By Dipo Olowookere
The chief executive of the Nigerian Exchange (NGX) Limited, Mr Temi Popoola, has heaped praises on Geregu Power Plc for its positive impact on the local stock market.
Speaking on Tuesday at the closing gong ceremony to commemorate the first Annual General Meeting (AGM) of the organisation as a listed company on the exchange, Mr Popoola said the power-generating firm had boosted the value of the trading platform since its listing last year.
“It (Geregu Power) has also contributed significantly to the volume of trades done on the market since its listing,” he said, commending the board for instituting best practices in corporate governance and playing a leading role in the country’s power sector.
Since its listing on NGX, Geregu Power has added more than N800 billion in market capitalisation to the bourse as the market continues to price up its shares amid strong revenue generation and dividend yields.
Also, Mr Popoola pointed out that the company exhibited quality corporate governance, as “Geregu was one of the first set of listed companies to file their annual reports on the exchange.”
In his remarks, the Chairman of Geregu Power, Mr Femi Otedola, thanked the NGX for providing a platform for listed companies to source cheaper funds from the capital market.
“We promise to sustain our partnership for many years to come and reiterate our commitment to best practices of corporate governance,” the billionaire businessman said, as the chief executive of the power firm, Mr Akin Akinfemiwa, also restated the company’s dedication to positioning itself to be more valuable to shareholders and the business community at large.
On his part, the Chairman of NGX Group, Mr Umar Kwairanga, commended Mr Otedola for his longstanding contributions to the capital market, expressing optimism that the listing of Geregu Power as the first power-generating firm and its experience in the capital market would encourage other players in the sector to come and list on NGX.
Also, the chairman of NGX Limited, Mr Abubakar Mahmoud, represented by a Director at NGX, Mrs Angela Adebayo, said, “It is our hope that NGX and Geregu Power would continue to work together to sustain our partnership and consolidate our shared values for improved outcomes that will be beneficial to the market and the Nigerian economy.”
