Nigeria, Dec. 30 -- Geregu Power Plc, the Lagos-listed power generation company acquired on Monday by Abuja-based Ma'am Energy from billionaire tycoon Femi Otedola, has appointed Abdul-Aziz Abubakar Yari, the senator representing Zamfara West, as chair of the company in breach of Nigeria's code of conduct for public officers.

The utility named Mr Yari as his new chair to replace Mr Otedola in the wake of a board meeting where it was announced that the ownership of the company had changed hands, with the new majority shareholder now holding 77 per cent of the shareholding in beneficial ownership.

A source conversant with negotiation talks put the value of the deal at $750 million.

In a letter notifying the Nigerian Exchange Limited of t...