Otedola’s Geregu Power Now N1trn Company on Stock Exchange

By Dipo Olowookere

The value of a leading power-generating company in Nigeria, Geregu Power Plc, has reached N1 trillion on the Nigerian Exchange (NGX) Limited.

The energy firm is owned by Mr Femi Otedola, the son of a former Governor of Lagos State. He recently donated N1 billion to the Lagos State Security Trust Fund.

In 2019, he completed the sale of his equity stake in the defunct Forte Oil Plc (now Ardova Plc) to another businessman, Mr AbdulWasiu Sowami, and invested in Geregu Power.

In October 2022, Geregu Power listed about 2.5 billion units of its shares on the local bourse by introduction at a unit price of N100, putting its total value at N250 billion.

However, on Monday, January 15, 2024, its market capitalisation crossed N1 trillion after it closed the session at N429.00 per share, N30 or 7.52 per cent higher than its previous closing price of N399.00 per share.

With shares outstanding of 2.5 billion and a share price of N429.00, its market capitalisation ended yesterday at N1.1 trillion.

Geregu Power is the latest public-listed organisation to join the trillion-naira club on the stock exchange in Nigeria.

In the past few days, Access Holdings and United Bank for Africa (UBA) were the latest companies to join the elite gang. FBN Holdings rejoined last week after first falling off.