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Nigerian billionaire Femi Otedola has successfully sold his controlling stake in Geregu Power Plc for $750 million, marking a significant exit from one of Nigeria's leading electricity producers. This transaction concludes a 12-year investment cycle for Otedola, who has been instrumental in the company's growth. The buyer, MA’AM Energy Limited, acquired a 95% equity stake in Amperion, which includes control over the 77% stake in Geregu Power previously held by Otedola.
The sale has yielded Otedola a profit of approximately $618 million, further solidifying his status among Africa's wealthiest individuals, with his net worth now estimated at around $1.6 billion. Geregu Power, which generates 10% of Nigeria's national electricity grid, is valued at ₦2.85 trillion and has reported substantial revenue and profit growth in 2025. This transaction also signifies a complete leadership transition at Geregu, setting the stage for its future operations in the energy sector.