Nigeria, Dec. 30 -- Geregu Power, the electricity utility that billionaire investor Femi Otedola took public in October 2022, announced a change in its ownership on Monday, following a board meeting in which the tycoon revealed the divestment of his controlling stake.

In a note to the Nigerian Exchange Limited, the company stated that it has been formally notified by Amperion Power Distribution Company, the firm through which Mr Otedola held the majority shareholding in the entity, of the share sale to Ma'am Energy Limited.

Abuja-based Ma'am Energy provides energy solutions, with services encompassing electricity generation and supply, oil & gas exploration and production, refining & processing and energy trading & marketing, its websit...