The chairman of Geregu Power Plc, Femi Otedola has sold 2.8 million units of his shares in the power generation company, where he is holding the majority stake.
He sold the shares in two transactions executed on different dates.
The first involved 1.9 million shares sold at N288.9 each on 8 May; the second 948,092 shares sold at N290.7 per unit on 9 May, Premium Times reports.
Both deals summed up to N817.3 million.
A separate share dealing document at the Nigerian Exchange on Wednesday showed Paul Olurotimi Otedola, the sibling of the energy tycoon, procured 300,000 units of the company’s shares at N288.9 per unit on 8 May.
Recall that Otedola divested his 6.3 per cent substantial stake in Transnational Corporation Plc, a conglomerate with interest in power generation, to UBA chairman, Tony Elumelu after week of off-market share purchases.
The businessman in surprising move accused Chairman of Transcorp accused Elumelu, of different acts of betrayal during years of their business relationship.
Elumelu is yet to respond to Otedola who once had a fierce boardroom fight with Africa’s richest man, Aliko Dangote.
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