Olurotimi the brother of Nigerian billionaire Femi Otedola, has sold shares in Geregu Power Plc worth N4.6 billion -netting a whopping gain of N3.2 billion on shares he acquired at N789.8 million exactly two years ago. These details are revealed in a filing with the Nigerian Stock Exchange.
The filing, signed by the company secretary Akinleye Olagbende, showed that Olurotimi, a major shareholder in Geregu, sold 4 million shares at a price of N1,150 per share on February 6, 2025.
This sale marks a significant move in his investment portfolio, amounting to a total of N4.6 billion.
This sale comes after Olurotimi’s initial acquisition of 3.7 million shares in February 2023, which he purchased at an average price of N213.45 per share, amounting to an investment of N789.8 million.
Over the past two years, his investment has appreciated by N3.8 billion, reflecting substantial growth in Geregu’s stock value.
The sale comes at a time when Geregu Power Plc is experiencing laudable growth in its financial performance. The company recently released its 2024 full-year audited financial account company showed a significant 69.5% increase in pre-tax profit, rising to N41.2 billion. The company’s post-tax profit also surged, growing by 71% to N27.4 billion.
Olurotimi Otedola is into music and is the founder of the Afrinero music band.