Geregu Power, the electricity utility that billionaire investor Femi Otedola took public in October 2022, announced a change in its ownership on Monday, following a board meeting in which the tycoon revealed the divestment of his controlling stake.
In a note to the Nigerian Exchange Limited, the company stated that it has been formally notified by Amperion Power Distribution Company, the firm through which Mr Otedola held the majority shareholding in the entity, of the share sale to Ma’am Energy Limited.
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Abuja-based Ma’am Energy provides energy solutions, with services encompassing electricity generation and supply, oil & gas exploration and production, refining & processing and energy trading & marketing, its website says.
“MA’AM Energy Limited has acquired 95% equity interest in Amperion Power Distribution Company Limited thereby becoming the new controlling shareholder of Amperion Power Distribution Company Limited,” Geregu Power disclosed in the regulatory filing.
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“Consequently, the indirect controlling interest previously held by Calvados Global Services Limited and Mr Femi Otedola, CON in Geregu Power Plc has been transferred to MA’AM Energy Limited,” it added.
The deal involved a change in the ultimate beneficial ownership of 77 per cent of the company’s issued share capital. According to a source, the share acquisition was estimated at $750 million.
At the meeting, the directors also endorsed the appointment of new members to the board, effective from 29 December 2025.
The board accepted the resignation of Mr Otedola from the company’s chairmanship and that of CEO Akin Akinfemiwa and Julius Omodayo Owotuga, the deputy CEO. Christopher Adeyemi and Olawunmi Otedola also exited their positions as non-executive directors, while Anil Dua, Doron Grupper, Paul Gbadebo and Andrew Gamble equally gave up their roles as independent non-executive directors.
Owners of Ma’am Energy
Abdulkarim Tsafe is one of the four persons with significant control in Ma’am Energy, where he holds a 25 per cent stake, according to PREMIUM TIMES’ check at the Corporate Affairs Commission (CAC). Born in November 1967, he started holding significant control in the company on 17 October 2025. He is currently the CEO of Ajap Financial Services Limited, where he oversees strategic operations, regulatory compliance, and investment advisory functions. Mr Tsafe holds an MBA and Postgraduate Diploma in Management from Abubakar Tafawa Balewa University, as well as HND and OND qualifications in Mechanical Engineering from the Federal Polytechnic, Kaduna. He is a Member of the Nigerian Society of Engineers and an Associate Member of the National Institute of Marketing of Nigeria. He is a member of the Nigeria Police Trust Fund Implementation Team, an erstwhile chief of staff to Zamfara State under former Governor Bello Matawalle and a former commissioner for water resources in Zamfara State.
Jari Jafar was born in July 1980 and became a person with significant control in the company on 17 October 2025. He holds a 25 per cent interest in the entity.
Abdulaziz Yari, born in April 1994, became a person with significant control in the company on 17 October 2025. Mr Yari has a 25 per cent shareholding in the company. He is the son of Abdulaziz Yari, the current senator representing Zamfara West and the newly appointed chairman of Geregu Power.
Abdulaziz Ahmad was born in April 2003 and holds a 25 per cent stake in the firm, according to the company’s registration information at the CAC. He became a person with a significant control on 17 October 2025.
The new directors
Abdulaziz Yari, the current senator representing Zamfara West, has been appointed to chair the board. He attended Sokoto Polytechnic from 1991 to 1994, obtaining a diploma in Secretarial Studies, later earning a Leadership and Change Certificate from London School of Economics. Mr Yari holds a master’s in Public Administration, Finance and Investment Management from the University of Salford. His career in politics began in 1999 with the All Nigeria People’s Party. In 2007, he was elected to the House of Representatives as the legislator representing Anka/Talata Mafara Federal Constituency. From 2011 to 2019, Mr Yari served as the governor of Zamfara State. Mr Yari is taking up the position of chairman of Geregu Power.
Abdulkadeer Njiddah is an accountant and finance expert, with a broad experience in banking and auditing. He is a graduate of Accounting and Finance from University of Maiduguri, and holds a master’s and a PhD in Accounting and Finance from Ahmadu Bello University, Zaria. Mr Njiddah is a fellow of the Institute of Chartered Accountants of Nigeria and the Institute of Internal Auditors of Nigeria, and an associate member of the Chartered Institute of Taxation of Nigeria.
Mr Njiddah has been appointed to the board as a non-executive director
Usman Mohammed, a former managing director of the Transmission Company of Nigeria, holds a PhD in Finance and Accounts as well as a Bachelor of Science degree in Accountancy. His over three decades of experience spans both the public and the private sectors, covering power sector utility, financial management, reform and transformation as well as design and implementation of infrastructure programmes. Mr Mohammed has proficiency in labour relations, public policy engagement and structuring private sector financing solutions.
He is taking up the role of an independent non-executive director on the board.
Mohammed Jaafaru holds a Bachelor of Science in Mechanical Engineering and Physics, with a minor in Mathematics, from Virginia Commonwealth University. He has an MBA in Finance from Strayer University, Washington and is presently the chief operations officer of Advance Link Petroleum Limited. His professional development includes advanced training in company direction, corporate communications, leadership, and team management in the UK and UAE.
Mr Jaafaru has been appointed to the position of an independent non-executive director.
Neka Adogu is the general manager/head of retail sales for northern Nigeria at Access Bank. She is a non-executive director at Access Bank, DR Congo, with experience spanning over 22 years in wealth management, banking, risk management and investment advisory. Ms Adogu has held leadership roles across private, commercial and retail banking.
She joins the board as an independent non-executive director.
Mahmud Magaji is a Senior Advocate of Nigeria with several years of experience encompassing criminal law, aviation, oil & gas, election petitions and international dispute resolution. He has served on the Independent Appeal Panel of the Legal Practitioners’ Privileges Committee and the National Executive Committee of the Nigerian Bar Association. He is joining the board as an independent non-executive director.
