Geregu Power Ownership Changes: Femi Otedola Exits, Ma’am Energy Takes Control, Abdulaziz Yari Appointed Chairman

Geregu Power has officially confirmed the sale of billionaire Femi Otedola’s controlling stake to Ma’am Energy Limited, signaling a major shift in the company’s leadership. The transaction involved 95% of Amperion Power’s shares—the vehicle through which Otedola held his stake—estimated at $750 million. Following the ownership change, Otedola, along with CEO Akin Akinfemiwa, deputy CEO Julius Omodayo Owotuga, and several non-executive directors, resigned from the board.

Ma’am Energy, an Abuja-based energy solutions provider operating across power generation, oil and gas exploration, refining, and energy trading, is now the controlling entity. Four individuals hold significant control over the company: Abdulkarim Tsafe, Jari Jafar, Abdulaziz Yari, and Abdulaziz Ahmad, each with a 25% stake.

Senator Abdulaziz Yari, son of the former Zamfara governor, has been appointed chairman of Geregu Power. Yari has an extensive political and educational background, including leadership and change certification from the London School of Economics and a master’s degree in Public Administration, Finance, and Investment Management from the University of Salford.

The new board also includes seasoned professionals across finance, energy, and corporate management:

Abdulkadeer Njiddah – Non-executive director, accounting and auditing expert

Usman Mohammed – Independent non-executive director, former MD of Transmission Company of Nigeria

Mohammed Jaafaru – Independent non-executive director, COO of Advance Link Petroleum

Neka Adogu – Independent non-executive director, banking and wealth management expert

Mahmud Magaji – Independent non-executive director, Senior Advocate of Nigeria with expertise in criminal law, aviation, and energy sector disputes


This leadership overhaul comes after Otedola’s exit and marks a new phase for Geregu Power as Ma’am Energy assumes operational control and strategic direction.

Geregu Power Appoints Former Zamfara Governor Abdulaziz Yari as Chairman Following Femi Otedola’s Exit and N1.08 Trillion Stake Sale

Geregu Power Plc has appointed former Zamfara State governor and senator, Abdulaziz Yari, as chairman following billionaire investor Femi Otedola’s resignation. The board changes were approved during a Monday meeting after Otedola sold his majority stake in the company for N1.08 trillion to MA’AM Energy Ltd. Several new non-executive and independent directors were also appointed, including Abdulkadeer Njiddah, Usman Mohammed, Mohammed Jaafaru, Neka Adogu, and legal expert Mahmud Magaji. The appointments reflect a major restructuring of Geregu Power’s leadership, as the company seeks to leverage the experience of seasoned professionals in finance, operations, and governance, while Otedola retains a minority stake.

Femi Otedola Boosts Stake in First HoldCo with N14.8 Billion Share Acquisition
December 19, 2025

Billionaire businessman Femi Otedola has strengthened his position in First HoldCo Plc by acquiring an additional 369.99 million shares worth N14.8 billion, raising his ownership stake to over 18%. The shares were purchased through Calvados Global Services Limited, a company linked to Otedola, at N40.06 per share on December 18.

This latest acquisition follows earlier purchases in September 2025, which had already increased his stake from 13.15% in 2024 to 16.1%. Otedola’s growing investment consolidates his status as a major shareholder in the financial holding company.

The move comes amid strategic restructuring at First HoldCo, which recently divested FBNQuest Merchant Bank to focus on its core commercial banking operations. Analysts say the transaction demonstrates Otedola’s long-term confidence in the company and may enhance shareholder value.

Meanwhile, Otedola’s personal wealth has risen to $1.6 billion, reflecting a $100 million increase within a month, according to Forbes.

Hackers Breach Mobile Phones of Billionaires Dangote and Otedola

Hackers have gained unauthorized access to the mobile phones of Aliko Dangote, CEO of the Dangote Group, and Femi Otedola, chairman of First HoldCo Plc, according to TheCable. Sources close to both businessmen revealed that their devices were compromised within the past week.

“Seyi Tinubu Didn’t Add My Video Because of My English!” — Lege Miami Speaks Out on Birthday Tribute Snub


Popular Nigerian actor and matchmaker, Lege Miami, whose real name is Adams Kehinde, has finally addressed his absence from the viral birthday tribute video made for Seyi Tinubu, son of President Bola Ahmed Tinubu.

