KEY POINTS
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Billionaire Femi Otedola has resigned as chairman of Geregu Power Plc after selling his majority stake.
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The company has appointed former Zamfara State Governor Abdulaziz Yari as its new board chairman.
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The move is part of a major board overhaul following the change in the company’s ownership structure.
Nigerian energy company Geregu Power Plc has appointed former Zamfara State Governor Abdulaziz Yari as its board chairman, following the resignation of billionaire businessman Femi Otedola.
The changes, announced in a corporate filing to the Nigerian Exchange on Monday, come immediately after Otedola sold his controlling stake in the power generation firm for 1.08 trillion naira. A company statement cited a change in ultimate beneficial ownership as the reason for the sweeping board revisions.
Yari, who also served as a senator, brings a background in public administration and politics to the role. His appointment is effective immediately.
New Directors Appointed
The board meeting also confirmed several other new directors. Usman Mohammed, a chartered accountant with over three decades of power sector experience, was appointed an independent non executive director. Financial services professional Neka Adogu, with 22 years of experience including senior roles at Access Bank, also joined the board as an independent director.
Other appointments include Abdulkadeer Njiddah as a non executive director, operations expert Mohammed Jaafaru, and senior advocate Mahmud Magaji as independent directors.
The company accepted the resignations of Otedola and eight other directors, including Chief Executive Officer Akin Akinfemiwa and Deputy CEO Julius Omodayo Owotuga. Their departures were effective immediately.
The sale of Otedola’s stake, financed by a consortium led by Zenith Bank, marks one of the largest singular transactions on the Nigerian exchange this year. Geregu Power, a major electricity supplier, remains a pivotal player in the country’s efforts to improve its power grid. Analysts will be watching the new board’s strategy closely as the company enters this next chapter.
