The share acquisition puts the two brothers in a good position to become directors on the company's board, currently chaired by Femi Otedola.

Two brothers of Femi Otedola, the majority owner of Geregu Power, have obtained shares summing up to 7.7 million in the electricity-generating firm.

According to details of regulatory filings posted on the Nigerian Exchange's website on Thursday, Paul Olurotimi Otedola purchased 3.6 million shares at N219 per unit and 100,000 shares at N207.9 per unit on 2 and 7 February in deals worth N809.2 million.

Similarly, Ayokunle Michael Otedola bought 4 million shares at N219 per unit for N876 million on 2 February, bringing the combined purchases by the duo to N1.7 billion.

Mr Otedola already holds 95.6 per cent of the organisation, almost all through his own power distribution company Amperion.

There are no details of the selling party of the transactions in the documents, meaning the family stake of the Otedolas in Geregu Power would be closer to 96 per cent if the 7.7 million shares had been bought from persons other than the billionaire businessman.

The share acquisition puts the two brothers in a good position to become directors on the company's board, currently chaired by Mr Otedola, as two other directors on the board each hold 1,245 shares and only the chairman has a substantial shareholding in the company.

"It is very possible that he (Mr Otedola) wants to have other people on the board who could share his interest too," said Timchang Gwatau, former head of research at the investment bank Meristem Securities, who now works for GCR Ratings.

"It is also possible he has someone, maybe from his family, to have a significant position on the board so that even when he is not on the board, his interest will be protected," he added.

Geregu Power posted a 50.5 per cent drop in annual profit to N10.2 billion for 2022, according to its audited financial report published last week.