BY BAMIDELE FAMOOFO
There are moves by the Fund for Export Development in Africa, an arm of Africa Export and Import Bank, to acquire shares in Geregu Power Plc, one of Nigeria’s leading Energy Companies.
The management of Geregu Power Plc, a power generating company, made the disclosure to Nigerian Exchange Limited in a document signed by its Company Secretary, Akinleye Olagbende on Friday, December 2, 2022.
The specific volume of shares to be acquired however remains undisclosed as at the time of filing this report.
“The discussions are currently ongoing and where these talks progress to a more advanced stage, the Company will notify the Exchange and the investing public in line with the rules of the Exchange,” Geregu noted.
Acquired in 2013, with generating plants in Ajaokuta, Geregu is one of Nigeria’s leading GENCOs that uses gas turbines as a clean energy source to generate power.
We are fascinated by the idea that a nation can thrive simply through the efficient supply of electricity through the development of improved power infrastructures and sustainable power generation.
The company, majorly owned by billionaire businessman, Femi Otedola’s 2.5 billion ordinary shares of 50 kobo each at N100 per share was admitted on the Exchange in October 2022.
The listing of Geregu’s shares has added N250,000,000,000 billion to the market capitalisation of NGX and further boosted liquidity in the Nigerian stock market and provided opportunities for wealth creation.
On its first trading day on the NGX, Geregu Power’s share gained 10 percent to close at N110 per share from the N100 per share it was listed by introduction.
The gain pushed its market capitalisation to N275 billion from the N250 billion it was listed. A total of 8.5 million shares of Geregu worth N935 million was traded in one day as its listing further boosted liquidity in the Nigerian capital.