The trending tribute, which featured some of Nigeria’s biggest personalities — including Burna Boy, Femi Otedola, Aliko Dangote, Governor Babajide Sanwo-Olu, and Olamide Badoo — left fans wondering why Lege, a self-proclaimed close associate of Seyi, was not included.

Many social media users teased Lege Miami over the omission, prompting the actor to respond. In a new video, Lege revealed that his “poor English” was the reason his clip didn’t make it into the final cut.

“Because I cannot speak good English, Seyi did not add my video to the post,” he said jokingly, adding that people should not blame Seyi for the decision.


However, reactions flooded social media, with some fans disagreeing with Lege’s explanation.

@mz_lara commented:

“I don’t think it’s because you can’t speak English. Even market women and Amala sellers spoke Yoruba in the video. You need to stop being controversial; that’s why people avoid associating with you.”



@kenny_alert added:

“Your problem is not bad English but low self-esteem. Let that go, and you’ll realize you’re fine the way you are.”



While some mocked his grammar — quoting his line “Seyi is not added my video” — others defended him, calling him a loyal friend who always stands by Seyi Tinubu.

One fan wrote:

“A true friend will love you no matter how dull you are. Seyi should appreciate Lege — he’s always had his back.”

Despite the teasing, Lege Miami took the criticism in stride, laughing off the remarks and keeping his trademark humor alive.

Billionaire Femi Otedola cuts his holdings in Geregu Power, offloads shares worth over ₦1 billion.

I Have Never Heard any Wealthy Person Say ‘Money na Water’—Billionaire Businessman Cosmas Maduka Informs Cubana ChiefPriest, Others; Says Rich People don’t Make Noise.

Nigerian businessman and founder of Coscharis Group, Dr. Cosmas Maduka, has condemned the growing trend of using the slang “money na water” to justify reckless spending and public display of wealth.

In a passionate statement, Maduka criticized the culture of throwing money at parties and flaunting riches, describing it as a “dead value system” that corrupts societal morals and misguides the younger generation.

“I’ve never heard Tony Elumelu say ‘money na water,’ I’ve never heard Femi Otedola say it, and I’ve never said it myself,” Maduka stated. “When I attend a function and people start throwing money in the air, I quietly walk away. This madness must stop.”

The billionaire businessman lamented that modesty and humility, traits once associated with true wealth have been replaced by showiness and noise. He stressed that real money inspires humility, not arrogance, adding that the glorification of such wasteful behavior should be rejected, not celebrated.

“When we were growing up, rich people didn’t make noise. All these people making noise today never made real money,” he said. “We’ve embraced a deadly culture and are now passing it on to our children. That’s not how to build a value-driven society.”

Maduka urged Nigerians to desist from celebrating ostentatious spending, saying the “money na water” mindset erodes discipline, hard work, and moral integrity.

Why I dropped the name Otedola and replaced it with Ajibade after Marriage— Mr Eazi’s wife, Temi opens up.

Actress Temi Otedola, daughter of billionaire businessman Femi Otedola, has explained why she chose to adopt her husband’s surname after marrying Afrobeats star Mr Eazi.

In an interview with the BBC on Wednesday, Temi said the decision was hers alone. “I’m now a married woman, the obvious thing for me is to take my husband’s name. But it’s my personal choice… I also respect a woman’s ability to choose,” she noted.

She added that keeping her relationship private helps her control her narrative. “Moving in silence allows you to build the story you want and share it when and how you’re ready,” she said.

On her father’s recently published memoir, Temi described it as a way for the world to understand his decades-long journey. “My dad has a wealth of wisdom. I’ve been fortunate to learn from him, but I think he felt it was time for the rest of the world to understand his journey as an entrepreneur,” she stated.

Temi acknowledged the advantages of her privileged upbringing. “Oh, absolutely. You will never hear me deny it. It’s important for people born into privilege to acknowledge that leg up they’ve gotten in life,” she said.

She also revealed that her father’s decision not to involve his children in his companies pushed them to create their own paths. “At first I was disappointed… but it turned out to be a blessing because he encouraged us to forge our own paths,” she said, adding that his resilience in tough times remains her greatest inspiration.

