Senator Abdulaziz Yari, a former governor of Zamfara State, has been named the new chairman of the board of directors at Geregu Power Plc.
The appointment comes immediately after billionaire businessman Femi Otedola resigned as chairman, coinciding with his divestment of controlling interest in the company.
Otedola sold his 95% stake in Amperion Power Distribution Company Limited , Geregu Power's majority shareholder to MA’AM Energy Limited in a transaction valued at approximately $750 million (about N1.08 trillion).
The deal, completed on December 29, 2025, transfers indirect control of around 77% of Geregu Power's issued share capital to the new buyer.
Notably, no direct shares of Geregu Power were traded on the Nigerian Exchange (NGX), leaving the listed shareholding structure unchanged.
Geregu Power announced a sweeping board overhaul alongside the ownership shift. Several directors aligned with Otedola, including the CEO Akin Akinfemiwa and deputy CEO Julius Omodayo-Owotuga, resigned with immediate effect, though they will assist in ensuring a smooth handover.
New board members joining Yari include finance professionals Abdulkadeer Babangida Njiddah and Usman Gur Mohammed, petroleum executive Mohammed Sani Jaafaru, former Access Bank executive Neka Uzoamaka Adogu, and Senior Advocate of Nigeria Mahmud Abubakar Magaji.
The changes mark the end of Otedola's influential era at Geregu Power, where he transformed the plant from a modest capacity to a key contributor of about 10% to Nigeria's national grid.
Otedola is expected to focus more on his growing interests in the banking sector.Geregu Power, valued at around N2.85 trillion on the NGX, remains a profitable flagship in Nigeria's power sector amid ongoing challenges like gas supply constraints and liquidity issues.
The new leadership aims to strengthen governance and strategic direction moving forward.
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