Femi Otedola, the majority stakeholder of Geregu Power Plc, has sold approximately 2.8 million units of his shares in the power-producing company.
Otedola offloaded the shares in transactions on Monday and Tuesday, according to a corporate filing on the Nigerian Exchange Limited on Wednesday.
In transactions totaling N817.297 million, Otedola sold a tranche of 1,875,000 Geregu shares at N288.9 and another 948,092 units at N290.7.
Otedola owns 95.6% of Genco, nearly entirely through his power distribution firm, Amperion.
Meanwhile, his brother, Olurotimi Paul, boosted his interest in Geregu Power by purchasing 300,000 shares.
Olurotimi was said to have paid N288.9 per share for the shares, for a total of N86.67 million.
Olurotimi paid N809.2 million for 3.6 million shares at N219 per unit and 100,000 shares at N207.9 per unit in February.
On February 2, another Otedola brother, Ayokunle Michael, purchased four million shares at N219 per unit for N876 million.
