Nigeria: Otedola Offloads 2.8 Million Geregu Power Shares

He offloaded the shares via two transactions executed on different dates

The chairman of Geregu Power Plc, Femi Otedola, has sold 2.8 million units of his shares in the power generation company, where he is holding the majority stake.

He offloaded the shares via two transactions executed on different dates.

The first involved 1.9 million shares sold at N288.9 each on 8 May; the second 948,092 shares sold at N290.7 per unit on 9 May, according to a regulatory filing seen by PREMIUM TIMES.

Both deals summed up to N817.3 million.

A separate share dealing document at the Nigerian Exchange on Wednesday showed Paul Olurotimi Otedola, the sibling of the energy tycoon, procured 300,000 units of the company's shares at N288.9 per unit on 8 May.

His interest in the company now totals 4 million shares, having acquired 3.7 million shares earlier this year at N809.2 million.

About a fortnight ago, Mr Otedola divested his 6.3 per cent substantial stake in Transnational Corporation Plc, a conglomerate with interest in power generation, to tycoon Tony Elumelu after week of off-market share purchases.

The businessman on Tuesday accused Chairman of Transcorp accused the chairman of Transnational Corporation of Nigeria (Transcorp), Tony Elumelu, of backstabbing him repeatedly at his most vulnerable moments in business.

Mr Otedola made the revelation in a statement that marks his first public intervention in the recent battle for the soul of Transcorp.

In his statement Tuesday, Mr Otedola opened up on how he went bankrupt in 2008 and was betrayed by Mr Elumelu.

"I became Chairman of Transcorp Hotel in 2007 with a shareholding of 5% and unknowingly Tony gradually started buying shares quietly," he said.

The businessman also alleged that in 2012, he told Mr Elumelu about his interest in the Ughelli power plant and the Transcorp chair "quietly went ahead" to outbid him in the acquisition of the plant.

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