Recently, Geregu Power Plc, Nigeria’s first listed power generation company, notified the Nigerian Exchange Limited (NGX) and the investing public regarding a change in its shareholding structure.
Geregu Power Plc noted that Amperion Power Distribution Company Limited restructured its ownership following a share sale and acquisition concluded on December 29, 2025.
“As a result of this transaction: MA’AM Energy Limited has acquired 95percent equity interest in Amperion Power Distribution Company Limited thereby becoming the new controlling shareholder of Amperion Power Distribution Company Limited,” according to the notice at the NGX.
Consequently, the indirect controlling interest previously held by Calvados Global Services Limited and Femi Otedola in Geregu Power Plc has been transferred to MA’AM Energy Limited.
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“This transaction does not involve the direct sale or transfer of shares of Geregu Power Plc, and therefore the shareholding structure of the Company at the NGX remains unchanged. However, the change in the ownership of the Company’s majority shareholder results in a change in the ultimate beneficial ownership of 77 percent of the Company’s issued share capital”, Geregu said a notice to the NGX on Monday December 29, 2025.
The $750 million deal reinforced Geregu’s status as a strategic, high-value asset in Nigeria’s energy sector, potentially increasing confidence in its valuation and long-term prospects.
The acquisition, financed by a consortium of Nigerian banks led by Zenith Bank, reflects strong institutional confidence in MA’AM’s business plan and management capability. Blackbirch Capital’s role as financial adviser further reinforces the deal’s credibility and sophistication.
Following the change in the ultimate beneficial ownership of Geregu’s issued share capital, the Board of Directors at its meeting held on Monday, December 29, 2025 considered and approved the appointment of Senator Abdul-Aziz Abubakar Yari as chairman, Board of Directors, Geregu Power Plc.
Senator Yari is a distinguished Nigerian statesman and public servant whose appointment as chairman of the company took effect from Monday, December 29, 2025.
The emergence of Senator Yari as chairman of Geregu Power following the acquisition of the majority controlling interest by MA’AM Energy Limited signals not just a change of guard but a new phase in the evolution of Nigeria’s power sector.
Market watchers say the transaction underscores a deeper narrative: growing confidence in Nigeria’s electricity market, the maturation of indigenous energy investors, and the increasing role of capital markets in driving long-term infrastructure development.
Apart from Yari who now heads the board, Usman Gur Mohammed, Sani Jaafaru and Uzoamaka Adogu, among others were appointed as independent non-executive directors of the power company.
The board also announced the resignation of several top executives and directors, effective December 29, 2025. This includes Otedola, its CEO Akin Akinfemiwa, Deputy CEO, Julius Omodayo-Owotuga, Non-Executive Directors Christopher Adeyemi and Olawunmi Otedola, and Independent Directors Anil Dua, Doron Grupper, Paul Gbededo, and Andrew Gamble.
In its notice, the board expressed confidence that the new appointments would strengthen Geregu Power’s governance framework and strategic direction.
The new board composition, featuring experienced independent non-executive directors, is seen as a signal of stronger governance, transparency and long-term strategic planning—key ingredients for sustaining Geregu’s performance in a rapidly changing power market.
Geregu currently has 2.5 billion shares outstanding. At N1,141.5 per share as at Wednesday January 7, Geregu Power Plc is valued at about N2.85 trillion and contributing roughly 10 percent of electricity to the national grid. Analysts believe the implications of the deal extend well beyond the company’s balance sheet.
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The focus for Geregu Power Plc shareholders remains on value creation. For instance, since its listing, Geregu Power has earned a reputation as one of the Nigerian Exchange Limited (NGX) most reliable dividend-paying stocks, averaging about N20 billion in annual dividends.
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The board reshuffle is seen as part of a broader effort to ensure that the company continues to attract investors and scale operations in line with Nigeria’s power sector growth objectives. The share deal seen as a classic example of strategic consolidation in the power sector is expected to increase shareholders returns on investment.
MA’AM Energy is an Abuja-based integrated energy company with interests spanning electricity generation, trading and marketing. Geregu Power will be its major leverage in its ambition to become a dominant player in Nigeria’s evolving electricity value chain.
In nine months (9M) to September 2025, Geregu Power Plc recorded its highest net profit in more than five years buoyed by a stronger revenue, despite widening finance costs.
The company’s revenue surged to N131.4 billion in 9M’25, up from N112 billion reported in the same period in year 2024, with 65 percent of the total amount from energy sales.
A breakdown of the total revenue made during the period under review revealed that energy sold rose to N85.5 billion, up from N71.4 billion, while the capacity charge rose to N45.9 billion.
The increase impacted the power-generating firm’s after-tax profit by 4.1 percent, to N25.1 billion from N24.1 billion.
Analysts expect Yari as chairman to bring fresh oversight and networks that will further impact positively on the company’s financials with improved returns to investors.
Expectedly, a newly reconstituted board could inject different expertise and strategic focus which investors see sometimes view as positive capable of leading to better decisions on expansion, operations, and profitability.
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For Geregu shareholders, this deal validates the company’s worth, though the shares are yet to trade in line with this transaction. Notably, Geregu Power has been profitable and stable under its previous ownership, analysts believe MA’AM Energy’s becoming majority stakeholder could unlock a new growth trajectory.
Geregu, with an installed nameplate capacity of 435MW and a history of expansion from just 40MW, has already demonstrated resilience and scalability. Industry experts say the next phase will be defined by operational optimisation, gas supply security, efficiency improvements and possible capacity upgrades.
By leveraging its energy trading and supply expertise, MA’AM is expected to deepen upstream and midstream partnerships, reduce exposure to fuel disruptions and i
