Otedola brothers acquire more shares in Geregu Power

Two brothers of Femi Otedola, have acquired more shares in Geregu Power Plc.

Two separate letters signed by the secretary of Geregu Power plc, Akinleye Olagbende, and titled: “Notification of share dealing by an Insider” were sent to the Nigerian Exchange (NGX) on Thursday to notify the investing public of the deal.

The two brothers, Paul Olurotimi Otedola and Ayokunle Michael Otedola were said to have collectively acquired 7.7 million shares of Geregu Power on February 2 and 7, 2023.

According to the notification sent to the NGX, Paul Otedola acquired 3.7 million shares, worth N789.76. Each share cost Paul N213.45 kobo.

Also, Ayokunle bought four million shares on February 2, at a worth of N876 million, as each share cost N219, Ripples Nigeria gathered.

The shares acquired on February 2 and 7 are worth N1.66 billion,

The duo of Paul and Ayokunle’s already owned shares in the company before now.

Femi Otedola holds owns majority shares of about   1,245 direct shares and 2.38 billion indirect shares through his investment vehicle, Amperion Power Distribution Limited.

His total investment in Geregu Power is valued at N489.72 billion. Otedola controls 95.56 per cent of Geregu.