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Otedola sells 2.8m units of Geregu shares, 13 days after exiting Transcorp

First Bank Holdings appoints Femi Otedola as chairman

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.

Read also: Geregu, others cause market’s negative start to May trading

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.