Otedola cedes Geregu Energy management to Ma’am Vitality

MA’AM Vitality Restricted has taken management of 77 per cent of Geregu Energy Plc following a restructuring of the possession of its majority shareholder, bringing to an finish the oblique management beforehand held by billionaire businessman Femi Otedola.

Nonetheless, Nairametrics stories that the transaction amounted to $750m, stating that billionaire investor Otedola has exited Geregu Energy Plc by divesting his 77 per cent controlling stake within the firm.

“Billionaire investor Femi Otedola has exited Geregu Energy Plc in a landmark $750m transaction that sees him divest his 77 per cent controlling stake within the energy firm.”

In a discover to the Nigerian Alternate Restricted on Monday, Geregu Energy stated its majority shareholder, Amperion Energy Distribution Firm Restricted, had “undergone a restructuring of its possession following a share sale and acquisition concluded on 29 December 2025.”

The corporate disclosed that MA’AM Vitality acquired a 95 per cent fairness curiosity in Amperion, making it the brand new controlling shareholder and transferring the final word useful possession of 77 per cent of Geregu Energy’s issued share capital.

“The Firm has been knowledgeable that Amperion Energy Distribution Firm Restricted has undergone a restructuring of its possession following a share sale and acquisition concluded on 29 December 2025. Because of this transaction, MA’AM Vitality Restricted has acquired 95 per cent fairness curiosity in Amperion Energy Distribution Firm Restricted, thereby turning into the brand new controlling shareholder of Amperion Energy Distribution Firm Restricted.”

“Because of this transaction, the oblique controlling curiosity beforehand held by Calvados World Providers Restricted and Femi Otedola, CON, in Geregu Energy Plc has been transferred to MA’AM Vitality Restricted,” the board stated.

Geregu Energy emphasised that the transaction didn’t contain a direct sale or switch of its shares on the NGX.

“This transaction doesn’t contain the direct sale or switch of shares of Geregu Energy Plc, and subsequently the shareholding construction of the corporate on the NGX stays unchanged,” the corporate said.

Nonetheless, it famous that “the change within the possession of the Firm’s majority shareholder ends in a change within the final useful possession of 77 per cent of the Firm’s issued share capital.”

Following the change in possession, the board introduced a significant reconstitution, appointing Abdul-Aziz Yari as chairman. Different new board members embody Abdulkadeer Njiddah, Usman Mohammed, Mohammed Jaafaru, Neka Adogu, and Mahmud Magaji.

“The Board is assured that the appointments will strengthen the governance construction and strategic path of the Firm,” the assertion stated.

The corporate additionally confirmed the resignation of Otedola as chairman, alongside Chief Govt Officer Akin Akinfemiwa, Deputy Chief Govt Officer Julius Omodayo-Owotuga, and eight different administrators, all with impact from 29 December 2025.

Expressing appreciation to the outgoing administrators, the board stated it “needs them success of their future endeavours”, whereas including that the chief government and deputy chief government would “collaborate with the newly appointed Administrators to make sure a clean transition”.

The disclosure, signed by Firm Secretary Gbeminiyi Shoda, was made “in compliance with the Guidelines of The Nigerian Alternate Restricted”, as Geregu Energy enters a brand new part beneath MA’AM Vitality’s management.

The PidomNigeria reported that Geregu Energy Plc has reported a revenue after tax of N25.1bn for the 9 months ended 30 September 2025, representing a resilient efficiency amid rising finance prices and operational bills.

In line with the corporate’s unaudited monetary assertion filed with the Nigerian Alternate Restricted, Geregu Energy recorded income of N131.47bn throughout the interval beneath evaluate, in comparison with N112.58bn posted in the identical interval of 2024. This represents a progress of about 16.8 per cent year-on-year, pushed largely by increased vitality gross sales and improved operational effectivity.