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Geregu power plant : Otedola sells majority shares to MA’AM Energy Limited for $750 million

Geregu Power is currently valued at N2.85 trillion, trading at N1,140 per share and remains one of the most capitalised and profitable firms on the Nigerian Exchange.

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• Femi Otedola

Femi Otedola has sold out his majority shares in Geregu Power Plc to an indigenous firm, MA’AM Energy Limited, an Abuja-based integrated energy company engaged in electricity generation and supply, energy trading and marketing.

The deal is valued at $750 million deal.

The power plant uploaded the filing on the Nigerian Exchange (NGX) website.

According to the details cited, the transaction was consummated through the sale of Otedola’s 95 percent stake in Amperion Power Distribution Company Limited to MA’AM Energy Limited.

According to the NGX filing, Amperion Power Distribution Company Limited, the majority shareholder of Geregu Power, has undergone a significant restructuring of its ownership.

The document confirms that “MA’AM Energy Ltd has acquired a 95 per cent equity interest” in Amperion Power, effectively making it the new controlling shareholder of Geregu Power Plc.Consequently, the indirect controlling interest previously held by Calvados Global Services Limited and Otedola “has been transferred to MA’AM Energy.”

The transaction, which closed yesterday, was financed by a consortium of Nigerian banks led by Zenith Bank, with Blackbirch Capital acting as financial advisers.

While the sale involved Otedola’s stake in Amperion, Geregu Power clarified that this “does not involve the direct sale or transfer of shares of Geregu Power Plc,” meaning the company’s public shareholding structure on the NGX remains unchanged.

Geregu Power is currently valued at N2.85 trillion, trading at N1,140 per share and remains one of the most capitalised and profitable firms on the Nigerian Exchange.

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Business

Airtel launches data calculator to counter depletion complaints

Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said that the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.

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Airtel Nigeria has launched the Airtel Web Data Calculator, a new digital tool designed to help customers estimate and better understand their internet data consumption based on real-life usage patterns.

Available through Airtel’s website, the calculator enables customers to estimate data usage across common digital activities such as video streaming, social media engagement, voice and video calls, and everyday web browsing.

Speaking on the launch, Oladokun Oye, Customer Experience Director, Airtel Nigeria, said that the initiative reflects Airtel’s commitment to customer empowerment and service transparency.

“As Nigerians become increasingly dependent on digital services for work, education, entertainment and communication, it is important that customers have clear visibility into how their data is consumed.

The Airtel Web Data Calculator was developed to help our customers understand their usage patterns better, make informed choices, and enjoy greater confidence in their digital experience,” he said.

Commenting on the significance of the launch, Dinesh Balsingh, Chief Executive Officer, Airtel Nigeria, said the company remains focused on building a network and customer experience ecosystem anchored on trust, transparency and continuous improvement.

“The future of telecommunications will be defined not only by network investments but also by how effectively operators help customers understand and manage their digital lives. The Airtel Web Data Calculator represents a practical innovation that places more information and control directly in the hands of our customers.” He said.

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Business

Kingsley Moghalu chairs Bluecode Africa subsidiary in Nigeria

Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.

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Bluecode Africa, the European payments infrastructure operator backed by leading US and European institutional investors, has named Prof Kingsley Chiedu Moghalu as Chairman of the Advisory Board of its Nigerian subsidiary, Bluecode Payments Nigeria Limited as the company formally enters the Nigerian market.

The appointment was jointly announced by Chris Pirkner, Founder of Bluecode, and Odin Krismayr, Managing Director of Bluecode Africa, who described it as a foundational governance decision for the company’s Nigerian and continental operations.

Moghalu served as Deputy Governor of the Central Bank of Nigeria from 2009 to 2014, heading the Financial System Stability and Operations Directorates at different periods.

He led the team that introduced the unique-identifier Bank Verification Number (BVN), enrolling 50 million banking users, simplifying Know Your Customer (KYC) procedures, and doubled Nigeria’s financial inclusion rate from 33 to 60 per cent.

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Business

FCMB appoints Rewane non-executive director, board chair

Rewane is the Managing Director at Financial Derivatives Company Limited, a top financial advisory and economic research firm..

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First City Monument Bank (FCMB) Limited has appointed Bismarck Rewane as a Non-Executive Director and Chairman of its Board of Directors, following approval from the Central Bank of Nigeria.

Rewane is a respected economist and experienced leader in Nigeria’s financial sector, with more than 40 years of experience in macroeconomic research, investment banking, and strategic management…

Rewane is the Managing Director at Financial Derivatives Company Limited, a top financial advisory and economic research firm…

Rewane has served on the boards of blue-chip companies and multinationals, including Guinness Nigeria Plc., British American Tobacco, Henkel Nigeria Limited, Top Feeds Nigeria Limited, and Africa Infrastructure Plus Partners…

The Board of Directors of First City Monument Bank welcomes Mr. Rewane.

The Bank is confident that his expertise in macroeconomics, corporate governance, and strategic management, together with the Bank’s stronger capital base, will strengthen its leadership and help drive the next phase of growth while continuing to deliver value to stakeholders.

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