TheCable

Femi Otedola, chairman of Geregu Power Plc, has reduced his stake in the energy company by 17 percent.

According to TheCable Index analysis of Geregu’s audited financial statements for the year ended December 31, 2023, released on Tuesday, his investment reduced by 422.94 million shares last year.

Otedola had ended 2022 with 2.38 billion shares, representing a 95.55 percent controlling stake in Geregu, worth N355.94 billion.

However, in 2023, the stake of the serial investor dropped to 78.63 percent, bringing his total shares held in Geregu — directly and indirectly through Amperion Power Distribution Company Limited — to 1.96 billion, valued at N784.42 billion.

The value of his investment increased due to the company’s share price rising from N149 per unit to N399 within a year.

The 422.94 million shares are more than the 23.64 million shares Otedola documented as sold in corporate filings published by the Nigerian Exchange Limited (NGX) last year.

Despite the reduction in Otedola’s stake, the stock market’s confidence towards the company was not affected, as Geregu’s share value appreciated by 167.7 percent within the year, pushing the company into the trillionaire club in the stock market and moving Otedola into Africa’s top 20 billionaire list.

Meanwhile, on January 19, 2023, TheCable reported that Otedola bought an undisclosed number of shares in Dangote Cement.

He said the acquisition was prompted by confidence in Dangote Cement’s potential to propel Nigeria’s and Africa’s industrial and economic development.

Otedola said Dangote Cement’s export capabilities and broad operations across sub-Saharan Africa are essential for regional economic integration and growth.