The billionaire investor offloads 1.16 million shares through Amperion Power Distribution Company, signaling a strategic portfolio shift days after boosting his holdings in First HoldCo.
By Naija247news Business Desk
Femi Otedola, the chairman of Geregu Power Plc, has sold part of his equity stake in the power generation company in a transaction valued at approximately ₦1.19 billion, even as he retains majority control of the firm.
According to a regulatory filing submitted to the Nigerian Exchange (NGX) and signed by Akin Akinfemiwa, the company’s chief executive officer, the transaction involved the sale of 1.16 million ordinary shares held through Amperion Power Distribution Company Limited, Geregu’s majority shareholder.
The sale was executed as a cross deal—a pre-arranged trade between two parties—on September 29, 2025, at a unit price of ₦1,027.40 per share on the floor of the Lagos Exchange.
Despite the divestment, Amperion Power Distribution Company Limited remains Geregu Power’s majority shareholder. The identity of the buyer was not disclosed, consistent with the nature of cross deals, which typically occur outside the open market before being reported to the exchange.
Geregu Power emphasized that the transaction complies with NGX’s rules on insider trading and transparency, particularly in dealings involving board members and major shareholders.
According to Geregu’s Q3 2025 financial statements released on October 10, Otedola’s direct and indirect shareholding fell from 1,921,744,273 units (76.86%) as of June 30 to 1,909,709,273 units (76.38%) on September 30. Following the latest transaction, his total shareholding now stands at 1,908,549,273 units (76.34%).
The billionaire investor’s partial divestment in Geregu Power comes just days after he expanded his investment portfolio in the banking sector. On September 25, Otedola acquired an additional 64.87 million shares of First HoldCo—the parent company of First Bank of Nigeria Holdings Plc—worth about ₦2.01 billion, strengthening his position as one of the firm’s largest shareholders.
Market analysts view Otedola’s latest moves as part of a strategic rebalancing of assets between his energy and financial sector interests, signaling continued confidence in both sectors amid Nigeria’s volatile economic climate.
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Reporting by Peter Anene, Business Editor in Lagos, Nigeria.
