Billionaire investor Femi Otedola has divested his oblique controlling curiosity in Geregu Energy Plc following a restructuring of the corporate’s majority shareholder, Amperion Energy Distribution Firm Restricted.
In a regulatory submitting launched on Monday, December 29, 2025, Geregu Energy knowledgeable the Nigerian Trade Restricted and the investing public that Amperion Energy Distribution Firm Restricted had concluded a share sale and acquisition transaction on the identical date, leading to a change in its possession construction.
Beneath the brand new association, MA’AM Vitality Restricted has acquired a 95% fairness stake in Amperion Energy Distribution Firm Restricted, making it the brand new controlling shareholder. Consequently, the oblique controlling curiosity beforehand held in Geregu Energy by Calvados World Providers Restricted and Mr. Otedola has been transferred to MA’AM Vitality Restricted.
The corporate clarified that the transaction didn’t contain a direct sale or switch of shares in Geregu Energy Plc itself. Consequently, Geregu Energy’s shareholding construction on the Nigerian Trade stays unchanged.
Nonetheless, the change on the degree of the bulk shareholder has altered the final word helpful possession of 77% of the corporate’s issued share capital.
Following the shift in management, Geregu Energy introduced important adjustments to its board. Senator Abdul-Aziz Abubakar Yari was appointed Chairman of the Board, alongside a number of new non-executive and unbiased non-executive administrators.
The appointments took impact from December 29, 2025, and had been permitted at a board assembly held the identical day.
On the identical time, the board accepted the resignation of a number of administrators, together with Mr. Femi Otedola, who stepped down as Chairman of the Board, in addition to the Chief Government Officer, Deputy Chief Government Officer, and different non-executive and unbiased administrators.
The corporate said that the outgoing administrators’ resignations had been related to the change in final helpful possession and expressed appreciation for his or her contributions throughout their tenure.
Geregu Energy added that administration would work with the newly appointed board members to make sure a easy management transition.