Senator Yari Set to Chair First Geregu Power AGM Following Landmark Ownership Change
Nigerian Senator Abdulaziz Abubakar Yari is set to preside over his first Annual General Meeting (AGM) as the new controlling figure behind Geregu Power Plc following a major ownership restructuring that transferred control of the company from businessman Femi Otedola.
The change in ownership followed the acquisition of Otedola’s controlling interest in Amperion Power Distribution Company Limited by MA’AM Energy Limited in a transaction valued at approximately $750 million, one of the largest private equity transfers on the Nigerian Exchange in recent years. The deal effectively transferred the beneficial ownership of Geregu Power’s majority stake to MA’AM Energy.
Following the transaction, Yari emerged as a key figure in the new ownership structure and assumed the chairmanship of Geregu Power, marking a significant shift in the leadership of one of Nigeria’s leading electricity generation companies.
Shareholders and industry stakeholders are expected to closely watch the upcoming AGM for indications of the company’s strategic direction under the new leadership.
Key areas of interest include dividend policy, debt management, operational efficiency, future investments and possible expansion plans for the company’s generation assets.
Geregu Power operates two major power generation plants in Kogi State — the 414-megawatt Geregu I plant and the 435-megawatt Geregu II facility — making it one of the country’s most significant independent power producers.
Analysts also expect discussions at the AGM to focus on Nigeria’s evolving electricity market reforms, including the willing-buyer willing-seller framework, gas supply arrangements and opportunities for increased private-sector participation in the power sector.
The meeting is widely viewed as an important milestone for Geregu Power as it enters a new phase of ownership and corporate leadership following Otedola’s exit from the company.
Industry observers believe the decisions taken at the AGM could shape the company’s operational and investment priorities in the years ahead, particularly as Nigeria continues efforts to strengthen electricity generation and improve power supply across the country.
Senator Yari Set to Chair First Geregu Power AGM Following Landmark Ownership Change