Dipo Olowookere
By Dipo Olowookere
The chairman of the Nigerian Exchange (NGX) Limited, Mr Abubakar Mahmood, has described the listing of the shares of Geregu Power Plc on the platform as a good development as it will attract other electricity firms to the stock market.
On Wednesday, October 5, 2022, Geregu Power listed its stocks on the bourse, increasing the market capitalisation of the exchange by N250 billion following the listing by introduction of 2.5 billion ordinary shares at N100 per unit.
Business Post gathered that the NGX placed Geregu Power under the Utilities sector and Electric Power Generation sub-sector, with the trading symbol GEREGU.
The Geregu Power listing today made the company the first power generation company (GenCo) in Nigeria to be listed on the NGX main board, a listing segment for well-established companies with demonstrable records of accomplishments.
“We are particularly pleased that Geregu Power has joined the prestigious group of companies listed on our main board, which will differentiate it as a professionally run power company with high standards, having met NGX’s listing criteria.
“The main board listing is a sign of commitment to strong corporate governance, excellence, professionalism, service delivery efficiency, and increased returns to shareholders.
“We expect 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,” Mr Mahmood said in his speech to welcome the new company on board.
On his part, the Chief Executive Officer of NGX, Mr Temi Popoola, described the listing of Geregu Power as “a promising development in the country’s power sector.”
“We are delighted to welcome Geregu Power Plc to the exchange. Having Geregu listed in our market proves 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,” Mr Popoola added.
The chairman of Geregu Power, 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 exchange’s main board will ensure that the long-term growth of the company is assured and its benefits will be passed on to our esteemed shareholders.”
