Ayokunle and Rotimi Otedola, both accomplished businessmen in their own rights and siblings of prominent billionaire Femi Otedola, have jointly invested N1.67 billion ($3.62 million) in Geregu Power. Through their combined efforts, they acquired a substantial 7.7 million shares in the top-performing power-generating company.
Ayokunle Otedola, the founder of Otedola Integrated Farms, a Nigerian agribusiness company specializing in livestock production established in 2013, has teamed up with his brother Rotimi Otedola, the mastermind behind the Afrinero Music Band, to become shareholders in their sibling’s dynamic power generation company.
According to information gathered by Billionaires.Africa, Ayokunle and Rotimi Otedola made substantial investments in Geregu Power on the Nigerian Exchange between Feb. 2 and 7.
Ayokunle purchased 4 million shares at an average cost of N219 ($0.475) per share, while Rotimi acquired 3.7 million shares at an average price of N213.45 ($0.464) per share.
With their investments of N876 million ($1.9 million) and N789.8 million ($1.72 million) respectively in the company’s shares, the brothers have acquired a total of 7.7 million shares with a consideration value of N1.67 billion ($3.62 million), placing them among the richest investors on the Nigerian Exchange.
The transaction follows a remarkable surge in Geregu shares, which saw its price soar from N149 ($0.324) to N219 ($0.475), resulting in a significant increase in the company’s market capitalization. From January 1, the market capitalization rose from N372.5 billion ($808.95 million) to N547.5 billion ($1.19 billion), an increase of N175 billion ($380.05 million).
Since the listing of Geregu’s shares on the Nigerian Exchange on Oct. 5 in the Utility sector and Electric Power Generation sub-sector, the company’s share price has seen a significant increase of 119 percent. It has gone up from N100 ($0.231) to N219 ($0.475) at the time of writing.
This sustained growth in the company’s shares on the Nigerian Exchange has made it the tenth most valuable company on the local bourse, resulting in millions of dollars in profits for investors. The majority of the power-generating company is controlled by Femi Otedola.
