Despite alleged betrayal by Elumelu, Otedola procures more shares in Geregu
Nigerian billionaire investor, Femi Otedola, has bought additional shares in his Geregu Power Plc, after a surprise exit from Transnational Corporation Plc a few days after he surpassed Tony Elumelu to become the majority shareholder.
Otedola controls 95.56 per cent or 2,388,922,308 shares in Geregu making him the majority shareholder, according to the company’s books as of 2022.
Geregu’s free float as of December 2022 was 111,073,957 representing 4.44 per cent.
In a swift move to increase his shareholding, the billionaire acquired 2,823,092 additional shares which cost him N817,297,844.4.
Otedola spent N541,687,500 to purchase 1,875,000 shares in his company at N288.9 per share on May 8. He added another 948,092 units at N290.7 per share amounting to N275,610,344.4.
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Paul Olurotimi Otedola, brother to the majority shareholder, Otedola invested N86,670,000 to acquire 300,000 units of Geregu shares at the price of N288.9 per unit.
The transaction detail shows that Olurotimi made the acquisition on May 8, 2023. Both brothers spent N903,967,844.4 on the deals.
Otedola had released a lengthy statement on Tuesday accusing Elumelu who he described as his friend of backstabbing.