The relatives of Femi Otedola, the majority shareholder of Geregu Power Plc, have acquired millions of shares in the electricity company.
Paul Olurotimi Otedola and Ayokunle Michael Otedola acquired 7.7 million shares of Geregu Power on February 2 and 7, 2023.
According to a corporate document sent to the investing public on Thursday, and obtained by Ripples Nigeria, it was gathered that Paul acquired 3.7 million shares, worth N789.76. Each share cost Paul N213.45 kobo.
The shares acquired on February 2 and 7 are worth N1.66 billion, the corporate document signed by Geregu’s secretary, Akinleye Olagbende, disclosed.
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Also, Ayokunle bought four million shares on February 2, at a worth of N876 million, as each share cost N219, Ripples Nigeria gathered.
Prior to Paul and Ayokunle’s share acquisition, their relatives, Femi Otedola and Olawunmi Otedola also owned shares in the company.
Olawunmi holds 2,490 direct and indirect shares in Geregu, which is currently worth N510,450 based on the last equity price of Geregu’s share on Wednesday.
Otedola holds 1,245 direct shares and 2.38 billion indirect shares through his investment vehicle, Amperion Power Distribution Limited.
His total investment in Geregu Power is valued at N489.72 billion. Otedola controls 95.56 per cent of Geregu.