Femi Otedola, billionaire businessman and the majority shareholder of Geregu Power Plc, has sold more than 2.8 million units of his shares in the power generation company.
A corporate filing on the Nigerian Exchange Limited on Wednesday, revealed that Otedola offloaded the shares in transactions that took place on Monday and Tuesday.
Otedola sold a tranche of 1,875,000 units of Geregu shares at N288.9 and another 948,092 units at the rate of N290.7 in deals worth N817.297m.
Otedola holds 95.6 per cent of Genco, almost all through his own power distribution company, Amperion.
Meanwhile, his brother, Olurotimi Paul, increased his stakes in Geregu Power through the acquisition of 300,000 units of shares.
It was gathered that Olurotimi purchased the shares at the rate of N288.9 per share, bringing the total to N86.67m.
In February, Olurotimi purchased 3.6m units of shares at N219 per unit and 100,000 shares at N207.9 per unit on deals worth N809.2 million.
Another Otedola brother, Ayokunle Michael, also bought four million shares at N219 per unit for N876 million on February 2.
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