Olurotimi Paul Otedola, the musician younger brother of billionaire tycoon Femi Otedola, has sold some of his shares in Geregu Power Plc worth N4.6 billion –netting a whopping gain of N3.2 billion on shares he acquired at N789.8 million exactly two years ago.
These details are revealed in a filing with the Nigerian Stock Exchange.
The filing, signed by the company secretary Akinleye Olagbende, showed that Olurotimi, a major shareholder in Geregu, sold 4 million shares at a price of N1,150 per share on February 6 through a cross deal.
A cross deal is a stock market transaction where a broker matches buy and sell orders internally, bypassing the open market.
This method is often used for large transactions to prevent wild price swings that might affect the stock’s broader market value.
This sale marks a significant move in his investment portfolio, amounting to a total of N4.6 billion.
This sale comes after Olurotimi’s initial acquisition of 3.7 million shares in February 2023, which he purchased at an average price of N213.45 per share, amounting to an investment of N789.8 million.
Over the past two years, his investment has appreciated by N3.8 billion, reflecting substantial growth in Geregu’s stock value.
The sale comes at a time when Geregu Power Plc is experiencing laudable growth in its financial performance.
The company recently released its 2024 full-year audited financial account company showed a significant 69.5% increase in pre-tax profit, rising to N41.2 billion.
The company’s post-tax profit also surged, growing by 71% to N27.4 billion.
His brother, Femi Otedola, holds over 78% of the company’s shares.
Between October 2023 and March 2024, Otedola sold N15.97 billion worth of Geregu’s shares as the company’s price rose.
Geregu boasts an installed capacity of 435 megawatts and contributes roughly 10% of Nigeria’s electricity. The company recorded a near three-fold increase in profits to N16.1 billion for 2023.
Olurotimi is into entertainment. He is the founder of the Afrinero music band.
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