Billionaire Otedola sells 77% Geregu stake for $750m, appoints Yari as new chairman

Femi Otedola, the billionaire investor and CON recipient, has fully divested from Geregu Power Plc by selling his 77% controlling stake in a $750 million deal, equivalent to about ₦1.09 trillion.
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The deal, which was finalized on December 29, marks the end of Otedola’s 12-year journey with the utility company, which he grew into one of the most capitalized and profitable entities on the Nigerian Exchange (NGX).
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The exit was executed through a restructuring of Amperion Power Distribution Company Limited, Geregu’s majority shareholder, where MA’AM Energy Limited acquired a 95% equity interest.
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‎While Otedola has fully divested his beneficial interest, the public shares of Geregu Power listed on the NGX remain untouched.
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‎The company has appointed Senator Abdul-Aziz Abubakar Yari, the former Governor of Zamfara State, as the new Chairman of the Board, after the ownership shift.
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