earlier investments helped push First Bank’s share price from about N5 to N53 by late 2025, reinforcing confidence in his long-term banking strategy.

The move mirrors Otedola’s history of bold portfolio rebalancing. In 2019, he sold his controlling stake in Forte Oil for about N64.9 billion and redirected the capital into power generation, consolidating his position in Geregu.

Having overseen Geregu’s transformation and massive valuation growth, more than tenfold since listing, he is now cashing in at peak value to pursue new opportunities in finance.

The timing also coincides with mounting challenges in Nigeria’s power sector, including liquidity pressures, gas supply constraints, and rising operating costs.

While Geregu remains profitable, its net profit for the first nine months of 2025 grew modestly by 3.8 percent to N25.1 billion. Otedola has retained a minor stake in the company, suggesting continued interest without day-to-day control, as he reallocates capital toward sectors he believes offer stronger long-term returns.

Meet the New Owners of Geregu Power

The new controlling force behind Geregu Power is MA’AM Energy Limited, an Abuja-based energy company with interests spanning power generation, oil and gas exploration, refining, processing, and energy trading.

Incorporated to deliver integrated energy solutions, MA’AM Energy is owned equally by four individuals, each holding a 25 percent stake and assuming significant control in October 2025.

Their emergence has attracted attention due to their political ties, regional influence, and relatively low public profile until now.

Abdulkarim Tsafe

Abdulkarim Tsafe, born November 1967, combines technical expertise, management experience, and public service. He is CEO of Ajap Financial Services, overseeing investments, compliance, and strategy.

Tsafe holds an MBA and postgraduate diploma in management from Abubakar Tafawa Balewa University, and HND and OND in Mechanical Engineering from Federal Polytechnic, Kaduna. He is a member of the Nigerian Society of Engineers and an associate of the National Institute of Marketing of Nigeria.

He has served on the Nigeria Police Trust Fund Implementation Team, as chief of staff to former Zamfara Governor Bello Matawalle, and as Zamfara State commissioner for water resources. His mix of engineering, finance, and governance makes him key in Nigeria’s energy sector.

Jari Jafar

Born in July 1980, Jari Jafar is one of the less publicly known members of the MA’AM Energy ownership group. Despite limited available information about his professional background, his equal stake alongside more established figures suggests strong ties within northern Nigeria’s business and political networks.

His emergence as a person with significant control in October 2025 points to a role focused on strategic investments and deal-making within the energy space. Jafar represents a quieter but potentially influential component of the new ownership structure.

Abdulaziz Yari

Abdulaziz Yari, born in April 1994, is the son of Senator Abdul-Aziz Abubakar Yari, former Zamfara State governor and current chair of Geregu Power’s board. At 31, he became a major stakeholder in MA’AM Energy in October 2025.

His inclusion reflects strong familial and political connections in the new ownership. With his father’s experience in governance, having served as governor from 2011 to 2019 and now representing Zamfara West in the Senate, Abdulaziz Yari is expected to focus on strategic oversight and managing relationships across government and industry.

Abdulaziz Ahmad

The youngest of the quartet, Abdulaziz Ahmad was born in April 2003 and assumed significant control in MA’AM Energy at just 22 years old.

Public details about his professional background remain scarce, but his equal ownership stake suggests close family or regional ties to influential northern business and political circles.

His presence underscores MA’AM Energy’s blend of youth and establishment power. While his operational role is not yet clearly defined, his inclusion reflects the consolidation of ownership within a tightly connected group with long-term ambitions in Nigeria’s energy landscape.

With MA’AM Energy now in control, Geregu Power enters a new phase marked by a restructured board and fresh strategic direction.

The new board includes professionals with backgrounds in finance, law, and energy, signaling an effort to strengthen governance and institutional credibility.

As Femi Otedola pivots toward banking and financial services, attention will turn to how the new owners manage one of Nigeria’s most critical power assets.

In a sector central to economic growth and reform, the transition at Geregu Power is set to shape investor confidence and policy conversations well beyond the company itself.