Subsidy fraud: Otedola slams N1bn suit on Sani, asks Tinubu to release Aig-Imoukhuede report.

Nigerian businessman, Femi Otedola, has said that he has instructed his lawyers to file a N1 billion libel suit against Umar Sani, a former aide to Vice President Namadi Sambo.

The development followed allegations made by Sani, linking Otedola to the fuel subsidy fraud under the Goodluck Jonathan administration.

In response to Otedola’s allegation that “over N2 trillion was siphoned through questionable subsidy claims under the Jonathan administration”, Sani had claimed that “Otedola himself enjoyed enormous privileges during the era”.

Sani equally accused Otedola of engaging in “hypocritical, selective, and convenient rewriting of history”.

However, in a statement released late on Sunday night, Otedola described Sani’s claims as “malicious lies”.

Recalling his role in exposing the subsidy scam, Otedola said he was the first to alert former President Goodluck Jonathan and then Senate President Bukola Saraki of the fraud at the time, wondering how he could be accused of benefiting from the same scam he blew the whistle on.

Dismissing Sani’s attempts to link him with the subsidy scandal, Otedola declared that his company, Zenon Petroleum, never traded in petrol and therefore could not have accessed the subsidy funds.

Announcing his decision to sue the former presidential aide over the alleged defamatory remarks, Otedola insisted that he would not allow anyone to toy with his hard-earned reputation.

Over N2trn Lost to Dubious Subsidy Claims Under Former President Goodluck Jonathan’s Administration — Businessman Femi Otedola

Billionaire businessman, Femi Otedola, has alleged that more than ₦2 trillion was siphoned through questionable petrol subsidy claims during the administration of former President Goodluck Jonathan.

In a statement on Monday, Otedola backed the Dangote Petroleum Refinery in its ongoing dispute with the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN).

DAPPMAN had accused the refinery of destabilizing the market with its fuel price cuts, but Dangote countered, claiming the group demanded an annual subsidy of ₦1.5 trillion to enable members match its depot prices.

Otedola, however, maintained that the subsidy regime was deliberately structured to benefit depot owners, making DAPPMAN members the biggest beneficiaries.

“I warned President Jonathan at the time that he was being misled. The system encouraged rent-seeking and corruption. Over ₦2 trillion was siphoned through dubious claims tied to depot licences,” he said.

He further dismissed the notion that depots significantly create jobs, noting that a typical facility employs only a handful of people, unlike filling stations that hire dozens.

Otedola urged DAPPMAN members to shift their focus to retail operations rather than holding on to depots designed for an import-driven fuel economy, which, according to him, has become redundant with Nigeria now refining locally.

He likened the development to the transformation of Nigeria’s cement industry, where reliance on import terminals gave way to domestic production.

Dangote Refinery: Change Has Come to the Oil Sector, Nigerian Economy, Otedola Tells DAPPMAN.

Nigeria’s billionaire businessman, Mr Femi Otedola, yesterday waded into the ongoing fuel supply disagreement between the Dangote Refinery and the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), advising the association to innovate or perish

The philanthropist stressed that he had followed the debate around the fuel supply issues between both parties recently, noting that he felt compelled to provide some perspective, especially as it relates to the future of the country.

In a statement on recent issues in the oil and gas sector, especially in the downstream, Otedola also congratulated Aliko Dangote on the success achieved so far since his refinery commenced operations, describing it as a historic leap for Nigeria’s energy independence and economic future.
Otedola posited that Nigeria remains threatened by entrenched cabals who still believe they can resist change, but maintained that history has shown time and again that change can only be delayed, but never halted.

Tolani Otedola trends after unboxing £180 mango from Japan.

Billionaire daughter Tolani Otedola has sparked reactions online after revealing that she received a rare tropical Okinawa mango worth £180 (over ₦367,000) as a gift.

The singer and daughter of business mogul Femi Otedola shared the experience on her Instagram story, showing the beautifully packaged fruit she received from a well-wisher who knew about her love for mangoes.

