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Otedola Brother buys 3.7million Shares of Geregu Power for N788m

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Paul Olurotimi Otedola, an insider in Geregu Power, and said to be the brother of majority shareholder and Chairman of the company Femi Otedola, has just purchased 3.7million shares of the company.

The shares were purchased on the 2nd and 7th of February, 2023 at an average price of N213.45 per share for a total consideration of N789.7 million, according to a filing on the NGX.

Not much is known about the Otedola brother who purchased the stock as a Google search of the name didn’t bring up anything significant.

Geregu Power stock is up +37.5% year to date and closed trading at N205 per share yesterday, pushing its valuation to a lofty 51 times trailing earnings according to MoneyCentral calculations.

Net income of Geregu Power dipped by 50.51 percent to N10.17 billion in December 2022, from N20.55 billion as at December 2021.

Revenue was down 32.89 percent to N47.61 billion in December 2022 from N70.95 billion the previous year.

Geregu Power had N46.1 billion in trade receivables and a further N38.49 billion in receivables due from related party Amperion Power Distribution Company Ltd, a company controlled by Geregu Power Chairman Femi Otedola.

This brought trade and other receivables to a total of N76.944 billion.

Geregu Power announced last year it was in talks with Afreximbank for a potential acquisition of a portion of its shares.

Geregu Powers Revenue arises mainly from the sale of electric power. The Company has mainly two sources of revenue which is energy and capacity charge from the sale of electric power.

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