Former Zamfara governor Senator Abdulaziz Yari has assumed the chairmanship of Geregu Power Plc following billionaire Femi Otedola’s departure from the electricity generation company.
The leadership change comes after Otedola divested his 77 percent controlling interest in the power firm through a transaction completed on December 29, 2025.
According to a regulatory filing on the Nigerian Exchange website, the deal involved Otedola selling his 95 percent stake in Amperion Power Distribution Company Limited to MA’AM Energy Ltd, an Abuja-based integrated energy firm.
MA’AM Energy, which operates in electricity generation, supply, energy trading, and marketing, now holds the indirect controlling interest previously belonging to Calvados Global Services Limited and Otedola.
A consortium of Nigerian banks led by Zenith Bank financed the transaction, with Blackbirch Capital serving as financial advisers.
The company’s new board includes Yari as chairman, alongside newly appointed independent non-executive directors Usman Gur Mohammed, Sani Jaafaru, and Uzoamaka Adogu, among others.
In a notice signed by Company Secretary Gbeminiyi Shoda, the board confirmed that while the ultimate beneficial ownership of 77 percent of the company’s shares has changed, the shareholding structure at the Nigerian Exchange remains unaffected since no direct share transfers occurred.
Geregu Power currently trades at N1,140 per share with a market valuation of N2.85 trillion, making it one of the most capitalised companies on the Nigerian Exchange. The firm contributes approximately 10 percent of electricity to the national grid and has expanded from 40MW to a nameplate capacity of 435MW, distributing an average of N20 billion in annual dividends.
The board accepted resignations from nine directors effective December 29, including Otedola as chairman, Akin Akinfemiwa as CEO, and Dr. Julius Omodayo-Owotuga as deputy CEO. Other departing directors include Christopher Adeyemi, Olawunmi Otedola, Anil Dua, Doron Grupper, Paul Miyonmide Gbededo, and Andrew Gamble.
New independent non-executive directors joining Yari on the board include Babangida Njiddah, Gur Mohammed, Jaafaru, Adogu, and Mahmud Magaji.
The board thanked the outgoing directors for their service and contributions to the company’s growth during their tenure.
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