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The $750 million transaction that reshaped ownership at Geregu Power has done more than alter a shareholder register. It has placed Abdulaziz Abubakar Yari, a former governor and senior figure in Nigerian politics, at the center of one of the most closely followed corporate shifts on the Nigerian Exchange, drawing attention to the role of discreet capital and politically connected investors in the country’s largest listed companies.
The deal marked the exit of billionaire Femi Otedola as the controlling shareholder of Geregu Power, a company he helped turn into a bellwether for Nigeria’s power sector. With Yari at the helm, MA’AM Energy Limited acquired a 77 percent stake in Geregu Power, taking over the indirect controlling interest previously held by Otedola and Calvados Global Services. Otedola retained a 1.05 percent stake, maintaining a limited presence in the company.
Before the transaction was completed, MA’AM Energy had already acquired a 95 percent equity interest in Amperion Power Distribution Company Limited, the special-purpose vehicle through which Otedola held most of his Geregu shares. That earlier move effectively positioned Yari’s firm as the incoming controlling shareholder, setting the stage for the formal transfer announced to the market.
Geregu ownership shift draws market eyes
For investors, the change matters because Geregu Power has become a reference point for Nigeria’s power companies. The company has an installed capacity of 435 megawatts and remains one of the most actively monitored power stocks on the exchange. Otedola first took control of the plant in 2013 through Amperion Power and led its listing in 2022, making Geregu the first power-generating company to go public in Nigeria. At listing, Amperion held 95.56 percent of the company, underlining the scale of control that has now shifted.
Yari’s route to this position did not begin in corporate boardrooms. He started his working life as a teacher before building a political career that has spanned more than two decades. He holds qualifications in public administration, finance and investment management, including a master’s degree from the University of Salford and a Certificate in Leadership and Change from the London School of Economics, alongside his early Islamic and formal education.
His political career began in 1999, when he served as secretary of the All Nigeria People’s Party, later becoming chairman of the party in Zamfara State and its national financial secretary. In 2007, he was elected to the House of Representatives, representing Anka and Talata Mafara, before winning the governorship of Zamfara State in 2011. He was re-elected in 2015 under the All Progressives Congress and that same year was chosen by fellow governors to chair the Nigeria Governors’ Forum.
After leaving office, Yari won the Zamfara West senatorial seat in 2019, though the election was later overturned by the Supreme Court over irregular party primaries. Despite that setback, he returned to national legislative relevance and, in August 2023, was appointed chairman of the Senate committee on Water Resources in the 10th Senate.
Yari chairs fast-growing Geregu
Now appointed chairman of Geregu Power, Yari steps into a company reporting robust numbers. Geregu posted an 82 percent jump in pre-tax profit for the three months to September, reaching N11.2 billion ($7.62 million), according to unaudited figures. Revenue for the quarter rose 37 percent to N43.8 billion ($30.2 million). Over nine months, revenue climbed to N131.5 billion ($89.46 million), while pre-tax profit reached N37.5 billion ($25.51 million), supported by higher power generation and improved pricing.
