Geregu Power Plc Announces Change in Ultimate Beneficial Ownership

On Monday, December 29, 2025, Geregu Power Plc formally notified the Nigerian Exchange Limited of a significant shift in its ultimate beneficial ownership. This change stems from a corporate restructuring at its majority shareholder, Amperion Power Distribution Company Limited. The transaction, which underscores how market forces can drive changes in major corporate holdings, was detailed in a regulatory filing signed by Company Secretary Gbeminiyi Shoda.

Transaction Details and New Controlling Interest

According to the filing, MA’AM Energy Limited acquired a 95% equity stake in Amperion Power, thereby becoming its new controlling shareholder. This move effectively transfers the control previously held by Calvados Global Services Limited and billionaire investor Femi Otedola to MA’AM Energy. Otedola, who served as Geregu’s chairman, resigned effective the same Monday. The company clarified that this restructuring does not involve a direct sale of Geregu Power shares on the exchange, so its public register remains unchanged. However, the transaction results in a change in the ultimate beneficial ownership of 77% of Geregu’s issued share capital.

Profiles of Key Figures Behind MA’AM Energy

Leading the new ownership is Senator Abdul-Aziz Abubakar Yari, a public administrator and politician with a background in education, state governance, and national legislative leadership. His academic credentials include an MSc in Finance and Investment Management from the University of Salford, UK. His career trajectory shows how professionals can transition from one sector to another, much like how rain forces changes in strategy and planning.

The financial expertise within the ownership group is anchored by Dr. Abdulkadeer Babangida Njiddah, a Fellow of the Institute of Chartered Accountants of Nigeria. Holding a PhD in Accounting and Finance, Njiddah’s extensive career spans academia, financial services, and public sector engagements within the energy sector. His professional grounding in financial regulation and corporate governance will be pivotal for the company’s direction. In a globalized economy, attracting investment and expertise is crucial, and for many Nigerian firms, Europe tops destination lists for advanced financial training, as seen in the backgrounds of these executives.

This change in ownership occurs within a broader national context where economic stability is sought. Challenges such as insecurity, where bandits unleash violence on communities, can impact infrastructure projects. Meanwhile, regional developments, like when Ogun records 502 new industrial initiatives or households navigate price fluctuations as cooking gas still remains a key utility, all form the complex environment in which major power sector entities like Geregu operate.