On Monday, December 29, 2025, Geregu Power Plc announced a shift in its ultimate beneficial ownership following a restructuring at its majority shareholder, Amperion Power Distribution Company Limited.
The change comes after MA’AM Energy Limited acquired a 95% equity stake in Amperion, becoming its new controlling shareholder, according to a regulatory filing with the Nigerian Exchange Limited (NGX).
The transaction, completed on December 29, transfers control of Amperion to MA’AM Energy Limited, this is according to a statement signed by the Company Secretary, Gbeminiyi Shoda, and filed with the Nigerian Exchange Limited (NGX).
MA’AM Energy acquired a 95% equity stake in Amperion Power, becoming its new controlling shareholder. As a result, the effective control previously held by Calvados Global Services Limited and billionaire investor Femi Otedola has now been transferred to MA’AM Energy. Otedola served as Geregu’s chairman until his resignation, which took effect on Monday.
The company clarified that the restructuring does not involve a direct sale of Geregu Power shares, meaning its register at the NGX remains unchanged. However, the transaction results in a change in the ultimate beneficial ownership of 77% of Geregu’s issued share capital.
Meet the new leaders of the company
In response to the shift in control, Geregu’s Board approved several new appointments:
Senator Abdul-Aziz Abubakar Yari — Chairman
Senator Abdul-Aziz Abubakar Yari is a Nigerian public administrator and politician whose career spans education, state governance, and national legislative leadership. He began his professional journey as a classroom teacher before transitioning into politics, where he held key roles at the state and federal levels, including serving as a member of the House of Representatives.
Yari has also held senior government and policy positions that placed him at the centre of public sector administration and political strategy in Nigeria. His academic background includes qualifications in Public Administration and an MSc in Finance and Investment Management from the University of Salford, UK, alongside a Certificate in Leadership and Change from the London School of Economics.
Abdulkadeer Babangida Njiddah — Non-Executive Director
Abdulkadeer Babangida Njiddah is an accountant and finance professional with a career spanning academia, financial services, public sector governance, and the power industry. He holds a PhD and MSc in Accounting and Finance from Ahmadu Bello University, Zaria, and a Bachelor’s degree in Accountancy from the University of Maiduguri.
Njiddah is a Fellow of both the Institute of Chartered Accountants of Nigeria (FCA) and the Institute of Internal Auditors of Nigeria (FIIA). He is also an Associate Member of the Chartered Institute of Taxation of Nigeria and the Institute of Directors, showing his grounding in financial regulation, corporate governance, and tax administration.
His professional experience includes roles in teaching, industry advisory, and public service engagements within the energy sector. He is currently the Principal Partner at Abdulkadeer & Co. (Chartered Accountants), where he oversees audit, compliance, and financial consulting mandates for corporate and public sector clients.
Usman Gur Mohammed — Independent Non-Executive Director
Usman Gur Mohammed is a Chartered Accountant and infrastructure specialist with more than three decades of experience across the public and private sectors, with a particular focus on Nigeria’s power industry.
Mohammed has led initiatives that secured low-cost multilateral financing and grants, supported the delivery of large-scale infrastructure projects, and strengthened institutional capacity in the power sector. His experience spans project management, public policy engagement, labour relations, and the structuring of private sector financing instruments, including securitisation and partial risk guarantee frameworks.
He holds a PhD in Finance and Accounts, an MBA, and a Bachelor’s degree in Accountancy. Mohammed is a Fellow of the Institute of Chartered Accountants of Nigeria and has additional professional certifications in taxation, management, and utility regulation
Mohammed Sani Jaafaru — Independent Non-Executive Director
Mohammed Sani Jaafaru is an energy-sector executive with experience in operational strategy, corporate governance, and organisational transformation.
He holds an MBA in Finance from Strayer University in Washington, D.C., and a Bachelor of Science degree in Mechanical Engineering and Physics, with a minor in Mathematics, from Virginia Commonwealth University. His professional training includes advanced courses in company direction, corporate communications, leadership, and team management in the United Kingdom and the United Arab Emirates.
Jaafaru is currently the Chief Operations Officer of Advance Link Petroleum Limited, where he has overseen the automation of business processes, the strengthening of governance frameworks, and the restructuring of operational systems to reduce revenue leakages.
Neka Uzoamaka Adogu — Independent Non-Executive Director
Neka Uzoamaka Adogu is a financial services executive with more than 22 years of experience across banking, wealth management, risk management, and investment advisory. Her career has spanned retail and commercial banking operations in Africa, complemented by strategic partnerships in European markets.
Adogu has spent the bulk of her professional career at Access Bank Plc, which she joined in 2004. She rose through various leadership positions to become General Manager, holding senior roles across commercial, private, and retail banking. Her responsibilities included business development, portfolio management, client strategy, and operational oversight within the bank’s domestic and regional platforms.
Mahmud Abubakar Magaji, SAN — Independent Non-Executive Director
Mahmud Abubakar Magaji, SAN, is a Nigerian legal practitioner and Senior Advocate of Nigeria with extensive experience in criminal law, oil and gas, aviation, property, election litigation, and international dispute resolution. His career includes advisory and representational work before domestic and international tribunals, as well as policy roles within the country’s legal and regulatory framework.
Magaji is a member of the Federal Judicial Service Commission and a Notary Public. He has also served on the Independent Appeal Panel of the Legal Practitioners’ Privileges Committee and on the National Executive Committee of the Nigerian Bar Association. His professional affiliations include arbitration and dispute resolution institutes in Nigeria, London, and New York, reflecting his exposure to multi-jurisdictional legal practice.
He has received awards and recognition from academic institutions, professional associations, and civic organisations for contributions to legal advocacy and public sector governance.
The appointees bring backgrounds spanning public governance, financial services, the power sector, and legal practice.
Resignations
Geregu also confirmed the resignation of several board members, including:
- Femi Otedola, CON — Chairman
- Akin Akinfemiwa — Chief Executive Officer
- Julius Omodayo-Owotuga — Deputy Chief Executive Officer
Other departing non-executive and independent directors include Christopher Adeyemi, Olawunmi Otedola, Anil Dua, Doron Grupper, Paul Miyonmide Gbededo, and Andrew Gamble.
The company stated that its outgoing CEO and Deputy CEO will work with the incoming directors to support a transition period.
