Monday, December 5 2022 Sign In   |    Register

News Quick Search



Front Page
Power News
Today's News
Yesterday's News
Week of Dec 05
Week of Nov 28
Week of Nov 21
Week of Nov 14
Week of Nov 07
By Topic
By News Partner
Gas News
News Customization


Pro Plus(+)

Add on products to your professional subscription.
  • Energy Archive News

    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    Nigerian billionaire Femi Otedola’s Geregu Power completes listing on Nigerian Exchange

    October 5, 2022 - Billionaires Africa


      Geregu Power Plc, owned by Nigerian billionaire businessman Femi Otedola, successfully listed its shares on the Nigerian Exchange (NGX) today, Oct. 5, at a price of N100 ($0.231) per share.

      According to a press release obtained by Billionaires.Africa, 2.5 billion ordinary shares of Geregu were listed at N100 ($0.231) per share on the NGX under the Utility sector and Electric Power Generation sub-sector, with the trading symbol, GEREGU.

      The completion of Geregu’s listing on the Nigerian Exchange makes it the first successor company from the electricity companies privatized in Nigeria in 2013 to be listed on the exchange.

      NGX’s market capitalization has increased by N250 billion ($579 million) as a result of the listing, increasing the liquidity of the Nigerian capital market and creating opportunities for wealth creation since retail investors can now purchase shares in the power company.

      Speaking on the listing, Otedola, chairman of the board of Geregu Power, said that it had always been his goal to bring world-class standards of governance, sustainability, and business practices to the company and the Nigerian electricity industry.

      He continued by stating that the company’s listing on the Main Board of the Nigerian Exchange will guarantee its long-term growth and that its advantages will be distributed to respected shareholders.

      Geregu Power, which began operations in 2007, is a spin-off subsidiary of the now-defunct Power Holding Company of Nigeria.

      The power-generating company was acquired in 2013 by Otedola through one of his companies, Amperion Power Distribution Company, which is 95-percent owned by him.

      Shares of top-performing power-generating company, Geregu Power, which is majority owned by Otedola, started trading on the Nigerian Exchange at N100 ($0.231) per share at the time of the listing. This implies that the market capitalization of the company is N250 billion ($579 million).

      The listing of the company’s shares on the Nigerian Exchange is a promising development in the nation’s power sector, according to Temi Popoola, CEO of the Nigerian Exchange, who commented on the recent development.

      According to him, the listing will improve Geregu’s liquidity, visibility among international investors, value, and transparency, as the Nigerian bourse continues to function as a market for capital raising and enabling sustainable growth for national development.

      The post Nigerian billionaire Femi Otedola’s Geregu Power completes listing on Nigerian Exchange appeared first on Billionaires.Africa.

      The views expressed in content distributed by Newstex and its re-distributors (collectively, "Newstex Authoritative Content") are solely those of the respective author(s) and not necessarily the views of Newstex et al. It is provided as general information only on an "AS IS" basis, without warranties and conferring no rights, which should not be relied upon as professional advice. Newstex et al. make no claims, promises or guarantees regarding its accuracy or completeness, nor as to the quality of the opinions and commentary contained therein.


    Other Articles - International


       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2022 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.