Otedola’s Geregu: Investors Exchange Shares Worth N16.365 Billion on Monday in Suspected Insider Dealings

Investors in the Geregu Power Plc, a power-generating company owned by billionaire Femi Otedola, on Monday exchanged 52.491 million shares worth N16.365 billion, the largest of such transactions.

Prior to that transaction, investors had executed a similar transaction on Wednesday, 31, 2023, when 32.949 million shares exchanged hands at N309 a unit in N10.181 billion deals.

Again on May 30, 1.041 million shares were transacted at N303.9 per share at an estimated N316.474 million while another 13.109 billion shares were transacted at N299 per share on May 25 in a N3.919 billion deal.

The size of these transactions suggested possible insider dealings among top executives of the company and the management would be expected to announce disclosure in line with the Security and Exchange Commission and the Nigerian Exchange Group.

The Nigerian Exchange Group opened the week in the red as the All-Share Index dipped by 2 basis points from 55,820.50 index points on Friday to 55,806.71 index points on Monday.

The market value of all the listed equities declined by 0.02% to N30.387.10 trillion, down from N30.394.61 trillion.

The banking index grew by 0.27% to 521.63 index points while consumer goods and oil and gas indexes added 0.06% and 2.55%, respectively. All other indexes closed in red.