Billionaire Femi Otedola has divested his 77% controlling stake in Geregu Power Plc in a $750 million sale, the company revealed in its filing on the Nigerian Stock Exchange (NGX) website.

The transaction was executed through the sale of Otedola’s 95% stake in Amperion Power Distribution Company Limited to MA’AM Energy Ltd, an Abuja-based integrated energy company. Amperion is the vehicle that holds the majority stake in Geregu Power.

Geregu Power clarified that the transaction did not involve a direct sale or transfer of Geregu shares, meaning the company’s public shareholding structure on the Nigerian Exchange remains unchanged. However, it acknowledged that the ultimate beneficial ownership of the 77% controlling interest has effectively moved following the change at Amperion.

Inside sources said the deal closed on December 29, 2025, and was financed by a consortium of Nigerian banks led by Zenith Bank, with Blackbirch Capital serving as financial adviser. 

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The development comes amid renewed attention to power-sector liquidity, with the report citing a Federal Government ₦4 trillion power-sector liquidity fund and an initial ₦590 billion tranche disbursed to support market stability and settle GenCo obligations.

Pivot to Financial Services

The report notes that Geregu Power was valued at about ₦2.85 trillion, trading around ₦1,140 per share, positioning it among the Nigerian Exchange’s largest and most profitable listed companies.

Otedola’s exit is part of a broader strategic pivot toward financial services, pointing to his role as Chairman of First HoldCo and his 17.1% stake in the group. 

Femi Otedola’s entry into First Bank in 2022 altered the group’s ownership landscape and has since been followed by a hard reset, recapitalisation moves, internal restructuring, and a tougher push on debt recovery.

Against that backdrop, the Geregu exit looks less like routine profit-taking and more like a deliberate shift of capital and attention toward financial services, where he appears to be positioning for stronger leverage and longer-term upside.

The timing is also notable – freeing up an estimated $750 million in liquidity comes as Nigeria’s banking industry prepares for a new recapitalisation cycle and the consolidation pressures that typically follow.