The majority stakeholder of Geregu Power Plc, Femi Otedola, has amassed millions of shares in the electrical company through the purchase of shares by his relatives.
Paul reportedly purchased 3.7 million shares, valued at N789.76, according to a business document distributed to the investing public on Thursday and obtained by Diasporainfo. Paul had to pay N213.45 for each stake.
According to the corporate paperwork signed by Akinleye Olagbende, Geregu’s secretary, the shares purchased on February 2 and 7 are valued N1.66 billion.
Ayokunle purchased four million shares on February 2 for a total of N876 million, with each share costing N219, according to information acquired by Diasporainfo.
Femi Otedola and Olawunmi Otedola, Paul and Ayokunle’s cousins, also owned stock in the business prior to the purchase of Paul and Ayokunle’s shares.
According to the last equity price of Geregu’s share on Wednesday, Olawunmi controls 2,490 direct and indirect shares in the company, which are presently valued at N510,450.
Otedola’s investment vehicle, Amperion Power Distribution Limited, controls 1,245 direct shares and 2.38 billion indirect shares.
The value of his entire investment in Geregu Power is N489.72 billion. 95.56% of Geregu is under the jurisdiction of Otedola.