Otedola Offloads 2.8 Million Geregu Power Shares

• Nigerian billionaire Femi Otedola has offloaded 2.8 million shares of Geregu Power Plc, where he holds the majority stake, in two separate transactions.
• The shares were reportedly sold for N817.3 million ($2 million), with the first transaction involving 1.9 million shares sold at N288.9 each on May 8 and the second involving 948,092 shares sold at N290.7 each on May 9.
• Meanwhile, Otedola's sibling, Paul Olurotimi Otedola, acquired 300,000 units of Geregu Power Plc shares at N288.9 per unit on May 8, bringing his total interest in the company to 4 million shares.

The majority shareholder of Geregu Power Plc, Femi Otedola, has sold over 2.8 million units of his shares in the power generation company, after a surprise exit from Transnational Corporation Plc a few days after he surpassed Tony Elumelu to become the majority shareholder.

This development was disclosed in a corporate filing on the Nigerian Exchange Limited issued on Wednesday, May 10.

According to the corporate filing, Otedola offloaded the shares in transactions that took place on Monday and Tuesday.

The billionaire sold a tranche of 1,875,000 units of Geregu shares at N288.9 and another 948,092 units at the rate of N290.7 in deals worth N817.297 million.

Meanwhile, his brother, Paul Otedola, increased his stakes in Geregu Power through the acquisition of 300,000 units of shares.

Findings showed Paul Otedola purchased the shares at the rate of N288.9 per share, bringing the total to N86.67 million.

Paul Otedola, in February 2023, purchased 3.6 million units of shares at N219 per unit and 100,000 shares at N207.9 per unit on deals worth N809.2 million.

Similarly, another brother to Otedola, Ayokunle Michael, also bought four million shares at N219 per unit for N876 million on February 2.

It is pertinent to note that Otedola recently acquired a 5.52 percent stake in Transcorp Plc to become the second largest shareholder of the company.

However, he sold out his entire holding to Tony Elumelu, the chairman of the group, few days later.

The billionaire, on May 9, noted that he offered to acquire Transcorp Plc for N250 billion and take the company’s market capitalisation to N2 trillion, adding that his bid was rejected.

May 12, 2023