Geregu Power Plc has announced a significant change in its ultimate ownership structure after MA’AM Energy Ltd acquired a 95 percent stake in Amperion Power Distribution Company Ltd, the entity holding 77 percent of Geregu Power’s shares.
The transaction, finalized on December 29, shifts indirect control from Calvados Global Services Ltd and billionaire Femi Otedola to MA’AM Energy. However, Geregu Power’s direct shareholding on the Nigerian Exchange remains unaffected since no company shares were traded in the deal. Financial details were not disclosed.
The ownership transition prompted extensive board changes, with nine directors stepping down, including Otedola as chairman, CEO Akin Akinfemiwa, and Deputy CEO Julius Omodayo-Owotuga. Several non-executive and independent directors also departed.
Six new directors have been appointed immediately. Former Zamfara State governor Abdul-Aziz Abubakar Yari assumes the chairman role, joined by finance professionals Abdulkadeer Babangida Njiddah and Usman Gur Mohammed, petroleum executive Mohammed Sani Jaafaru, banking veteran Neka Uzoamaka Adogu, and legal practitioner Mahmud Abubakar Magaji, SAN.
According to the company, the appointments aim to reinforce governance and strategic oversight as Nigeria’s power sector contends with liquidity pressures, gas supply difficulties, and escalating operational expenses.
While Akinfemiwa and Omodayo-Owotuga have left the board, both will collaborate with incoming directors to facilitate the transition, indicating operational continuity.
Otedola transformed Geregu Power into a cornerstone of his energy investments following privatization and its listing on the Nigerian Exchange. His departure represents a pivotal moment that may influence investor confidence in the company’s future direction under new ownership.
Geregu Power shares closed unchanged on Monday following the announcement made in accordance with exchange disclosure requirements.
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