Otedola Offloads 2.8 Million Geregu Power Shares

Nigerian business man and billionaire. Femi Otedola has offloaded 2.8 million units of his Geregu Power Plc shares.

Naija News understands that Otedola, who is the majority shareholder of Geregu Power Plc offloaded the shares in transactions that took place on Monday and Tuesday.

It was learnt that the sales of the shares in the power generation company was contained in a corporate filing on the Nigerian Exchange Limited on Wednesday.

Otedola sold a tranche of 1,875,000 units of Geregu shares at ₦288.9 and another 948,092 units at the rate of ₦290.7 in deals worth ₦817.297 million.

The billionaire business man  holds 95.6% of Generation Company (Genco) almost all through his own power distribution company, Amperion.

It was however gathered that while, Otedola offloaded that much units of shares, his brother, Olurotimi Paul, increased his stakes in Geregu Power through the acquisition of 300,000 units of shares.

Olurotimi was said to have  purchased the shares at the rate of ₦288.9 per share, bringing the total to ₦86.67mollion.

In February, Olurotimi purchased 3.6 million  units of shares at ₦219 per unit and 100,000 shares at ₦207.9 per unit on deals worth ₦809.2 million.

Another Otedola brother, Ayokunle Michael, also bought four million shares at ₦219 per unit for ₦876 million on February 2.