Billionaire businessman Femi Otedola has sold his 77 per cent controlling stake in Geregu Power Plc in a $750 million deal, according to a filing on the Nigerian Exchange (NGX) website.
The transaction was carried out through the sale of Otedola’s 95 per cent stake in Amperion Power Distribution Company Limited to MA’AM Energy Limited, an Abuja-based integrated energy firm engaged in electricity generation, supply, and trading.
The NGX filing confirmed that Amperion Power, the majority shareholder of Geregu Power, has undergone significant ownership restructuring. “MA’AM Energy Ltd has acquired a 95 per cent equity interest” in Amperion Power, making it the new controlling shareholder of Geregu Power Plc.
READ ALSO: Trump “More Than Happy” with Dangote Refinery – Aliko Dangote
Consequently, the indirect controlling interest previously held by Calvados Global Services Limited and Otedola has now been transferred to MA’AM Energy.
The deal, which closed yesterday, was financed by a consortium of Nigerian banks led by Zenith Bank, with Blackbirch Capital acting as financial advisers.
Geregu Power clarified that while Otedola’s sale involved his stake in Amperion, it did not involve the direct sale or transfer of Geregu Power Plc shares, leaving the company’s public shareholding structure on the NGX unchanged.
Currently valued at N2.85 trillion and trading at N1,140 per share, Geregu Power remains one of the most capitalized and profitable companies listed on the Nigerian Exchange.
