Femi Otedola, the billionaire businessman from Nigeria, has sold another one million units of his shares in Geregu Power Plc, a fast-growing power generation company, in a regular move that mirrors his previous transactions towards the end of October.
One of the richest people in Nigeria, Femi Otedola, carried out a cross-deal through his business, Amperion Power Distribution Company Limited, on the Nigerian Exchange floor.
In this deal, which was valued at N399 million ($0.49 million), one million shares of Geregu Power were divested for a total of N399 ($0.495) per share on the Nigerian Exchange.
Otedola’s action follows the Oct. 20–30 sale of 14.81 million shares in the power-generating company for N5.06 billion ($6.4 million). He now owns a slightly smaller but still significant 95.38 percent stake in Geregu Power, down from 95.56 percent prior to this action.
Geregu Power’s unaudited interim financial statement for the first nine months of 2023, which highlights the business’s excellent fiscal performance from January to September, was released after the company made the strategic divestment.
The company’s revenue increased by an astounding 43 percent, indicating impressive growth. The amounts increased from N39 billion ($50.8 million) in 2022 to N55.75 billion ($72.66 million) in 2023 during the same period.
All business segments saw the company flourish under Femi Otedola’s direction. From N24.78 billion ($32.3 million) in 9M 2022 to N34.8 billion ($45.3 million) in 9M 2023, the revenue from energy sales increased. During the review period, capacity charges increased dramatically, rising from N14.23 billion ($18.54 million) to N20.95 billion ($27.23 million).
Geregu Power’s operating profit increased by 24 percent from N16.03 billion ($20.85 million) in 9M 2022 to N19.9 billion ($26 million) in 9M 2023, despite impairments on financial assets totaling N3.17 billion ($4.12 million) and administrative expenses totaling N5.87 billion ($7.64 million).
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