Femi Otedola yesterday divested his 77 per cent controlling stake in Geregu Power Plc in a $750 million deal. The power plant uploaded the filing on the Nigerian Exchange (NGX) website.
According to the details cited, the transaction was consummated through the sale of Otedola’s 95 per cent stake in Amperion Power Distribution Company Limited to an indigenous firm, MA’AM Energy Limited, an Abuja-based integrated energy company engaged in electricity generation and supply, energy trading and marketing.
According to the NGX filing, Amperion Power Distribution Company Limited, the majority shareholder of Geregu Power, has undergone a significant restructuring of its ownership.
The document confirms that “MA’AM Energy Ltd has acquired a 95 per cent equity interest” in Amperion Power, effectively making it the new controlling shareholder of Geregu Power Plc.
Consequently, the indirect controlling interest previously held by Calvados Global Services Limited and Otedola “has been transferred to MA’AM Energy.”
The transaction, which closed yesterday, was financed by a consortium of Nigerian banks led by Zenith Bank, with Blackbirch Capital acting as financial advisers.
While the sale involved Otedola’s stake in Amperion, Geregu Power clarified that this “does not involve the direct sale or transfer of shares of Geregu Power Plc,” meaning the company’s public shareholding structure on the NGX remains unchanged.
Geregu Power is currently valued at N2.85 trillion, trading at N1,140 per share and remains one of the most capitalised and profitable firms on the Nigerian Exchange.