Stakeholders in Nigeria’s capital market have expressed optimism following the acquisition of majority shareholding in Geregu Power Plc by MA’AM Energy Limited, describing the development as a positive signal for the company’s future and the wider power sector.
Market analysts noted that although MA’AM Energy, an Abuja-based integrated energy company involved in power generation and supply, energy trading, and marketing, maintains a relatively low public profile, its ability to mobilize a consortium of institutional financiers to close one of Nigeria’s largest private equity transactions demonstrates strong financial capacity and execution strength.
Geregu Power, acquired in 2013, is one of Nigeria’s leading generation companies, utilizing gas turbine technology as a cleaner energy source. By the third quarter ended September 30, 2025, the company recorded revenue of N131.47 billion, profit before tax of N37.46 billion, and profit after tax of N25.1 billion, with earnings per share of N10.04. Total assets rose to N273.15 billion by September 2025, up from N243.47 billion in December 2024.
In a filing with the Nigerian Exchange (NGX), Geregu Power disclosed that its majority shareholder, Amperion Power Distribution Company Limited, formerly controlled by businessman Femi Otedola, underwent an ownership restructuring following a share sale concluded on December 29, 2025.
As a result, MA’AM Energy acquired a 95 percent equity stake in Amperion, transferring indirect controlling interest in Geregu Power to the new investor. While the transaction did not involve a direct sale of Geregu Power shares, it led to a change in the ultimate beneficial ownership of 77 percent of the company’s issued share capital.
The deal, valued at approximately $750 million (about N1.1 trillion), was financed by a consortium of Nigerian banks, with Blackbirch Capital serving as financial adviser.
Following the transaction, the Femi Otedola-led board resigned, making way for a new board appointed by MA’AM Energy and chaired by Senator Abdul-Aziz Yari, former Governor of Zamfara State and current Senator representing Zamfara West.
Outgoing Chief Executive Officer Akin Akinfemiwa and Deputy Chief Executive Officer Dr. Julius Omodayo-Owotuga were retained to ensure continuity and a smooth management transition.
Industry experts say the acquisition could set a new benchmark for generation company valuations and attract increased private equity participation in Nigeria’s power sector, though investors are expected to closely monitor the strategic direction of the new owners.