At Fund for Export Development in Africa (FEDA), the impact development unit of the African Export and Import Bank (Afreximbank), has acquired a 5 percent stake in electricity generation company, Geregu Power.
“The purchase of the shares was completed today on February 21, 2023 with the agreed purchase on December 21, 2022,” Geregu said in a note to the Nigerian Exchange published on Wednesday.
Shares in the company accelerated by 10 percent, the maximum allowed daily limit, from 13:03 WAT to N246.4 per unit, the highest price level-everr, after the news.
The deal in the market transferred 125 million Geregu Power shares to FEDA, making the organization the largest shareholder after Femi Otedola.
Until the end of last year, Mr. Otedola had a 95.6 percent interest in the company.
First Afreximbank declare deal in early December and get it approval of the internal approval authority later in the month.
This month, Mr. Otedola’s two brothers – Paul Olurotimi Otedola and Ayokunle Michael Otedola – bought 3.7 million shares valued at N809 million and 4 million shares valued at N876 million in Geregu Power.
The company reported a decline in net profit for the past year and a half, bringing its bottom line to N10.2 billion.
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