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 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.