Nigerian billionaire Femi Otedola has sold 77 percent of his stake in Geregu Power Plc in a deal valued at about $750 million, marking a major shift away from an asset he helped build into one of Nigeria’s most closely watched energy companies.

According to disclosures on the Nigerian Exchange, the shares were acquired by MA’AM Energy Limited, a company linked to former Zamfara State governor and senator Abdul-Aziz Yari.

The transaction transfers control of Geregu Power from Otedola’s investment vehicle, Amperion Power, to MA’AM Energy.

Geregu Power, which has an installed capacity of 435 megawatts, was listed on the Nigerian Exchange in 2022 under Otedola’s leadership, becoming the first power-generating company to go public in Nigeria. Since then, the company has delivered strong earnings growth, even as Otedola steadily reduced his holding.

The latest sale effectively ends Otedola’s role as Geregu’s dominant shareholder, leaving him with a 5.05 percent stake, while signaling a sharper focus on his growing investments in Nigeria’s banking sector, particularly First Bank.