Femi Otedola Sells Stake in Geregu Power in Major Restructuring

Nigerian businessman Femi Otedola has exited his controlling stake in Geregu Power Plc as part of a significant ownership restructuring. MA Energy Limited has acquired a 95% equity interest in the company, leading to a transfer of indirect control previously held by Calvado Global Services Limited.

Otedola, who served as the Chairman of Geregu Power, has also announced the acquisition of the Geregu II power plant by Forte Oil. Several top executives, including CEO Akin Akinfemiwa, have resigned, with former Zamfara State Governor Abdulaziz Yari set to become the new Chairman.

The move aims to strengthen Geregu Power's governance framework and attract more investors in Nigeria's power sector.