Geregu Power Plc announced a change in its ultimate beneficial ownership on Monday, December 29, 2025, as a result of a restructuring at Amperion Power Distribution Company Limited, its largest shareholder.
According to a regulatory filing with the Nigerian Exchange Limited (NGX), MA’AM Energy Limited became Amperion’s new controlling shareholder after acquiring a 95% equity stake in the company. To a statement filed with the Nigerian Exchange Limited (NGX) and signed by the company secretary, Gbeminiyi Shoda, the transaction, which was finalised on December 29, gives control of Amperion to MA’AM Energy Limited.
MA’AM Energy became the new controlling shareholder of Amperion Power after acquiring a 95% equity stake in the company. As a result, MA’AM Energy now has the effective control that was previously held by Calvados Global Services Limited and billionaire investor Femi Otedola. Before his resignation, which became effective on Monday, Otedola was the chairman of Geregu.
The business made it clear that Geregu Power shares will not be sold directly as part of the restructuring, so its registration with the NGX will not change. Nevertheless, 77% of Geregu’s issued share capital now has a different ultimate beneficial ownership as a result of the transaction.
BrandSpur news brand reveals that the company’s new leaders are:
The Geregu Board authorised several new appointments in reaction to the change in leadership:
Chairman: Senator Abdul-Aziz Abubakar Yari
Nigerian politician and public administrator Senator Abdul-Aziz Abubakar Yari has worked in education, state administration, and national legislative leadership. Before entering politics, where he held important positions at the state and federal levels, including as a member of the House of Representatives, he started his career as a classroom teacher.
In addition, Yari has held high-level government and policy positions that have put him at the forefront of Nigerian political strategy and public sector management. His educational background includes a Certificate in Leadership and Change from the London School of Economics, as well as an MSc in Finance and Investment Management from the University of Salford in the United Kingdom.
Non-Executive Director, Abdulkadeer Babangida Njiddah
A professional in accounting and finance, Abdulkadeer Babangida Njiddah has worked in academia, financial services, public sector governance, and the power sector. He received his bachelor’s degree in accounting from the University of Maiduguri and his doctorate and master’s degree in accounting and finance from Ahmadu Bello University in Zaria.
Njiddah holds Fellow status in the Institute of Internal Auditors of Nigeria (FIIA) as well as the Institute of Chartered Accountants of Nigeria (FCA). Additionally, he is an Associate Member of the Institute of Directors and the Chartered Institute of Taxation of Nigeria, demonstrating his background in tax administration, corporate governance, and financial regulation.
His professional background includes positions in the energy sector as a teacher, industry advisor, and public servant. He currently oversees audit, compliance, and financial consulting mandates for corporate and public sector clients as the Principal Partner at Abdulkadeer & Co. (Chartered Accountants).
Usman Gur Mohammed is a Non-executive Independent Director
With over thirty years of experience in both the public and private sectors, Usman Gur Mohammed is a chartered accountant and infrastructure specialist who specialises in Nigeria’s power sector.
Mohammed has spearheaded efforts to increase institutional capacity in the power sector, support the completion of major infrastructure projects, and obtain low-cost multilateral grants and financing. Project management, labour relations, public policy engagement, and the structuring of private sector financing instruments, such as securitisation and partial risk guarantee frameworks, are all areas in which he has experience. He has a bachelor’s degree in accounting, an MBA, and a doctorate in finance and accounting. Mohammed holds professional certifications in management, taxation, and utility regulation in addition to being a Fellow of the Institute of Chartered Accountants of Nigeria.
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Independent Non-Executive Director, Mohammed Sani Jaafaru
Mohammed Sani Jaafaru is an executive in the energy sector with expertise in organisational transformation, corporate governance, and operational strategy.
He graduated with a Bachelor of Science in Mechanical Engineering and Physics with a minor in Mathematics from Virginia Commonwealth University and an MBA in Finance from Strayer University in Washington, D.C. In the United Kingdom and the United Arab Emirates, he has taken advanced courses in team management, leadership, corporate communications, and company direction.
As Advance Link Petroleum Limited’s Chief Operations Officer, Jaafaru has been in charge of automating business procedures, fortifying governance structures, and reorganising operational systems to cut down on revenue leaks.
Independent Non-Executive Director, Neka Uzoamaka Adogu
With over 22 years of experience in banking, wealth management, risk management, and investment advisory, Neka Uzoamaka Adogu is a financial services executive. Her career has included strategic alliances in European markets in addition to retail and commercial banking operations in Africa.
Adogu joined Access Bank Plc in 2004 and has worked there for the majority of her career. She held senior positions in retail, private, and commercial banking before rising through the ranks to become general manager. Business development, portfolio management, client strategy, and operational supervision on the bank’s local and regional platforms were among her duties.
Director of Independent Non-Executive Affairs Mahmud Abubakar Magaji, SAN
Mahmud Abubakar Magaji, SAN, is a Nigerian lawyer and Senior Advocate of Nigeria with a wealth of expertise in international dispute resolution, criminal law, oil and gas, aviation, property, and election litigation. Throughout his career, he has served in policy positions within the nation’s legal and regulatory framework in addition to providing advice and representation before national and international tribunals.
Magaji is a Notary Public and a member of the Federal Judicial Service Commission. Additionally, he has served on the Nigerian Bar Association’s National Executive Committee and the Independent Appeal Panel of the Legal Practitioners’ Privileges Committee. His exposure to multi-jurisdictional legal practice is demonstrated by his professional affiliations with arbitration and dispute resolution organisations in Nigeria, London, and New York.
Academic institutions, professional associations, and civic organisations have recognised and honoured him for his contributions to public sector governance and legal advocacy.
The appointees have backgrounds in legal practice, financial services, public governance, and the power industry.
Resignations
Additionally, Geregu confirmed that some board members had resigned, including: Chairman, Femi Otedola, CON; Chief Executive Officer, Akin Akinfemiwa; Deputy Chief Executive Officer, Julius Omodayo-Owotuga.
Christopher Adeyemi, Olawunmi Otedola, Anil Dua, Doron Grupper, Paul Miyonmide Gbededo, and Andrew Gamble are among the other independent and non-executive directors who are leaving. The company said that to facilitate a transition period, the departing CEO and Deputy CEO will collaborate with the new directors.
