Nigerian business man and billionaire. Femi Otedola has offloaded 2.8 million units of his Geregu Power Plc shares.
Naija News understands that Otedola, who is the majority shareholder of Geregu Power Plc offloaded the shares in transactions that took place on Monday and Tuesday.
It was learnt that the sales of the shares in the power generation company was contained in a corporate filing on the Nigerian Exchange Limited on Wednesday.
Otedola 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.
The billionaire business man holds 95.6% of Generation Company (Genco) almost all through his own power distribution company, Amperion.
It was however gathered that while, Otedola offloaded that much units of shares, his brother, Olurotimi Paul, increased his stakes in Geregu Power through the acquisition of 300,000 units of shares.
Olurotimi was said to have purchased the shares at the rate of N288.9 per share, bringing the total to N86.67mollion.
In February, Olurotimi 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.
Another Otedola brother, Ayokunle Michael, also bought four million shares at N219 per unit for N876 million on February 2.