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Monday, June 5, 2023

Otedola’s Geregu Power To List On Nigerian Exchange

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Geregu Power Plc will be listed on the Nigerian Exchange Group (NGX)’s Main Board on Wednesday.

According to NGX, 2.5bn shares of the company will be listed by introduction.

Geregu Power, a leading power generation, will have a listing price of N100 per share and will trade under the code Geregu with a market capitalisation of N250 billion, NGX said.

Billionaire and Chairman of the company’s Board of Directors, Mr Femi Otedola, CON, said, “The listing of the company was the actualisation of a vision to bring world-class standards in governance, sustainability and business processes to the Company and the Nigerian electricity sector.”

He also believes that “listing on the Main Board of the Exchange will ensure that the long-term growth of the company is assured and its benefits will be passed on to the Nigerian investing public.”

When completed the company will be making history as the first power firm listed on NGX.

Geregu Power was incorporated in 2006 and is one of the unbundled companies from the Power Holding Company of Nigeria.

The simple cycle gas turbine plant located in Kogi State became operational in 2007.

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