Mr. Femi Otedola’s brothers has spent a combined N1.6bn acquiring the shares of Geregu Power Plc (NGX: GEREGU), a company controlled by him.
In two separate notification of share dealing by an insider by the power company on the Nigerian Exchange, the company stated that Mr. Paul Olurotim Otedola and Mr. Ayokunle Michael Otedola, both brother to its majority shareholder, Mr. Femi Otedola spent a combined N1,665,765,000.00 acquiring shares of Geregu Power Plc.
As at 31st December, 2022, Mr. Femi Otedola held 2,388,922,308 shares of Geregu Power Plc out of the 2,500,000,000 outstanding shares of the company.
Femi Otedola, CON, who is the Chairman of the company through Amperion Power Distribution Limited holds 95.56% shares of the GEREGU.
In the first notification, GEREGU stated that Mr. Ayokunle Michael Otedola had on February, 2023 in Lagos Nigeria purchased a total of 4,000,000 units of the company’s shares at N219.00 share.
In the second notification, GEREGU stated that Mr. Paul Olurotimi Otedola had also in Lagos acquired 3,600,000 units of shares at N219.00 per share.
Mr. Paul returned on 7th February 2023 acquired a further 100,000 units at N207.90 per share. His entire acquisition totaled 3,700,000 units at an average price of N213.45.
On 5th October 2022, 2.5bn ordinary shares of 50 kobo each of Geregu Power Plc were admitted by the Nigeria Exchange by way of listing under the Utility sector and Electric Power Generation sub-sector of the NGX, with the trading symbol, GEREGU, and priced at N100.00 per share.
About the company
The Company is a Public Limited Liability Company incorporated as a Public Limited Liability Company on 10 November 2006 in accordance with the provisions of the Companies and Allied Matters Act with interest in power generation.
Geregu Power Plant is a Siemens SGT5-2000E 3*145Mw open cycle power plant initially owned by the defunct Power Holding Company of Nigeria on behalf of Federal Government of Nigeria, It was commissioned by the Former President of Nigeria, Chief Olusegun Obasanjo in February 2008 but began commercial operations with GT13 in March 2007,
During the privatization exercise under President Goodluck Jonathan, it was privatized and 51% shareholding was handed over on 01 November 2013 to Amperion Power Distribution Company Limited. In 2019, Amperion launched a bid for 29% out of the remaining 49% shareholding and became successful with a total shareholding of 80% in the business, with the FGN retaining a 20% shareholding.
“On 10 November 2021, the FGN divested the remaining 20% shareholding to Amperion thereby making Amperion Power Distribution Company Limited the 100% owner of Geregu Power Plc. With this development, FGN has ceased to be a shareholder of Geregu Power Plc.
Nnamdi Maduakor is a Writer, Investor and Entrepreneur