Prime Business AfricaFemi Otedola, the chairman of Geregu Power, has reduced his investment in the company, according to the unaudited interim financial statements for the first half (H1) of 2025, released by the firm on Friday, July 11.
In the financial statement, Prime Business Africa noted that Otedola’s shares dropped to 1.92 billion shares in the first half of this year, which analysis showed were worth N2.19 trillion as of July 11.
Join our WhatsApp ChannelFollowing the sell-off, Otedola’s controlling stake dropped from 78.05 percent to 76.86 percent.
Otedola had reduced his shares in Geregu Power by 29.62 million, as he previously held 1.95 billion shares as of December 2024, which were valued at N2.24 trillion at the end of last year.
Surprisingly, the sale of the shares was not reported publicly by the regulator of the Nigerian stock market, the Nigerian Exchange Limited (NGX) – although the trading rule requires Geregu to electronically submit to the regulator details of all transactions carried out by an insider within five business days.
The only trade involving Otedola this year and reported by the NGX was a 4 million shares sold by the billionaire on February 6, to take out N4.6 billion from his investment, indicating the regulator did not disclose the sale of 25.6 million shares by the investor to the shareholders of the company and the public.
Otedola reduced his shares in Geregu during a period when the company’s share price depreciated by 0.73 percent, according to data obtained from stock price aggregator, afx.kwayisi.
Prime Business Africa gathered that the company’s share price fell by N8.5 kobo, from the N1,150 kobo each share was sold on January, to N1,141.50 kobo as of June 30.
The decline resulted in a loss of N21.25 billion for the shareholders of Geregu, and dragged the company’s market valuation down to N285 trillion at the end of the second quarter, from N2.87 trillion the lender was valued at the start of the first quarter.
Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
