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As Yari Replaces Him as Board of Directors Chairman
- Safiu Kehinde
Nigerian billionaire businessman, Femi Otedola, has sold his majority stake in Geregu Power Plc for $750 million in a deal financed by a consortium of banks led by Zenith Bank Plc.
The deal, which by estimate worth N1.088 trillion, was announced by the Nigerian Exchange (NGX) on Monday.
Otedola’s Amperion Power Distribution Company Ltd held nearly 80 percent of the power generating company.
However, the transaction had seen Otedola sold 95% of the company’s stake in Geregu Power to MA’AM Energy Ltd, a Nigerian firm.
This is considered one of the largest private power divestments in Nigeria’s history.
By implication, Otedola also resigned from his role as the chairman of the Geregu Power Board of Directors,
He had since been replaced by former Zamfara State Governor and lawmaker, Sen. Abdulaziz Yari.
The changes were announced on the Nigerian Exchange (NGX) and approved at the company’s board meeting held on Monday, after a change in the ultimate beneficial ownership of its issued share capital.
According to reports, Geregu Power said Yari’s appointment reflects a career spanning education, politics and public administration, including service in the national assembly.
The board also approved the appointment of Abdulkadeer Njiddah as a non-executive director and Usman Mohammed as an independent non-executive director.
While Njiddah is an accountant and finance professional with qualifications and experience across academia, public sector governance and the power sector, Mohammed, on the other hand, is a chartered accountant with over 30 years of experience, particularly in the power sector, covering utility reform, financial management and infrastructure delivery.