Femi Otedola’s Brother, Rotimi, Offloads N4.6bn Geregu Shares as Nigerian Billionaire’s Wealth Grows
- Oluwarotimi Otedola, the brother of Nigerian billionaire, Femi Otedola, has sold his shares in Geregu Power worth N4.6 billion
- Details of the shares at Nigerian Exchange Limited show that Rotimi sold four million shares at N1,150 per share on February 6, 2025
- He reportedly acquired 3.7 million shares in February 2023 at N213.45 per share, amounting to N789.9 million
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Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The founder of the Afrinero music band and a brother of Nigerian billionaire, Femi Otedola, has sold his shares in Geregu Power Plc estimated at N4.6 billion.
A filing with the Nigerian Stock Exchange shows Rotimi sold four million shares at N1,150 per share on February 6, 2025.
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Geregu Power’s shares rise in NGX
The sale reportedly marks a significant step in his investment portfolio of about N4.6 billion.
Rotimi acquired 3.7 million shares in February of 2023 at an average price of N213.45 per share, amounting to N789.9 million.
According to reports, his investment has risen by N3.8 billion, showing an impressive growth in Geregu Power’s value.
Geregu Power’s shares are rallying in the market as the company’s 2024 financial reports show a significant 69.5% increase in pre-tax profit, hitting N41.2 billion.
The result shows the firm’s commitment to strong corporate governance and transparency.
Geregu Power’s robust run is driven by its increase in revenue, which rose from N82.9 billion in 2023 to N137.12 billion in 2024.
Geregu Power’s profit jumps
Billionaire Africa reports that energy sales also jumped significantly, with total energy sold hitting N87.46 billion, from N51.8 billion in 2024.
The company’s capacity charge increased to N49.66 billion from N31.1 billion in 2023.
Geregu began feeding the national grid in 2007 after commencing operations a year earlier.
Amperion Power Distribution Company in partnership with Calvados Global Services Limited and China’s State Grid Shanghai Municipal Power Company, acquired Geregu Power.
The company has undergone a $94 million upgrade to boost its capacity to 435MW and ensure full utilisation.
Reports say Otedola took full ownership of the company in 2021, allowing it to list on NGX in 2022, and becoming the first electricity company to list on the NGX.
Otedola’s wealth grows by $100 million
Legit.ng earlier reported that following the naira’s rebound against the US dollar in January 2025, Nigeria’s fourth richest man, Femi Otedola’s wealth had received a boost.
The Nigerian billion added about $100 billion to his wealth, with total net worth rising from $1.6 billion to $1.7 billion.
The chairman of FBN Holdings, owners of Nigeria’s oldest financial institution, First Bank, has gained from the naira’s recent gains due to efforts by the Central Bank of Nigeria (CBN) to defend the local currency and fight inflation.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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