Geregu Power Plc, owned by Nigerian billionaire Femi Otedola, has seen a significant surge in the price of its stocks.

The information is contained in the company's corporate filings.

Geregu Power nears N1 trillion in market capitalisation

The company stated that a majority shareholder had completed a series of share sales totalling 40 million units in a deal worth over N14.5 billion.

The share sales occurred between December 21 and 27, 2023, as institutional investors snapped up the stocks.

The company's statement said 5 million units, 18,222,500 units, and 16,777,500 units, estimated at N360.3, N360, and N370 per share, were sold, respectively.

The total value of the shares amounts to about N14.5 billion at N364.32 per.

The power-generating company's shares currently trade at N399 per share and are close to hitting N1 trillion in market cap.

Otedola is speculated to be the seller of the shares

The company said that one Amperion Power Distribution sold the shares in a closed deal within three trading days.

According to a Nairametrics report, Femi Otedola may be the seller of the shares as he is the company's majority shareholder.

Otedola has embarked on a massive selloff of the power company's shares to institutional investors as the stock prices continued to soar.

Since listing in the Nigerian Exchange at N100 per share, Geregu Power has witnessed a surge in valuation, rising to trade at about N399 per share.

Geregu Power's stock performance has been exceptional, with a 167% return, making it one of the best performers on the exchange.

The company has already surpassed its 2022 full-year earnings of N10 billion in the first nine months of 2023, with a profit of N12 billion.

Its total assets amount to N157.5 billion, and it is the first and sole power-generating firm quoted on the Nigerian Exchange.