Femi Otedola, the chairman of Geregu Power Plc, has sold 2.8 million of the company’s shares in which he now has a controlling position.
He sold the shares in two separate transactions that were carried out on various dates.
According to a regulatory document reviewed by The Spectator, the first transaction contained 1.9 million shares sold at N288.9 per unit on May 8 and the second involved 948,092 shares sold at N290.7 per unit on May 9.
Both transactions totaled N817.3 million.
A different share trading record at the Nigerian Exchange on Wednesday revealed that Paul Olurotimi Otedola, the oil tycoon’s brother, purchased 300,000 units of the company’s shares on May 8 for N288.9 each.
After purchasing 3.7 million shares earlier this year for N809.2 million, his ownership stake in the firm currently stands at 4 million shares.
Following a week of off-market share acquisitions, Mr. Otedola recently sold his sizable 6.3% position in Transnational Corporation Plc, a conglomerate with interests in power generating, to businessman Tony Elumelu.
On Tuesday, the businessman accused Tony Elumelu, chairman of Transcorp, of constantly betraying him when he was at his most vulnerable in the marketplace.
In a statement, Mr. Otedola revealed the information, marking his first public engagement in the current conflict over Transcorp’s future.
In his speech on Tuesday, Mr. Otedola detailed how Mr. Elumelu misled him and caused him to declare bankruptcy in 2008.
“I became Chairman of Transcorp Hotel in 2007 with a shareholding of 5% and unknowingly Tony gradually started buying shares quietly,” he said.
The businessman further claimed that after informing Mr. Elumelu of his interest in the Ughelli power plant in 2012, the chair of Transcorp “quietly went ahead” to outbid him for the project.
