Geregu Power Plc announces change in shareholding structure of majority shareholder

The Board of Directors of Geregu Power Plc has notified the Nigerian Exchange Limited and the investing public that it has received formal communication from its majority shareholder, Amperion Power Distribution Company Limited, regarding a change in its shareholding structure.

Amperion Power Distribution Company Limited, a company owned by billionaire businessman Femi Otedola recently sold 4.296 million shares in Geregu Power Plc.

Geregu Power Plc has been informed that Amperion Power Distribution Company Limited has undergone a restructuring of its ownership following a share sale and acquisition concluded on 29 December 2025. As a result of this transaction:

MA’AM Energy Limited has acquired 95% equity interest in Amperion Power Distribution Company Limited thereby becoming the new controlling shareholder of Amperion Power Distribution Company Limited.

Consequently, the indirect controlling interest previously held by Calvados Global Services Limited and Mr. Femi Otedola, CON in Geregu Power Plc has been transferred to MA’AM Energy Limited.

This transaction does not involve the direct sale or transfer of shares of Geregu Power Plc, and therefore the shareholding structure of the Company at the NGX remains unchanged.

However, the change in the ownership of the Company’s majority shareholder results in a change in the ultimate beneficial ownership of 77% of the Company’s issued share capital.

Following the above change in the ultimate beneficial ownership of the Company’s issued share capital, the Board of Directors at its meeting held on Monday, 29th December, 2025 considered and approved the appointment of the following persons to the Board of the Company, with effect from Monday, 29th December, 2025:

Senator Abdul-Aziz Abubakar Yari – Chairman, Board of Directors
Abdulkadeer Babangida Njiddah- Non-Executive Director
Usman Gur Mohammed-Independent Non-Executive Director
Mohammed Sani Jaafaru-Independent Non-Executive Director
Neka Uzoamaka Adogu – Independent Non-Executive Director
Mahmud Abubakar Magaji, SAN- Independent Non-Executive Director
The Board also accepted the resignation of the underlisted Directors from the Board of the Company, effective 29th December, 2025:

Mr. Olufemi Otedola, CON – Chairman, Board of Directors
Mr. Akin Akinfemiwa – Chief Executive Officer
Dr. Julius Omodayo-Owotuga – Deputy Chief Executive Officer
Mr. Christopher Adeyemi – Non-Executive Director
Ms. Olawunmi Otedola – Non-Executive Director
Mr. Anil Dua – Independent Non-Executive Director
Mr. Doron Grupper – Independent Non-Executive Director
Mr. Paul Miyonmide Gbededo – Independent Non-Executive Director
Mr. Andrew Gamble – Independent Non-Executive Director