On Monday, December 29, 2025, Geregu Power Plc announced a shift in its ultimate beneficial ownership following a restructuring at its majority shareholder, Amperion Power Distribution Company Limited.
The change comes after MA’AM Energy Limited acquired a 95% equity stake in Amperion, becoming its new controlling shareholder, according to a regulatory filing with the Nigerian Exchange Limited (NGX).
The transaction, completed on December 29, transfers control of Amperion to MA’AM Energy Limited, this is according to a statement signed by the Company Secretary, Gbeminiyi Shoda, and filed with the Nigerian Exchange Limited (NGX).
MA’AM Energy acquired a 95% equity stake in Amperion Power, becoming its new controlling shareholder. As a result, the effective control previously held by Calvados Global Services Limited and billionaire investor Femi Otedola has now been transferred to MA’AM Energy. Otedola served as Geregu’s chairman until his resignation, which took effect on Monday.
The company clarified that the restructuring does not involve a direct sale of Geregu Power shares, meaning its register at the NGX remains unchanged. However, the transaction results in a change in the ultimate beneficial ownership of 77% of Geregu’s issued share capital.
Meet the new leaders of the company
In response to the shift in control, Geregu’s Board approved several new appointments:
Senator Abdul-Aziz Abubakar Yari — Chairman
Abdulkadeer Babangida Njiddah — Non-Executive Director
Usman Gur Mohammed — Independent Non-Executive Director
Mohammed Sani Jaafaru — Independent Non-Executive Director
Neka Uzoamaka Adogu — Independent Non-Executive Director
Mahmud Abubakar Magaji, SAN — Independent Non-Executive Director
Resignations
Geregu also confirmed the resignation of several board members, including:
- Femi Otedola, CON — Chairman
- Akin Akinfemiwa — Chief Executive Officer
- Julius Omodayo-Owotuga — Deputy Chief Executive Officer
Other departing non-executive and independent directors include Christopher Adeyemi, Olawunmi Otedola, Anil Dua, Doron Grupper, Paul Miyonmide Gbededo, and Andrew Gamble.
The company stated that its outgoing CEO and Deputy CEO will work with the incoming directors to support a transition period.
