On Wednesday, Geregu Power Plc was listed on the main board of the Nigerian Exchange Ltd. (NGX) in the utilities sector and electric power generating sub-sector with 2.5 billion ordinary shares priced at N100 each.
Power generation company (GenCo) Geregu Power, with the ticker GEREGU, was the first to be listed on the NGX's main board.
The main board is a listing area for established businesses with track records of success.
The listing of Geregu's shares, according to the exchange, increased the market capitalization of NGX by N250 billion, increased liquidity in the Nigerian capital market, and offered chances for wealth creation.
Chairman, NGX, Mr Abubakar Mahmood, said, 'We are particularly pleased that Geregu Power has joined the prestigious group of companies listed on our main board.
'This will differentiate it as a professionally run power company with high standards, having met NGX's listing criteria.
'A main board listing is a sign of commitment to strong corporate governance, excellence, professionalism, efficiency in service delivery, and providing increased returns to shareholders.
'It is our expectation that the Geregu Power listing will encourage other power generation and distribution companies to list their shares on the Exchange, thereby opening the sector up to cheaper, long-term capital that will boost infrastructural development and value creation.'
On his part, the Chief Executive Officer, NGX, Mr Temi Popoola, said, 'Today's listing is a promising development in the country's power sector and we are delighted to welcome Geregu Power Plc to the Exchange.
'Having Geregu listed in our market is proof of NGX's commitment to building a robust and inclusive market and creating avenues for sustainable investment.
'This listing will enhance liquidity for Geregu, increase its visibility among global investors, elevate its value and boost transparency, as our marketplace is a sterling platform for raising capital and enabling sustainable growth for national development.
'As a listing platform of choice, we are committed to working with companies at various stages of growth to explore the different opportunities in the capital market to meet their business objectives.'
Speaking on the listing, the Chairman, Board of Directors, Mr Femi Otedola, stated that, '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 added that 'listing on the main board of the exchange would ensure that the long-term growth of the company is assured and its benefits would be passed on to our esteemed shareholders.
'The NGX continues to evolve to remain an attractive destination for issuers, meet the needs of our valued stakeholders and achieve the highest level of competitiveness.'