The Femi Otedola Geregu Power exit has reshaped Nigeria’s energy sector. In a landmark $750 million deal, the billionaire fully sold his stake in Geregu Power Plc. This marks one of the largest private power divestments in Nigeria’s history. It also ends a highly successful 12-year investment cycle.
This transaction significantly boosts Otedola’s wealth and standing among Africa’s top billionaires. The deal closed on December 29, 2025. It delivered an estimated profit of $618 million, showing strong value creation in Nigeria’s privatized power industry.
Importantly, the sale did not involve direct share trading on the Nigerian Exchange. Instead, it centered on Amperion Power Distribution Company, Geregu’s majority shareholder. MA’AM Energy Limited, an Abuja-based firm, acquired 95% of Amperion. As a result, it now indirectly controls 77% of Geregu Power—formerly held by Otedola.
A Nigerian banking consortium led by Zenith Bank financed the purchase. BlackBirch Capital acted as financial adviser. Because the deal occurred off-exchange, Geregu’s public shareholding remains unchanged.
Otedola first built his fortune in commodities and oil. However, he sold Forte Oil in 2019 and shifted focus to power generation. He made Geregu Power the centerpiece of this new strategy. After acquiring the plant during Nigeria’s 2013 power privatization, he grew his stake to over 95%.
Later, between 2022 and 2023, he brought in institutional investors. These included the Nigerian government, Afreximbank’s FEDA, and China’s State Grid Corporation. That move strengthened Geregu’s finances and governance ahead of its stock exchange listing.
Until this sale, Otedola indirectly controlled about 77% of the company. Under his leadership, Geregu expanded from 40 megawatts to 435 megawatts. Today, it supplies roughly 10% of Nigeria’s national grid.
Geregu has consistently delivered strong returns. It generates about ₦20 billion ($133 million) in annual dividends. For the nine months ending September 30, 2025, it reported ₦131.47 billion ($877 million) in revenue. That is a 17% increase from the previous year. Profit after tax stood at ₦25.1 billion ($167 million), showing resilience despite rising costs.
Following the transaction, Geregu reconstituted its board. A new chairman and several directors have taken over. The former executive team has stepped down, marking a complete leadership change.
The company now holds a market value of ₦2.85 trillion ($19 billion). Its shares trade at ₦1,140 ($7.60) each. This makes Geregu one of the most valuable and profitable firms on the NGX.
For Otedola, this exit adds roughly $100 million to his net worth. Forbes currently estimates his wealth at $1.6 billion. He is expected to climb higher in Africa’s billionaire rankings.
He remains chairman and top individual shareholder of First HoldCo Plc. Going forward, he plans to focus more on financial services. This aligns with his past strategy of exiting mature assets to reinvest in new sectors.
In summary, the Femi Otedola Geregu Power exit highlights the potential of Nigeria’s power sector. It also showcases disciplined private investment in African infrastructure. By building, scaling, and exiting at peak value, Otedola has set a powerful example for future investors.
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