December 30, (THEWILL) — Former Zamfara State governor, Senator Abdulaziz Yari, has been appointed as chairman of Geregu Power Plc, following a major ownership restructuring that led to the exit of billionaire investor, Femi Otedola, from the power generation company.
The leadership change followed the divestment of Otedola’s controlling interest in the firm, concluded on Monday, December 29, according to filings submitted to the Nigerian Exchange (NGX).
The NGX disclosures showed that Otedola’s exit was effected through the sale of his 95 percent stake in Amperion Power Distribution Company Limited, the majority shareholder in Geregu Power, to MA’AM Energy Limited, an Abuja-based integrated energy company.
With the completion of the transaction, MA’AM Energy became the new controlling entity behind Geregu Power, effectively transferring the 77 percent indirect ownership previously linked to Otedola and Calvados Global Services Limited.
Following the change in ownership, the board of Geregu Power approved the appointment of Senator Yari as chairman and inducted new independent non-executive directors, including Usman Gur Mohammed, Sani Jaafaru, Uzoamaka Adogu, Babangida Njiddah, and Mahmud Magaji.
The board also accepted the resignation of several directors, including Femi Otedola, who stepped down as chairman, as well as the company’s Chief Executive Officer, Akin Akinfemiwa, and Deputy CEO, Julius Omodayo-Owotuga, among others.
In a formal notice signed by the company secretary, Gbeminiyi Shoda, the company clarified that the transaction did not involve a direct sale of Geregu Power shares on the NGX, stressing that its public shareholding structure remains unchanged despite the shift in ultimate beneficial ownership.
The acquisition was reportedly financed by a consortium of Nigerian banks led by Zenith Bank, with Blackbirch Capital acting as financial advisers to the transaction.
Geregu Power is currently valued at about ₦2.85 trillion, trading at approximately ₦1,140 per share, and ranks among the most capitalised companies on the Nigerian Exchange.
The power generation firm contributes about 10 percent of Nigeria’s electricity supply and has expanded its installed capacity from 40 megawatts to 435 megawatts over the years. The company is also known for consistent profitability, reportedly paying an average of ₦20 billion in dividends annually.
The board expressed appreciation to the outgoing directors for their service and contributions, wishing them success in their future endeavours.
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