May 11, (THEWILL) – The chairman of Geregu Power Plc, Femi Otedola, has sold 2.8 million units of his shares in the power generation company, where he is holding the majority stake.
According to data from the Nigerian Exchange, Otedola offloaded the shares via two transactions executed on different dates.
The transaction documentation showed that the first sale batch involved 1.9 million shares sold at N288.9 each on 8 May; while the second was 948,092 shares sold at N290.7 per unit
The deals were sealed on 9 May, according to a regulatory filing with the Nigerian Exchange, and both summed up to N817.3 million.
A separate share dealing document at the Nigerian Exchange on Wednesday showed Paul Olurotimi Otedola, the sibling of the energy tycoon, procured 300,000 units of the company’s shares at N288.9 per unit on 8 May.
Paul Otedola’s interest in the company now totals 4 million shares, having acquired 3.7 million shares earlier this year at N809.2 million.
It could be recalled that about a fortnight ago, Mr Otedola divested his 6.3 per cent substantial stake in Transnational Corporation Plc, a conglomerate with interest in power generation, to tycoon Tony Elumelu after week of off-market share purchases.
Otedola had on Tuesday, May 9, 2023 accused Chairman of Transnational Corporation of Nigeria (Transcorp), Tony Elumelu, of backstabbing him repeatedly at his most vulnerable moments in business.TEXEM Advert
Mr Otedola made the revelation in a statement that marks his first public intervention in the recent battle for the soul of Transcorp.
A top stockbroker who would not want his name disclosed, told THEWILL Thursday that the disposal of Otedola’s shares in Geregu Power is a strategy nobody could explain at the moment in view of the ongoing “battle of financial power between him and Elumelu”.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