A gift with a twist
Unboxing the pricey mango, Tolani expressed both excitement and mild frustration. She revealed that the fruit came with a manual written entirely in Japanese, leaving her unable to read the instructions on how best to eat it.

In her words:
“Somehow, I have become the girl people send fruits to instead of nice things like jewelries. I am getting fruits but hey, beggars can’t be choosers. This time, I have received a tropical Okinawa mango. I love mangoes but I love Naija mangoes,” she said joyfully.

"Money you don't spend isn't yours, life is for the living.”

~ Femi Otedola (2025)

Dangote Hails Temi Otedola & Mr. Eazi’s Glamorous Global Wedding

Africa’s richest man, Aliko Dangote, has extended heartfelt congratulations to Temi Otedola and Afrobeat star Mr. Eazi (Oluwatosin Ajibade) on their wedding — a ceremony that dazzled across Monaco, Dubai, and Iceland.

Dangote described the event as so special that he cancelled other engagements just to attend the Iceland leg of the celebration.

The union between Temi, a Nollywood actress and daughter of billionaire Femi Otedola, and Mr. Eazi has been tagged one of the most glamorous celebrity weddings of the year, drawing global attention.

You have to succumb to your husband; he’s your boss” — Billionaire businessman Femi Otedola tells his daughter, Temi, in an emotional speech at her wedding

“Temi, I wish you all the best in your future endeavours. You found a great guy. Very great guy. Blessed guy. He comes from a very decent family.”

But his most striking counsel came as he charged his daughter: “One thing I will advise you, Temi, is… You have to succumb to the whims and c¥rses of your husband. Okay? He is your husband and he is your boss. There is no more daddy. Don’t come here.”

Otedola praised the love he observed between Temi and her husband Tosin: “You are truly in love with each other. Truly, truly in love with each other.Temi is an entrepreneur. Tosin is an entrepreneur. So you match each other. This is made in heaven.”

He encouraged Tosin, saying: “But Tosin… You are going to go places. I have seen the entrepreneurial skill in you. When we were much younger… We think we are used to us but not like your generation.And it has always paid off.”

He further urged the couple: “Continue to love,Temi. When you have issues, problems, just keep it within yourself. Never call any friend and have this problem. Just keep it within your walls. And God will bless you and bless your marriage.”

Concluding, Otedola thanked the guests: “I thank you all. And I wish you safe travels back to various places you have come from. God bless you all. I love you all. Thank you all.”

“You have to succumb to your husband; he’s your boss” — Billionaire businessman Femi Otedola tells his daughter, Temi, in an emotional speech at her wedding

“Temi, I wish you all the best in your future endeavours. You found a great guy. Very great guy. Blessed guy. He comes from a very decent family.”

But his most striking counsel came as he charged his daughter: “One thing I will advise you, Temi, is… You have to succumb to the whims and c¥rses of your husband. Okay? He is your husband and he is your boss. There is no more daddy. Don’t come here.”

Otedola praised the love he observed between Temi and her husband Tosin: “You are truly in love with each other. Truly, truly in love with each other.Temi is an entrepreneur. Tosin is an entrepreneur. So you match each other. This is made in heaven.”

He encouraged Tosin, saying: “But Tosin… You are going to go places. I have seen the entrepreneurial skill in you. When we were much younger… We think we are used to us but not like your generation.And it has always paid off.”

He further urged the couple: “Continue to love,Temi. When you have issues, problems, just keep it within yourself. Never call any friend and have this problem. Just keep it within your walls. And God will bless you and bless your marriage.”

Concluding, Otedola thanked the guests: “I thank you all. And I wish you safe travels back to various places you have come from. God bless you all. I love you all. Thank you all.”

How I Dropped Out of High School to Build My Business Empire – Billionaire Femi Otedola Opens Up.

Billionaire businessman, Femi Otedola, has revealed that he achieved success without completing high school or attending university. The chairman of one of Nigeria’s biggest financial groups said his poor academic performance pushed him out of the classroom and into the world of business, where he eventually built a multi-billion-dollar empire.

In his memoir Making It Big, the 62-year-old energy mogul recalls beginning his education at the University of Lagos Staff School in 1968, where he sat in the same class as Kola Abiola, son of Chief Moshood Abiola.

