Behind the Geregu Power Sale: Politics and a $750m Deal

By Naija Enquirer Staff

The sale of Geregu Power Plc, one of Nigeria’s largest electricity generation companies, has attracted widespread attention following the emergence of politically connected figures in key leadership positions.

Billionaire businessman Femi Otedola sold his controlling stake in the power plant to Abuja-based Ma’am Energy Limited in a transaction valued between $700 million and $750 million. Shortly after the deal, Senator Abdulaziz Yari, a former governor of Zamfara State, was appointed chairman of the company.

The transaction, disclosed to the Nigerian Exchange, has triggered public debate and scrutiny over the political affiliations surrounding the acquisition and the structure of the new ownership.

Who Owns Ma’am Energy

Ma’am Energy Limited now controls 95% of Amperion Power Distribution Company, the investment vehicle through which Otedola previously held his stake in Geregu Power.

Corporate filings show that Ma’am Energy is equally owned by four individuals:

• Abdulaziz Yari Jr., aged 32, son of Senator Abdulaziz Yari and former Zamfara State governor.
• Abdulkarim Tsafe, a former Zamfara State commissioner and chief of staff, with experience in finance and regulatory compliance, and currently CEO of Ajap Financial Services Limited.
• Jari Jafar, born in 1980, chief operations officer of Advance Link Petroleum Limited, with a background in corporate management and finance.
• Abdulaziz Ahmad, born in 2003, who holds a 25% stake in the company, though limited public information exists regarding his professional or educational background.

Observers have noted that none of the shareholders have a publicly documented history of substantial personal wealth, raising questions about how funding for a transaction of this magnitude was mobilised.

The ownership structure has also drawn attention, particularly the presence of a 32-year-old holding a quarter stake in a company acquiring a $700 million asset—an uncommon scenario in a country where access to capital remains a major challenge for young entrepreneurs.

Board Appointments and Governance

Following the acquisition, Senator Yari was appointed chairman of Geregu Power Plc. Other board members include Abdulkadeer Njiddah, an accounting and finance specialist; Usman Mohammed, a former managing director of the Transmission Company of Nigeria; Mohammed Jaafaru, an oil and gas executive; Neka Adogu, a senior banking professional; and Mahmud Magaji, a Senior Advocate of Nigeria.

Supporters argue that the board’s mix of political experience, sector expertise, and professional credentials strengthens governance, while critics maintain that the company’s strategic importance warrants heightened scrutiny.

A Politically Exposed Transaction

Although Senator Yari does not hold a direct equity stake in Ma’am Energy, attention has focused on his role as chairman given the ownership profile of the acquiring company.

Geregu Power operates under a power purchase agreement that includes a take-or-pay clause, under which the Nigerian Bulk Electricity Trading Company (NBET) pays for available capacity even when the grid does not absorb full output.

Such arrangements are common in Nigeria’s power sector and are intended to provide revenue certainty for investors, but they also tie public funds closely to privately owned generation assets.

Supporters describe the sale as part of a broader consolidation of strategic assets by domestic investors, noting that Nigerian law does not prohibit serving lawmakers from chairing or holding interests in private companies.

Critics, however, view the transaction as an example of politically connected capital, arguing that access to such opportunities remains out of reach for most Nigerians.

They point to Senator Yari’s tenure as Zamfara governor and the state’s vast gold deposits—much of which has allegedly been mined illegally—as contextual factors that heighten concerns over the origins and deployment of capital.

What Remains Unanswered

Regulatory authorities have not publicly detailed the extent of scrutiny applied to the transaction beyond standard disclosure requirements.

Questions remain about how potential conflicts of interest are managed when a serving senator chairs the board of a company controlling a critical utility, and how safeguards ensure that political influence does not shape regulatory or commercial outcomes.

The Geregu Power sale represents more than a transfer of ownership. It offers a window into how power, capital and influence intersect in Nigeria—and how institutions respond when elite networks control strategic national assets.

Whether the deal reflects the maturation of domestic capital or a deeper entrenchment of politically connected wealth may depend less on the transaction itself and more on the transparency and oversight that follow.