In a significant leadership overhaul, Geregu Power Plc has announced the appointment of former Zamfara State governor and senator, Abdulaziz Yari, as its new chairman. This move follows the resignation of billionaire investor and former chairman, Femi Otedola.
Board Restructuring Follows Change in Ownership
The changes were approved at a board meeting held on Monday and officially disclosed to the Nigerian Exchange (NGX). The company stated that the reshuffle was prompted by a change in the ultimate beneficial ownership of its issued share capital. Abdulaziz Yari's appointment as chairman takes immediate effect.
Geregu Power highlighted that the new chairman brings a wealth of experience from a diverse career spanning education, politics, and public administration, including his service in the National Assembly.
New Directors Join the Geregu Power Board
The board shake-up extended beyond the chairmanship, with several new appointments announced. Abdulkadeer Njiddah was appointed as a non-executive director. He is described as an accountant and finance professional with expertise in academia, public sector governance, and the power sector.
Furthermore, the board welcomed new independent non-executive directors:
- Usman Mohammed: A chartered accountant with over 30 years of experience, particularly in the power sector, with skills in utility reform and financial management.
- Mohammed Jaafaru: The current Chief Operations Officer of Advance Link Petroleum Limited, with experience in operations and corporate governance.
- Neka Adogu: A financial services professional with over 22 years of experience, including senior roles at Access Bank Plc.
- Mahmud Magaji, SAN: A senior advocate of Nigeria with broad legal experience who has served on key judicial bodies.
The board also accepted the immediate resignations of several key figures alongside Femi Otedola. Those who stepped down include the Chief Executive Officer, Akin Akinfemiwa; Deputy CEO Julius Omodayo-Owotuga; and directors Christopher Adeyemi, Olawunmi Otedola, Anil Dua, Doron Grupper, Paul Gbededo, and Andrew Gamble.
The Otedola Exit: A N1.08 Trillion Transaction
This sweeping boardroom change was triggered by a major financial transaction. Femi Otedola sold his majority stake in Geregu Power Plc to MA'AM Energy Ltd for a staggering N1.08 trillion. The deal was financed by a consortium of banks led by Zenith Bank Plc.
According to the NGX disclosure, the transaction did not involve a direct sale of Otedola's shares in the power generation company itself. Instead, it involved the sale of his entire 95% stake in Amperion Power Distribution Company, which held a 77% controlling shareholding in Geregu Power. This means Otedola retains a minority stake in the company following the sale to MA'AM Energy.
The appointment of Abdulaziz Yari and the new board signals a new chapter for Geregu Power Plc, one of Nigeria's leading power generation companies, as it navigates its future under fresh leadership and ownership structure.
