Otedola sells N5bn worth of Geregu Power shares

Femi Otedola, the chairman of Geregu Power Plc, has sold over 14.8 million units of shares held in the company through Amperion Power Distribution Company Limited.

According to corporate documents obtained from the Nigerian Exchange Limited (NGX), Otedola sold the shares between October 20 to October 30, 2023.

Otedola sold 4.8 million ordinary shares, worth N1.89 billion, in a cross-deal stock sale on October 30, 2023, a document dated October 31, 2023, said.

In another statement dated October 30, the billionaire also sold 100,000 shares in a cross-deal stock sale, at a value of N37 million, on October 25.

The businessman also earned N3.12 billion through the sale of 9.91 million shares on October 20, according to a filing dated October 27.

This brings the total value of shares sold by Otedola, who is the majority shareholder of Geregu Power, to N5.05 billion.

The selloff reduces Otedola’s shares in Geregu to 2.04 billion at the end of October, from 2.06 billion reported in Geregu’s first half 2023 financial statement — with his stake dropping to 81.85 percent, from 82.45 percent.

A breakdown of his present shares in Geregu shows that Otedola owns 1,245 direct shares.

He also holds indirect shares of 1,245 through Calvados Global Services Limited and 2.04 billion through Amperion Power.

Amperion Power is one of the 16 bidders that pre-qualified for the acquisition of five national integrated power projects (NIPPs).

Geregu issued N40 billion unsecured corporate bond for a 7-year tenor at a coupon and effective interest rate of 14.5 percent and 14.70 percent respectively, in July 2022.

The company said the net proceeds would be used to finance the acquisition of one of the power generation companies.