Femi Otedola, the chairman of Geregu Power Plc, has sold 2.8 million of the company’s shares in which he currently owns a majority position. He sold the shares in two separate transactions that were carried out on various days. According to a regulatory document reviewed by PREMIUM TIMES, the first transaction involved 1.9 million shares sold at N288.9 per unit; the second involved 948,092 shares sold at N290.7 per unit. Both transactions totaled N817.3 million.
On Wednesday, a different share dealing record at the Nigerian Exchange revealed that Paul Olurotimi Otedola, the oil tycoon’s brother, purchased 300,000 units of the company’s shares for N288.9 each. After purchasing 3.7 million shares earlier this year for N809.2 million, his ownership stake in the company now 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.
The businessman said 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 statement, Mr Otedola opened up on how he went bankrupt in 2008 and was betrayed by Mr Elumelu.
The businessman also alleged that in 2012, he told Mr Elumelu about his interest in the Ughelli power plant and the Transcorp chair “quietly went ahead” to outbid him in the acquisition of the plant.