Femi Otedola Steps Down as Geregu Power Chair in Major Leadership Shake-Up

Billionaire investor Femi Otedola has resigned as the chairman of Geregu Power Plc (NGX: GEREGU), triggering a significant overhaul in the company's leadership. The ownership structure has been restructured, with Ma Energy Ltd acquiring a 95% stake in Amperion Power Distribution Company Ltd, indirectly affecting Geregu Power.

The ownership transfer involved the exit of nine directors, including Otedola, and the appointment of six new directors, with Abdul Aziz Abubakar Yari named as the new chairman. This move aims to strengthen Geregu Power's governance framework and strategic direction amid challenges in Nigeria's power sector.