Siblings of prominent Nigerian billionaire Femi Otedola, Ayokunle and Rotimi Otedola, have increased their stakes in Geregu Power Plc, a leading power-generating company led by their brother, Femi Otedola, one of Africa’s richest billionaires.
Ayokunle and Rotimi Otedola, both accomplished businessmen in their own rights, have jointly invested nearly $2 million — N907.3 million ($1.97 million) — to snap up a total of 3,123,092 ordinary shares in Geregu Power, the eighth most valuable company on the Nigerian Exchange.
According to insider dealing notifications sent to the Nigerian Exchange, Ayokunle Otedola, the founder of Otedola Integrated Farms, a Nigerian agribusiness company specializing in livestock production, purchased 2,823,092 shares of Geregu at an average price of N290 ($0.631) per share.
Meanwhile, Rotimi, the mastermind behind the Afrinero Music Band, acquired 300,000 ordinary shares of Geregu Power at a price of N288.9 ($0.627) per share, further cementing his position as one of the shareholders of the rapidly growing power-generating company.
The siblings’ latest move comes three months after they invested N1.67 billion ($3.62 million) in Geregu Power, purchasing a combined 7.7 million shares in the top-performing power-generating company.
With this latest purchase, Ayokunle and Rotimi Otedola now own a total of 10.82 million shares in Geregu Power, representing a 0.43-percent stake in the company led by their billionaire brother, Femi Otedola.
At the current valuation, the market value of the shares held by Ayokunle and Rotimi Otedola is N3.15 billion ($6.64 million). Geregu Power’s share price on the Nigerian Exchange is currently trading at N290 ($0.631), giving the company a market capitalization of N727 billion ($1.57 billion) and cementing its status as one of the most valuable companies on the local bourse.
The investment by Ayokunle and Rotimi Otedola in Geregu Power is a reflection of their entrepreneurial spirit and their commitment to the growth and development of the Nigerian economy. It is also a clear indication of their belief in the potential of the power sector in Nigeria and the significant role it can play in driving economic growth and development.
