Amperion Power Distribution Company Limited, a company owned by billionaire businessman Femi Otedola, had sold 4.296 million shares in Geregu Power Plc.
The transaction disclosed at the Nigerian Exchange Limited (NGX) was through a cross-deal share sale.
Amperion has been described as Otedola’s investment vehicle for Geregu Power, which Otedola’s shares are held through.
Otedola uses Amperion as a vehicle for his stake in Geregu Power Plc, where he is the chairman.
Geregu Power Plc, Nigeria’s first listed power generation company, recorded its highest net profit in more than five years buoyed by a stronger revenue, despite widening finance costs.
The company’s revenue surged to N131.4 billion in 9M’25, up from N112 billion reported in the same period last year, with 65 percent of the total amount from energy sales.
A breakdown of the total revenue made during the period revealed that energy sold rose to N85.5 billion, up from N71.4 billion, while the capacity charge rose to N45.9 billion.
The increase impacted the power-generating firm’s after-tax profit by 4.1 percent, to N25.1 billion from N24.1 billion.
The cross deal by Amperion done on November 11 was at price of N1,027.4 per share. The deal is valued at N4.4 billion. Geregu Power shares price closed at N1,141.50 as at Friday.