However, he admits academics never appealed to him, as he consistently ranked among the lowest in his class. After primary school, he attended Methodist Boys’ High School, Lagos, and later Olivet Baptist High School, Oyo, but his struggles continued.

By 1977, his parents moved him to boarding school in hopes of improving his attitude to learning, but Otedola says his interests were firmly rooted in business, not academics.

Eventually, he left school altogether to work in his father’s printing business, Impact Press. Rising through the ranks, he became managing director at just 25. Restless, he later asked to work as a sales consultant on commission, a decision he described as his “big break.”

He invested in cars for marketing and soon began attracting jobs from major companies and advertising agencies. The disclosure may surprise many, as Otedola had long been thought to hold a university degree ,with his Wikipedia page at one point even claiming he studied at the University of Lagos.

You’re A Stupid Boy, God Will Punish You’ Otedola Reveals How Obasanjo Tackled Him.

Billionaire businessman, Femi Otedola, has revealed an incident where former President Olusegun Obasanjo flew into a rage after being told that there was diesel scarcity across the country because of deregulation.

Naija News reports that Femi Otedola revealed this in his forthcoming book, ‘Making It Big: Lessons from a Life in Business’.

According to Otedola, Obasanjo was so angry that he accused the billionaire of misleading him to deregulate the importation of the product, over which the Nigerian National Petroleum Corporation (NNPC) used to have absolute monopoly.

Otedola, who owned Zenon Petroleum, had assured Obasanjo that the private sector could meet local demand without the involvement of the NNPC, which was selling below market price and getting subsidy reimbursement from the federal government.

The government liberalised the diesel market in 2004, making it the first petroleum product to be fully free of subsidy and ending the associated rent culture.

According to The Cable, the billionaire businessman wrote: “When President Obasanjo deregulated diesel in 2004, Zenon took an unassailable lead in the market. My opponents’ reaction was to tell the president that we’d turned the market upside down [and that the] economy was about to be brought down because there was no diesel, and Obasanjo was mad at me because he’d sought and received assurances from us that NNPC’s exit from diesel importation wouldn’t affect supply. My critics then fanned the flames by telling him there was no diesel in the country, that trucks couldn’t move and that industries were shutting down.”

He continued: “The President… called me at 2 am, shouting through the phone. ‘You’re a stupid boy! God will punish you! You persuaded me to deregulate diesel, and now there’s no diesel in the country!’ He was livid. I flew to Abuja the following day. As soon as Obasanjo saw me, he flew into a rage again. ‘What kind of rubbish is this? What kind of nonsense is this?’ He was right in my face, screaming at the top of his lungs. I allowed him to cool down, and when he stopped talking, I tried to explain the situation. ‘Baba, they’re lying to you. It’s all lies. I have six ships waiting to discharge big supplies of diesel.’”

“I was even paying demurrage. I told the president that I was the victim of competitors’ backbiting,” he wrote, saying he asked Obasanjo to “see what they come up with next… You’ll see that it’s me who’s telling you the truth.”

Otedola said he told Obasanjo he would start advertising the availability and price of diesel on the front page of the newspapers, addressing any concerns about fair and consistent pricing.

Reactions as Daughters of Nigerian Billionaire, Otedola Finally Reunite with Mother in Monaco

Social media has been set abuzz following the heartwarming reunion of Nigerian billionaire Femi Otedola’s daughters Temi, DJ Cuppy, and Tolani with their mother in the glamorous city of Monaco.

Photos and short video clips believed to be from the reunion surfaced online, showing the sisters spending quality time with their mother in a serene setting, reportedly a private residence overlooking the Mediterranean.

Take a look at how some people reacted to photos online below;

Though details surrounding the timing and exact nature of the reunion remain private, the visuals have sparked widespread emotional reactions among fans and followers across platforms.

The identity of the Otedola girls' mother has long been kept away from the limelight, sparking curiosity over the years. While Femi Otedola himself has often shared moments with his children publicly, this rare appearance with their mother has reignited admiration for the family’s bond.

As the reunion photos continue to circulate, many have praised the gesture as a reminder of the importance of family, love, and reconnection especially among public figures. The Otedola family has yet to release an official statement, but for fans, this moment speaks volumes without words