Femi Otedola has sold over 2.8 million units of his own shares in Geregu Power Plc.
Otedola, the majority shareholder of the power generating company offloaded the huge quantity of shares in transactions that occured between Monday and Tuesday, corporate filing on the Nigerian Exchange Limited on Wednesday revealed.
Otedola sold a first tranche of 1,875,000 units N288.9 per share and another 948,092 units at N290.7 per share with both deals totaling N817.297m.
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Otedola still holds 95.6 per cent of Genco through his own power distribution company, Amperion.
Meanwhile, Otedola’s brother, Olurotimi Paul, raised his stakes with Geregu Power Plc through the acquisition of 300,000 at N288.9 per share for a total to N86.67m.
Another Otedola brother, Ayokunle Michael, also bought four million shares at N219 per unit for N876 million on February 2.
Daily Report Nigeria recalls that Otedola earlier this week revealed how Tony Elumelu deprived him from buying Transcorp Plc for N250 billion.
Otedola also accused Elumelu of taking advantage of him at different times particularly when he went bankrupt.
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