Billionaire businessman Femi Otedola has sold his majority stake in Geregu Power Plc to MA’AM Energy Limited for N1.088 trillion in a deal financed by a consortium of banks led by Zenith Bank Plc.
The deal was announced on the Nigerian Exchange (NGX) on Monday.
Otedola’s Amperion Power Distribution Company Ltd previously held nearly 80 percent of the power generating company.
MA’AM Energy Limited has now acquired 95% equity interest in Amperion Power Distribution Company Limited thereby becoming the new controlling shareholder of Amperion Power Distribution Company Limited.
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.
About MA’AM Energy Limited
MA’AM Energy Limited is an energy company in Nigeria that offers electricity generation and supply, renewable energy solutions, and oil and gas exploration and production services.