Olurotimi Otedola, a major shareholder in Geregu Power Plc and founder of the Afrinero music band, has sold 4 million shares estimated at N4.6 billion in the company, according to a regulatory filing with the Nigerian Exchange (NGX).
The transaction which was executed on February 6, 2025, saw Otedola offload the shares at N1,150 per unit, a mouth-watering increase from N213.45 a unit he purchased them in February 2023.
This was disclosed in a statement signed by Geregu Power’s company secretary, Akinleye Olagbende.
It means Otedola initially acquired 3.7 million shares in February 2023 at an average price of N213.45 per share or paid N789.8 million for the shares.
However, with the sales Otedola has pocketed a N3.8 billion gain in two years following Geregu Power’s impressive run since he made his investment.
The transaction comes at a time when Geregu Power Plc is demonstrating strong financial resilience.
The company recently reported a 69.5% year-on-year surge in pre-tax profit to N41.2 billion in its 2024 full-year audited results.
This performance shows the company’s ability to navigate the complexities of Nigeria’s energy sector while delivering strong returns to investors.
As Geregu Power continues to strengthen its market position, the sale of Otedola’s shares signals both the realization of significant investment gains and the ongoing confidence in the company’s long-term growth trajectory.
Olurotimi Otedola is the brother of billionaire Femi Otedola.
