Latest disclosures by Geregu Energy Plc have triggered widespread debate amongst traders over whether or not billionaire Femi Otedola bought his shares within the firm.
A better examination of regulatory filings and the corporate’s shareholding construction reveals that the transaction was not a share sale on the Nigerian Trade, however a change in final useful possession executed on the holding-company stage.
This distinction is crucial for understanding each the market affect and the governance modifications that adopted.
No Shares Had been Bought on the NGX
As at September 30, 2025, Geregu Energy had an issued share capital of two.5 billion atypical shares. Of this, about 1.91 billion shares, representing roughly 76.4%, had been attributed to Mr. Otedola’s oblique holding by means of Calvados International Providers Restricted and Amperion Energy Distribution Firm Restricted. These shares weren’t straight owned by him personally however had been held by way of company autos.
The December 29, 2025 disclosure to Nigerian Trade Restricted made it express that no shares of Geregu Energy Plc had been bought, transferred, or traded on the alternate. The corporate’s shareholding construction on the NGX subsequently stays unchanged.
What Truly Occurred
The transaction concerned a restructuring of Amperion Energy Distribution Firm Restricted, the entity that managed Geregu Energy. Underneath the finished deal, MA’AM Vitality Restricted acquired 95% of Amperion, thereby changing into the brand new controlling shareholder of that holding firm.
As a result of Amperion owned the bulk stake in Geregu Energy, management of Geregu Energy successfully shifted to MA’AM Vitality. In consequence, the last word useful possession of about 77% of Geregu Energy’s issued share capital modified fingers, regardless that the shares themselves by no means moved.
In sensible phrases, Mr. Otedola exited economically and structurally, not by means of a market transaction.
Why the Shareholding Desk Nonetheless Exhibits Otedola
The latest revealed shareholding and free float desk for Geregu Energy covers the interval ended September 30, 2025. At the moment, Mr. Otedola was nonetheless the last word useful proprietor of the controlling stake. The restructuring occurred nearly three months later, on December 29, 2025.
NGX shareholding tables are historic snapshots. They’re up to date in subsequent quarterly or annual filings after post-transaction documentation is processed. As such, Mr. Otedola’s identify is anticipated to vanish from the last word useful possession part in future disclosures, with MA’AM Vitality taking its place.
Free Float and Market Liquidity Unchanged
As a result of no shares had been bought into the market, Geregu Energy’s free float stays unchanged. As at September 30, 2025, free float stood at roughly 18.5%, with the stability held by substantial shareholders.
This implies:
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No enhance in tradable shares
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No dilution
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No technical promote strain linked to the transaction
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No quick change to index eligibility or liquidity metrics
From a market-structure perspective, Geregu Energy seems the identical because it did earlier than the transaction.
Why the Board Modified Instantly
Whereas the shares didn’t transfer, management did, and governance needed to observe possession. As soon as MA’AM Vitality turned the last word useful proprietor, the present board—aligned with the previous controlling curiosity—stepped apart.
Mr. Otedola resigned as Chairman alongside different administrators, and a brand new board was appointed on the identical day the transaction was concluded. That is customary follow in change-of-control conditions and displays governance realignment reasonably than operational misery.
The Backside Line for Traders
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Femi Otedola didn’t promote Geregu Energy shares on the NGX
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Management modified by means of a holding-company restructuring
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Final useful possession of ~77% moved to MA’AM Vitality Restricted
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Free float, issued shares, and market liquidity stay unchanged
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Board modifications replicate possession transition, not a enterprise setback
For traders, the important thing takeaway is readability: this was a management switch and not using a market transaction. The main focus now shifts to the strategic intentions of the brand new controlling shareholder and the way governance underneath the brand new possession will form Geregu Energy’s long-term path.