Former Zamfara State governor and senator, Abdulaziz Yari, has been appointed chairman of Geregu Power Plc, following the exit of billionaire investor Femi Otedola from the company.
The leadership change comes after Otedola divested his controlling interest in the power generation firm through a major ownership restructuring concluded on December 29, 2025.
According to filings submitted to the Nigerian Exchange (NGX), Otedola’s exit was effected through the sale of his 95 per cent 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 transaction completed, MA’AM Energy has become the new controlling entity behind Geregu Power, effectively transferring the 77 per cent indirect ownership previously linked to Otedola and Calvados Global Services Limited.
Following the change in ownership, Geregu Power’s board approved the appointment of Senator Yari as chairman, alongside the induction of several 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, Geregu Power clarified that the transaction did not involve a direct sale of Geregu shares on the NGX, meaning the company’s 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 approximately ₦2.85 trillion, trading around ₦1,140 per share, and ranks among the most capitalised companies on the Nigerian Exchange.
The power plant contributes about 10 per cent of Nigeria’s electricity supply and has expanded its 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.
