November 05, (THEWILL) – Femi Otedola, the Chairman of Geregu Power Plc, a power generating firm which he acquired after selling off his interest in Forte Oil, has now sold over 14.8 million units of his shares held in the company. He sold them through Amperion Power Distribution Company Limited, bringing the total value of his sold shares to N5.05 billion and further reducing his stake in Geregu to 81.85 percent, from 82.45 percent.
While he owns 1,245 direct shares, he holds indirect shares of 1,245 through Calvados Global Services Limited and 2.04 billion through Amperion Power, one of the 16 bidders that pre-qualified for the acquisition of five national integrated power projects (NIPPs).
Recall that THEWILL had reported earlier in the year that Geregu Power, the first Nigerian owned power generating firm to list its shares on the NGX, was in acquisition talks with investors. He sold a five per cent equity stake to Fund for Export Development in Africa (FEDA), the impact development arm of the Africa Export and Import Bank (Afreximbank). FEDA bought 125.0 million units of the company’s stocks at N100 per unit, amounting to N12.5 billion.
Geregu had made its entry into the Nigerian Exchange, NGX with a market value totalling N250 billion.
This latest development coincides with Otedola’s recent philanthropic gesture at Augustine University, Lagos in commemoration of his installation as the second chancellor of the higher institution during the school’s 5th Convocation Ceremony. The philanthropist, who is also a director in First Bank of Nigeria Holdings Plc, donated N750 million to 750 returning and fresh students of the university, each of whom will receive a million naira each to help cushion the effect of the economic hardship in the country.
He also donated N140 million for the furnishing of the university’s Engineering Faculty building which he donated at the cost of N2 billion. He earmarked another N110 million for the installation of streetlights on the campus and the purchase of a new standby power generator.
Only three months ago, Otedola revealed an ambitious business plan – a collaboration with both the Lagos State government and African Development Bank, AfDB to develop a power transmission project. The collaboration will be a Public-Private Partnership arrangement which will be key in driving investment in the power sector of the state.
Ivory Ukonu is a versatile journalist with many years of experience, with entertainment and society reporting as her area of core competence.
