Geregu Power Plc has announced a significant change in the ultimate beneficial ownership of its majority shareholding following a restructuring at its core investor level, a development that alters control dynamics but leaves the company’s direct shareholding structure on the Nigerian Exchange Limited (NGX) unchanged.
In a formal notice to the NGX and the investing public dated Monday, December 29, 2025, the Board of Directors of Geregu Power Plc disclosed that it had received official communication from its majority shareholder, Amperion Power Distribution Company Limited, informing it of a completed ownership restructuring.
According to the disclosure, the restructuring followed a share sale and acquisition concluded on December 29, 2025, which resulted in MA’AM Energy Limited acquiring a 95 per cent equity interest in Amperion Power Distribution Company Limited. With the transaction, MA’AM Energy Limited has become the new controlling shareholder of Amperion.
As a direct consequence of this development, the indirect controlling interest in Geregu Power Plc—previously held by Calvados Global Services Limited and prominent Nigerian investor, Mr Femi Otedola, CON—has now been transferred to MA’AM Energy Limited.
The company clarified, however, that the transaction does not involve the direct sale or transfer of shares in Geregu Power Plc itself. As such, the company’s shareholding structure as reflected on the NGX remains unchanged.
Despite the absence of any direct equity transfer at the Geregu Power Plc level, the power generation firm noted that the change in ownership of its majority shareholder has resulted in a shift in the ultimate beneficial ownership of approximately 77 per cent of its issued share capital.
In line with this development, Geregu Power Plc disclosed that its Board of Directors, at a meeting held on Monday, December 29, 2025, reviewed the implications of the ownership change and approved the appointment of new directors to the board, with immediate effect from the same date. The appointments are aimed at aligning the company’s governance structure with the new ultimate ownership framework.
Geregu Power Plc assured shareholders and stakeholders that the changes are in compliance with regulatory requirements and reaffirmed its commitment to strong corporate governance, operational stability, and transparency.
The company stated that further disclosures would be made in line with applicable NGX rules and regulatory obligations as necessary.
