Within two days, the Chairman of Geregu Power Plc, Femi Otedola, sold 2.8 million units of his shares in the power generation company. The shares was worth N817.3 million.
Otedola who is holding the majority stake in the company, offloaded the shares via two transactions executed on May 8 and 9, 2023.
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. Both deals summed up to N817.3 million.
In a related development, it was gathered that 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, Elumelu, of backstabbing him repeatedly at his most vulnerable moments in business.
In his statement on 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.
