Femi Otedola reduces stake in Geregu, sells over N1bn shares

Femi Otedola, the chairman of Geregu Power Plc, has sold part of his stake in the company in a transaction valued at about N1.19 billion.

The shares were held through Amperion Power Distribution Company Limited, Geregu’s majority shareholder.

According to a regulatory filing by the power generation firm on Tuesday, and signed by Akin Akinfemiwa, chief executive officer (CEO) of Geregu Power, the company said the transaction involved the sale of 1.16 million ordinary shares at N1,027.4 kobo per share.

The disclosure shows that the trade, executed as a cross deal, took place on September 29, on the floor of the Lagos exchange.

Amperion Power Distribution Company Limited  remains Geregu Power’s majority shareholder after the sale.

The notice did not specify the buyer of the shares, but cross deals are typically transactions negotiated between two parties outside the open market and subsequently reported to the exchange.

Geregu said the disclosure complies with NGX’s rules on insider trading and transparency in share dealings by board members and major shareholders.

According to the company’s third quarter (Q3) financial statement for 2025 released on October 10, Otedola had reduced his shares in Geregu from 1,921,744,273 units (76.86 percent) as at June 30 to 1,909,709,273 units (76.38 percent) on September 30.

The 1.16 million shares sold further reduced the businessman’s shareholding to 1,908,549,273 shares (76.34 percent).

Otedola, who is also a major shareholder and chairman of First HoldCo, had increased his stake in the financial institution just days earlier — acquiring 64.87 million shares valued at N2.01 billion on September 25.(The Cable)