Billionaire investor Femi Otedola has sold his majority holding in Geregu Power Plc in a landmark transaction valued at approximately $750 million, marking one of the most significant private divestments in Nigeria’s power sector.
The deal involves the sale of Otedola’s controlling interest in the company, representing about 77 percent of Geregu Power, according to a filing by Geregu Power Plc on the Nigerian Exchange website and information from sources familiar with the transaction.
The divestment was executed through the sale of Otedola’s 95 percent stake in Amperion Power Distribution Company Limited, the investment vehicle through which he held his interest in Geregu Power. The acquiring entity is MA’AM Energy Ltd, a Nigerian firm.
Market observers describe the transaction as a major turning point for Geregu Power, one of Nigeria’s leading power generation companies, and a defining moment in the ongoing evolution of private sector participation in the country’s energy industry.
Details of the agreement, including financing structure and future governance arrangements, have not yet been fully disclosed. However, the size and structure of the deal place it among the largest private power transactions ever recorded in Nigeria.
Further information is expected as regulatory processes are completed and additional disclosures are made to the market.
