LAGOS — Billionaire businessman Femi Otedola has sent shockwaves through the Nigerian Exchange (NGX) after announcing his exit from Geregu Power Plc. According to official filings released on Monday, December 29, 2025, Otedola divested his 77% controlling stake to Ma’am Energy Limited.
The transaction, valued at approximately $750 million, marks the end of an era for the first power-generating company to be listed on the Nigerian Exchange.
A Strategic Handover
The takeover by Ma’am Energy Limited represents a major restructuring in the ownership of Nigeria’s critical power infrastructure.
- The Deal: Ma’am Energy now holds the majority 77% equity, positioning the firm as the new “powerhouse” in the domestic energy market.
- The Legacy: Under Otedola’s leadership, Geregu Power became a top-tier performer on the NGX, significantly expanding its capacity and attracting substantial foreign institutional investment.
Market Impact and Investor Sentiment
Despite the high-profile exit, the Nigerian stock market remained resilient. The NGX All-Share Index gained N542 billion in the post-holiday surge, led by rallies in the banking and industrial sectors. “Investors are viewing this as a sign of market maturity,” noted one analyst at the Lagos floor. “The fact that a $750 million deal can be absorbed without a crash shows the increasing depth of the Nigerian capital market in 2025.
Broader Economic Context: The 2025 Turnaround
The divestment comes at a time when Nigeria is recording its best economic performance in a decade.
- Inflation: Data from the National Bureau of Statistics (NBS) shows that headline inflation dropped for the eighth consecutive month to 14.45% in November 2025.
- Fiscal Reform: Finance Minister Wale Edun and CBN Governor Olayemi Cardoso have spent the year stabilizing the Naira and cleaning up the balance sheets of state-owned entities. Notably, the Federal Government recently wiped off $5 billion in NNPC debt to prepare the oil firm for an IPO.
Future Outlook
While Femi Otedola has not yet disclosed his next move, speculation suggests he may be pivoting toward “new economy” sectors like data centers or fintech—industries projected to grow fourfold in Nigeria by 2030. For Geregu Power, the new management under Ma’am Energy faces the task of meeting the government’s 2026 goal of sustained 6,000MW national grid stability.
