In a landmark transaction reshaping Nigeria's energy landscape, MA'AM Energy Limited has secured a controlling stake in Geregu Power Plc. The deal, valued at approximately $750 million, stands as one of the most significant financial movements within the nation's power industry in recent years.
A Major Shift in Ownership and Control
The acquisition was formally disclosed through a regulatory filing by Geregu Power Plc. MA'AM Energy Limited emerged as the new controlling shareholder by acquiring a 95 per cent equity stake in Amperion Power Distribution Company Limited. This move effectively transfers the indirect controlling interest previously held by Calvados Global Services Limited and billionaire investor Femi Otedola to the new entity.
This complex transaction has resulted in a change in the ultimate beneficial ownership of a substantial 77 per cent of Geregu Power's issued share capital. The scale of the deal underscores its importance and potential impact on power generation and distribution in Nigeria.
Complete Board Reconstitution Follows Acquisition
Concurrent with the ownership change, a sweeping reconstitution of the company's board was approved, taking effect from December 29, 2025. The transition marks the exit of several high-profile figures associated with the previous ownership structure.
Femi Otedola stepped down from his position as Chairman of the company. Furthermore, the Chief Executive Officer, Akin Akinfemiwa, and the Deputy CEO, Julius Omodayo Owotuga, also resigned from their executive roles.
The board exodus extended to non-executive directors, with Christopher Adeyemi and Olawunmi Otedola leaving their posts. Additionally, independent non-executive directors Anil Dua, Doron Grupper, Paul Gbadebo, and Andrew Gamble resigned their positions, paving the way for new leadership appointed by MA'AM Energy.
Who Are the New Owners of Geregu Power?
MA'AM Energy Limited is a privately held company jointly owned by four individuals, each holding an equal 25 per cent stake. The individuals were identified as persons with significant control from October 17, 2025.
The key owners include Abdulkarim Tsafe (born November 1967), who serves as the Chief Executive Officer of Ajap Financial Services Limited. His professional background spans engineering, management, and financial services, and includes previous public sector experience in Zamfara State.
The other principal shareholders are Jari Jafar (born July 1980) and Abdulaziz Yari (born April 1994), each holding a 25 per cent interest and gaining significant control on the same date in October 2025.
This monumental deal signals a new chapter for Geregu Power Plc, one of Nigeria's pivotal power generation assets. The full strategic direction under the new ownership of MA'AM Energy Limited will be closely watched by investors, industry stakeholders, and consumers eager for stability and growth in the national power sector.
