Femi Otedola sells $6.25 million in Geregu shares

Nigerian billionaire Femi Otedola on wednesday sold part of his controlling stake in Geregu Power Plc, marking one of the largest insider transactions on the Nigerian Exchange in recent months.

The sale of 9,038,000 shares was executed on Wednesday at ₦1,027.40 per share, equivalent to $0.69 at ₦1,485/$1, for a total consideration of ₦9.29 billion ($6.25 million). The transaction was carried out through Amperion Power Distribution Company Ltd, Otedola’s investment vehicle that remains the majority shareholder of Geregu.

Otedola has been steadily repositioning his investment portfolio in the power and energy sectors. While the sale trims his overall holding, it does not diminish his controlling stake in Geregu.

Geregu Power, listed on the Nigerian Exchange Limited (NGX) under the ticker GEREGU, has an installed capacity of 435 MW and is one of Nigeria’s most closely watched energy stocks. Otedola took control of the asset through Amperion Power in 2013 and led its listing on the NGX in 2022, a first for Nigeria’s power sector.

The transaction comes at a time when Geregu’s share price has hovered around its 52-week low of ₦1,027.40. Though the sale represents a small fraction of the company’s total shares outstanding, insider sales by a controlling shareholder tend to attract market attention — particularly in a sector as sensitive as power generation.